Moving Gently into Retirement
For most of your working life, you've looked
forward to the day when you can quit your job and start enjoying
retirement. But in the face of longer life expectancies, uncertain
Social Security benefits, declining pension benefits, unknown
inflation rates, volatile markets, and low retirement savings,
can you really afford to retire at a relatively young age and
spend decades supporting yourself without a job?
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Make Conservative Assumptions
How can you ensure you'll have sufficient
funds to last your entire retirement? So many of the variables
used to calculate this amount seem uncertain. What is a reasonable
rate of return for your investments over the long term? How long
will you live, knowing life expectancies are increasing? How much
can you count on from Social Security and pension plans? If you're
concerned about running out of money during retirement, you need
to be very conservative with your assumptions. Some tips to consider
include...
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Have You Rebalanced?
You developed an asset allocation strategy
for a reason - you wanted to control your portfolio's risk by
deciding how to allocate among different asset classes. However,
your portfolio won't stay within that allocation by itself. Since
different investments earn different rates of return, over time
your allocation will get out of line. Thus, you need to review
your portfolio periodically and make adjustments to rebalance
it.
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First, Protect Your Family’s Security
One of your first financial goals should
be to protect your family's financial security from major catastrophes.
To do so, consider a cash reserve for short-term emergencies, adequate insurance in all major areas, umbrella liability insurance to protect against major lawsuits, and a power of attorney.
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Check All Factors before Switching Jobs
When considering a job change, it's tempting
to just look at the difference in salary between the two positions
and base your decision on that. But before deciding whether to
change jobs, you should consider a host of factors.
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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