We help you plan now so you can Kick Up Your Feet in Retirement
The care you provide for your patients requires extensive knowledge, empathy, and skill. We believe you should receive that same level of care and guidance as you prepare for retirement. With the demands and schedules placed on health care professionals today, we know carving out time for proper planning on your own may be difficult. That is where we can help. We serve as your guide to help answer pressing questions and provide the strategies needed to enjoy a prosperous and well-deserved retirement.
Dedicated Retirement Planning Team
Health care professionals often face unique retirement planning challenges. Complicated employer benefits, lack of investment guidance, taxation of future benefits, and demanding schedules with a lack of time for proper planning. For rural practitioners, these challenges may be compounded due to a lack of access to professionals trained in their benefits. Our team is dedicated to providing comprehensive retirement income plans, tax mitigation strategies, estate planning, and investment portfolios built specifically for rural health care professionals.
Comprehensive Financial Planning
Financial Planning is more than choosing investments and deciding when to retire. Utilizing our process, the STEWARDSHIP APPROACH, we help you build the lifestyle and future that you want. Our team utilizes our multi-faceted planning process to serve as your guide to help navigate the financial decisions that you will soon need to make. Our process encompasses the “Seven Pillars” of your financial life: Wealth Management, Risk Management, Tax Planning, Legacy Planning, Income Planning, Charitable Giving and other Value-Added Services such as Medicare and Social Security Planning. Encompassing all these areas into retirement planning is key to living the lifestyle desired in retirement.
Focused Investment Management
Rural practitioners must properly manage their investment portfolios. Due to student loan obligations, some healthcare professionals may even delay investing for several years as they adjust to their new lifestyle. This is understandable, but losing those early years makes it even more imperative that they manage their investments in line with their lifestyle and future goals. Understanding the proper level of contributions to make, risk in relation to return, timeline for use, and the tax implications of the various investment types is vital to constructing and managing an efficient portfolio to provide for the future.
Tax-Efficient Retirement Income Strategies
Rural health care professionals often live in communities with a modest cost of living. This allows many to save vigorously utilizing employers tax deferred 403B and 401k retirement accounts. When potentially combining these taxable accounts with access to taxable deferred comp plans and deferred pension benefits can lead to a significant tax quandary in retirement. Having a plan to strategically take tax-mitigated retirement income distributions is vital. We utilize client specific strategies and sophisticated income planning software to design tax-efficient income withdrawal plans for each of our clients.
Protection and Risk Management
Protecting one’s wealth and family can take on many forms. Healthcare Professionals must have liability and malpractice insurance to cover themselves professionally, and they must also have protections in place for their family. Particularly if something were to happen to them as a primary breadwinner for their household. Proper life insurance and disability protection, along with proper insurance protection for their properties and possessions is paramount. As part of our coordinated planning process, our team performs risk and insurance coverage assessments to make sure that our clients are properly protected against the “what-ifs” of life.
Executive Level Benefits
Rural healthcare practitioners often have access to executive level benefits in addition to traditional retirement accounts. Executive plans often include very specific triggering events, vesting schedules, taxation, and/or payout arrangements. The type and design of these plans influence how they should be incorporated into an overall retirement plan. Our team evaluates to see if these plans are considered qualified or non-qualified, voluntary or non-voluntary, and if they are considered ERISA, or NON-ERISA plans. These factors and other contract specific requirements will determine how to properly utilize them in a retirement income plan.