Information for medical professionals
A lot of our clients are medical professionals and over the years we have become aware of the unique challenges many of them face. Medical professionals are a group we work really well with that we can be of tremendous value to.
Here are 7 challenges, tips, and things to think about:
- Above Average Incomes – We can help you defer your earnings for your retirement years, in-turn reducing your tax liability. If available, your employers plan is the place to start. We can help you review your plan statements and we will use this information and incorporate it in the planning for your RBC Wealth Management Accounts. For independent contractors, we can help you set up an Individual 401(k) or SEP IRA to help you accomplish this.
- Taxable Investment Accounts – At higher levels of income, there are only so many ways to tax-defer your income, and often times those limits are reached. Our investment strategies are designed to be tax efficient, which is extremely important for taxable investment accounts which often times is the next avenue.
- Estate Planning – We can help facilitate your estate planning process, including referring you to qualified Estate Planning Attorney's that we work closely with. For more information, view Estate Planning Basics, Transferring Wealth and Charitable Giving.
- Discretionary Investment Management – We realize you are busy, but there are times your portfolio may need changes made and you just might not have the time for it. Our Portfolio Focus accounts allow us to manage your portfolio on a discretionary basis. If a change needs to be made that is within the account restrictions and objectives, we can make those decisions for you.
- What If Something Were To Happen To You? Often times you are looked at the primary wage earner within the household, and sometimes the sole wage earner. We can help you evaluate your life insurance policies to make sure there is adequate coverage. We too want to make sure your family is going to be taken care of.
- College Savings Plans – Have Kids? Do you plan to at least help pay for their college education? Start putting money away for them today via one of our 529 College Savings Plans and it will lessen how much you will have to come out of pocket for, in-turn helping you establish your wealth. These accounts will be another avenue for tax-free earnings, and your contributions will create state tax deductions for you.
- Desire To Retire Early – You have lived a busy lifestyle, worked tough hours and you want to be able to hang it up and start enjoying your hobbies & family more. Our Retirement Funding Sensitivity is a tool we use to help make this happen. The challenge is that individuals are living longer & longer. It would not be that uncommon if you were to work until the age of 55, to still have 40 year of life ahead of you, and that is a long time to make a retirement nest egg last. We can plan to stay within a sustainable withdrawal rate so you never have to fear running out of money.
To learn more about how we can specifically help you and tailor a plan for you, contact us today to schedule an appointment.