The start of a new year is always an opportune time to develop a financial plan. To ensure your financial plan is comprehensive, it must contain, at minimum, these three things:
- Long-term disability insurance: One thing this COVID pandemic has demonstrated for many physicians is just how fragile life is. With so many physicians being infected and affected by the COVID virus and many not being able to work for an extended period of time, the need long-term disability is paramount. Disability insurance is a way to protect your income in the event you are unable to work for an extended period of time.
- A well-organized retirement plan: This goes without saying. No one wants to work forever. However, to ensure that you will be able to retire when you want to, you must have a comprehensive retirement strategy that goes beyond just contributing money to your 401K.
- An estate plan: Many physicians have lost their lives due to COVID. And physicians continue to be at risk during this pandemic. Therefore, estate planning involving the creation of a will and/or a trust is essential to ensure that your assets will be protected and your loved ones will be provided for after your death.
The financial experts at Commonwealth of Atlanta understand the unique financial needs of physicians and specialize in working with physicians. Schedule your complimentary session today with Harvey Maclin, Vice President of Financial Planning and Retirement Services at email@example.com, https://calendly.com/harveym.