Remember that game “LIFE?” The child’s board game by Milton Bradley? In that game, the player with the biggest salary was the doctor. But in the game, there were no debt service expenses. There were no medical malpractice insurance premiums. And the government wasn't squeezing Medicare and Medicaid
What is the Best Time to Buy Disability Insurance?
There’s a common saying in the insurance business and the military: “It wasn’t raining when Noah built the ark.” That’s true! And, it’s important to take that advice to heart. In my business, we sometimes run into the tragic consequence of waiting too long to get disability insurance coverage in
Physicians Should Buy Disability Insurance While Young
Many young physicians dream of the freedom of opening their own private practice, mid-career. But sometimes the ability to fulfill one’s dreams gets hampered by decisions you make in your 20s. Recently, we had a call from a young surgeon, 36 years old, who was planning to open up a new practice
Physician Retirement “Gotchas” to Avoid
Unquestionably, physicians are starting to take their retirement planning much more seriously. With life expectancy on the rise, greater economic uncertainty on the horizon, and lowered expectations for long term investment returns, many of us are looking at our retirement with a little more
Physician Retirement Plans Benefit from Diversification
As with too many retirement savers, it took two stock market crashes (2001, 2008) and a global financial crisis for Randy Page, M.D. to finally realize that trying to time the market or pick specific stocks or sectors is a costly exercise in futility. But, with the value of his qualified retirement
Physician Investing Mistake #1: Investing to Conservatively
Physician Investing Mistake #1: Investing to Conservatively That physicians tend to be risk-adverse and cautious in their approach to investing can work to their advantage. But the same approach, when applied through several market cycles consisting of both market advances and market declines, is
Physician’s Retirement Savings Threatened by Long Term Care Costs
With the average life expectancy surpassing age 85, the number of people who will require some sort of assistance performing daily living functions can be expected to increase dramatically. Already one in three people age 65 and older will receive care in a nursing home or through a home caregiver.
The Biggest Investment Mistake Physicians Make
Whether investing for retirement or any other objective, the biggest investment mistake physicians make is not having a sound investment strategy in place to guide their decisions. The challenge in investing is not that it takes special skills or knowledge; it’s that it is often driven by emotions