It’s no secret that doctors have higher-than-average incomes when compared to the average U.S. household (in 2020, the average U.S. household income was $87,864 vs. $243,000 for PCPs and $346,000 for specialists on average). The profession’s risks are also different than most professions. According to a 2017 AMA report, 34% of all physicians have been sued, and 16.8%…

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Losing a spouse is difficult enough without having to worry about your finances. Will your spouse be able to maintain their current lifestyle? Or will they have to sell assets and dip into retirement accounts to get by? Does your retirement plan protect your spouse against the survivor trap? If your retirement plan doesn’t have…

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Homeownership generally means having a mortgage looming over you for 15–30 years—an intimidating thought for some. It’s only natural that you want to pay that debt off as quickly as possible, especially if you’re nearing retirement and will no longer be accumulating money with your income. There are arguments for both sides of paying off…

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One of retirees’ greatest fears is running out of money.1,2 Some of the key questions as you prepare for retirement are, how much money will I need to retire? Will my money last through my lifetime? How much can I safely withdraw every year so that I don’t run out of money? Many financial professionals…

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Required minimum distributions are important to your overall income strategy in retirement, but the rules can be complex, especially if you have multiple retirement accounts. Read on for more about what a required minimum distribution is, how to calculate it, and special exceptions for taking an RMD. What Is a Required Minimum Distribution? Put simply,…

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Money is personal—there’s no denying that. You’ve worked hard for it, and it touches nearly every aspect of your life. In the same vein, emotions are ever-present in our lives and affect almost every decision, reaction, and situation we encounter. Market changes, volatility, and chasing gains can cause disappointment, frustration, and panic at the lows…

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Millions of Americans are entering retirement encumbered with mortgages. The proportion of homeowners aged 65+ who still carry a mortgage doubled over the last 30 years—from 21% in 1989 to 42% in 2019. The median loan balance increased to $86,000 in 2019 from $18,000 in 1989. Lastly, and maybe more concerning, over a quarter of…

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Preparing for end-of-life care and decisions is uncomfortable and can feel morbid. Still, preparation can ultimately be a comfort to you and your family if and when the time comes to carry out those directives. The U.S. population continues to age, and medical innovations are prolonging lifespans.  This means that almost everyone will experience making…

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In the event that you die or become incapacitated, have you adequately entrusted your assets to those you love? Wills are not just for the wealthy. According to caring.com, only 22.5% of 35–54-year-olds and only 44% of 55+ year-olds have estate planning documents. The Covid-19 pandemic also prompted younger people to see the importance and…

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