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PHYSICIAN
RETIREMENT

and customize the coverage to your changing needs. Two of the most cuss with their loved ones, who will want/inherit special items such
common questions we hear are: 1. When is the right time to buy long as jewelry, antiques, pictures and family heirlooms. Putting these
term care insurance? and 2. How much life insurance should I have in wishes down on paper can save a lot of squabbling in the future.
retirement? A complimentary, in-depth audit of your existing cover- • Where are the important papers? Do your spouse and eventual ex-
age can help answer these questions. ecutor know where you have your safety deposit box/safe, life in-
surance policies, car and home titles and other important items?
Optimize your Social Security and your Pension – amazingly,
there can be up to 95 different ways to claim social security benefits Consider your Life Purpose during retirement – it is one thing
for a husband and wife. There are tools available to help define the to “retire from” a job or profession that you may or may not truly enjoy.
best way for you, based on life expectancy, cash flow needs and age dif- In our experience, it is often important for high achieving professionals
ferences between spouses. For those fortunate enough to still have a to have something to “retire to” when they leave behind the responsi-
pension, we can help identify the factors that allow you to decide if a bilities of a high stakes and rewarding professional role. Maybe that
lump sum rollover or a monthly paycheck is the better choice for you purpose would involve charitable or community board service, men-
and your family. toring of promising younger colleagues and friends, or some other
form of “giving back.” The personal gratification that accompanies
Check your Beneficiaries – one of the most common mistakes being a valuable contributor to the success of other individuals or or-
we’ve seen when working with new clients is that their beneficiary ganizations can be a meaningful consideration, as life often slows down
forms (for IRAs, 401ks, life insurance, and annuities) are out of date. significantly in retirement. Of course, for many it can be just as re-
Major life events such as marriages, divorces, births and deaths are the warding to enjoy the fruits of your labor… an active country club
perfect time to ask your financial advisor to review your beneficiary lifestyle, gourmet food and wine experiences, international travel or
designations. Additionally, most people don’t realize that their bene- spoiling the grandkids. In any case, you’ve earned it.
ficiary designations override the wording in their wills so it’s vitally im-
portant to get these right. There is great peace of mind in knowing that Preparing wisely for retirement goes far beyond the accumulation
your assets will be distributed exactly as you desire upon your passing. of a big investment portfolio. By incorporating these other vitally im-
portant steps into your planning process, you can remove much of the
Minimize taxes on your Required Minimum Distributions from uncertainty and anxiety that families face as they enter this new stage
your retirement account – the rules have changed recently and the of life. As long time Circle of Friends members, the professionals at
current tax code provides some creative ways to reduce taxes on your Aspect Wealth Management would consider it a privilege to discuss
required distributions. your personal situation to see if there is a way we can help you have a
successful retirement. We can be reached at 210-268-1500.
Get your estate in order – clients often think that putting a will in
place is all that’s needed to check this off of their “To Do List”. How- About Michael Clark: In addition to graduating from the
ever, there are several other important documents to consider adding U.S. Air Force Academy and earning a Masters of Science from
such as a Durable Power of Attorney, a Healthcare Power of Attorney, George Washington University, Mr. Clark holds the profes-
HIPAA authorization, and an Advanced Directive. Several important sional designations of Certified Investment Management Analyst and
moments in time to consider a review of your documents are Major Certified Retirement Counselor. He specializes in working with physicians
Life Events (marriage, divorce, birth, death) and moving to a different and business owners to simplify their financial lives by addressing the com-
state which may have different rules and requirements. plicated planning issues faced by these professionals. Aspect Wealth Man-
agement is a long-time sponsor of the Circle of Friends Program.
Other items to ponder…

• Is your spouse engaged in the process? If your spouse prefers not
to participate in the planning process, he/she should at least be fa- Securities and advisory services offered through Cetera Advisor Networks LLC, member
FINRA/SIPC, a Broker/Dealer and a Registered Investment Adviser. Cetera Advisor
miliar with the names and contact information of your advisors (fi-
Networks LLC is under separate ownership from any other named entity. CA insurance
nancial planner, attorney, accountant, insurance agent). license #0C82856. Advisors with Aspect Wealth Management are not tax or legal pro-
• What about those special items? Many families find it helpful to dis- fessionals. Please consult an attorney or CPA for legal and tax advice or opinions.