The Doctor’s Crossing Carpe Diem Podcast Episode #208: Plan for Retirement Now to Maximize Your Freedom Later
Nov 27, 2024
In this discussion, Dr. Carolyn McClanahan, a former physician now certified financial planner, shares her expertise on retirement planning tailored for medical professionals. She delves into crucial topics like determining retirement savings, the necessity of long-term care insurance, and effective tax strategies. Dr. McClanahan also addresses the challenges faced by the sandwich generation—balancing financial responsibilities for aging parents and children. Her insights pave the way for a secure and fulfilling retirement for those in the medical field.
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Episode notes
Retirement Length Evolution
- Retirement length has changed significantly due to increased life expectancy since the 1930s.
- Consider working longer or part-time to enjoy life and ensure financial security for a longer retirement.
Long-Term Care Planning
- Assess your long-term care needs based on health, location, and desired care setting.
- Consider hybrid long-term care insurance policies, especially if you have an existing life insurance policy.
Disability and Retirement
- Dr. McClanahan emphasizes the importance of own occupation disability insurance for physicians.
- She suggests finding other income sources and minimizing debt if facing disability and retirement.
