Retirement Planning for Healthcare Professionals: A Credit Union’s Guide in Lutz FL

Authored By: FiCare FCU on 2/13/2024

Recent polling data showed that 27% of physicians will still be working after age 70. Many of these healthcare workers stay for the love of the profession, but there’s also a growing problem of retirement for physicians becoming unaffordable.

Retirement planning for healthcare professionals is crucial in today’s economy. As the dollar gets weaker and the costs of living rise, assuming that a prestigious profession is automatically safe is a growing risk.

If you’re unsure where to start, let a credit union help you with your financial planning. Read on to learn about this process.

Getting Rid of Debt

Reducing outstanding debts before retiring has the same practical effect on your income as saving for retirement. In both cases, you’re decreasing your present cash on hand to have a more significant cash flow in the future. If you don’t pay off your debts, you’ll have to dip into your (likely fixed) income in the future to keep up with payments.

A credit union can help you manage the two largest culprits: credit card debt and stubborn student loans. With sound financial advice and clever refinancing tactics, a credit union can help you manage these debts.

Selecting the Right Plan in Lutz, FL

Many retirement plans for doctors are available at both a state and a national level. Certain plans, like a doctor 401k, allow you to reduce the taxes you pay today and give you control over the percentage of your income you’d like to save. With other plans, like a Roth 401k, your money can grow tax-free because your contributions are made from your after-tax income.

There are also several state and profession-specific retirement plans available in Florida. A credit union’s financial planning expertise can help you choose the best one.

There’s no one-size-fits-all answer because different professionals have different needs, families, lifestyles, and preferences. Ideally, you’d want your retirement plan to support those factors today and in the future.

Structuring Monthly Savings Habits

Good retirement planning is incomplete without sound spending habits. Overspending can quickly overtake a person no matter how much money they earn.

Mounting credit card debt is one of the first signs that someone needs to review their habits. Fixing these habits won’t always require a complete lifestyle overhaul. Most of the time, it comes down to choosing the right accounts, good loans, and tracking spending.

A credit union’s experts can help you put everything in place. This will also save you the time of having to do this by trial and error.

Set Up the Best Retirement in Lutz, FL

Having a marvelous career doesn’t guarantee financial success. Sound financial planning is the only thing that makes a good retirement a certainty.

Having a credit union assist you with your planning can help you set up an even stronger future. They’ll help you start from a strong position with debt reduction. They’ll also help you select the right retirement options and give you tools to help you stick with your plan.

If you want the best retirement planning for healthcare professionals, reach out to FiCare. We’ll help you fund your dream retirement in Florida.

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