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Life after medicine: retirement tips from doctors who are already there

The American Medical Association surveyed 1,200 retired physicians for its 2018 report on retired physicians to find out what makes for a successful retirement. The report found a large majority of retired doctors – 80 per cent – have a satisfying retirement.

Many retired doctors noted the importance of a comprehensive retirement plan and working with their CPA and financial adviser to ensure a secure retirement. They also advised involving family in the retirement planning process.

Here are some of their comments.

“Use evidence-based advice for your financial planning and avoid emotionally based manipulations of your investments.”

“Have a financial planner who shares and understands your family’s goals – your personal situation.”

“If you are getting close to retirement and you are not financially secure, keep working.”

“Make sure you’re comfortable with your financial plan, and get all your affairs in order e.g. wills, power of attorney etc.”

“Think of the three phases of retirement: go go, slow go and no go, and plan accordingly.”

“Live within your means. Downsize if necessary. Bigger and better is not necessarily the best.”

“Don’t do risky investing in order to increase income.”

“Avoid debt, don’t buy more house and ‘toys’ than you need.”

“Know that having lots of material things is not the key to happiness!”

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