LCHM Summer 2017 - 27

L C M E D S O C .O R G

SOCIAL SECURITY
Your accountant and broker/advisor, as
well as your own research, can provide most
of the essential information regarding your
retirement strategy. One thing is for sure,
more and more physicians are electing to
receive retirement social security income
upon attaining normal retirement age (ages 66
and 67), even though there is an 8% annual
increase in benefits if one chooses to wait until
age 70. Considering the unknown financial
conditions of social security resources, as
well as the lengthy period one must survive
if electing to defer payments to age 70, many
people begin to take distributions from their
personal and employer retirement accounts
immediately upon retirement. In most cases,
your survival period to recover lost benefits
as a result of waiting to collect social security
is ten to twelve years. Also, be mindful that
any earnings above a certain annual threshold
(presently approximately $3,500) in the year
of your normal retirement age can offset social
security retirement income benefits.
INVESTMENT PORTFOLIO
Most everyone will have some combination
of qualified retirement plans (401K, 403B,
Pension, IRAs) and, perhaps, a non-qualified
investment account(s). Some may have a
practice buy-out or severance package from
employment. There may also be various
medical practice-related and non-medical-related real estate holdings. Lastly, we have had
occasions where a physician had involvement
in a non-medical-related business enterprise.

ESTATE
PLANNING AND
TESTAMENTARY
DOCUMENTS
Review your estate planning and testamentary
documents and update
them if necessary. If they
do not exist, we strongly
recommend that you
get essential wills, trusts,
power of attorney documents, etc., in place
without delay. It is key to
evaluate your testamentary distribution plans to
spouses, children, grandchildren and educational
and charitable organizations upon retirement.
HOME CARE & NURSING HOME
Our mobile society and increased longevity
are putting all of us in the probability of
care by a party other than our immediate
family members. Various traditional and
hybrid long term care insurance programs
exist. Review them and obtain some level of
coverage if you can qualify. It is not necessary
to go overboard with levels of benefits and
premiums, but long term care Insurance is
considered a great hedging device protecting
other assets.

sure you check your network of physicians
and facilities where you stay for winter for
adequacy of coverage. Also, if your spouse
is younger than 65 when you obtain Part B
and any type of supplement, there will be
the dynamic of the need to find your spouse
individual health coverage if your spouse is
not eligible for employer sponsored medical
coverage through his or her job.

Congratulations and the best of luck with
your journey to retirement! Should you
want to discuss any of the preceding topics,
I invite you to contact me by phone at (610)
395-2088 ext. 302 or you can email me at
If you decide to "go naked" and self-in- jack@indiconinc.com.
sure potential long term care expenses,
please be sure to isolate the assets in your INDICON, INC. The Right Choice for long
Needless to say, with an abundance of investment policy as these assets may need term value critical to successful wealth manageoptions on the table, consideration of income a different configuration.
ment. Indicon, Inc. is an independent financial
streams and tax implications to replace
planning firm which offers comprehensive
earned income must be prudently thought SUPPLEMENTAL HEALTH
advice, services and programs to individuals,
out. Additionally, and in our experience, real INSURANCE
businesses and institutions. Decades of training
estate configurations can be especially tricky.
and experience are applied to the creative and
Coordinate the transfer from practice or effective wealth management solutions we
Keeping in mind that your portfolio can hospital group health coverage to acquiring provide for our clientele. Securities offered
enhance income with conservative option Part B Medicare and the traditional Medicare through Triad Advisors Member FINRA
strategies, the historically low interest envi- supplements or Medicare Advantage plans / SIPC. Advisory Services offered through
ronment during the last decade and counting that coordinate with Parts A & B of Medicare. American Financial Management Group Ltd.
has proven particularly challenging.
Be mindful when considering coverage (AFMG). Indicon, Inc. and AFMG are not
options if your split time living away from affiliated with Triad Advisors.
your primary residence (snow birds). Make
SUMMER 2017 | Lehigh County Health & Medicine 27


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