CPM Spring 2020 - 24

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and you can use the account as a vehicle for
retirement savings. You can save between
$3,550 and $7,100 in an HSA each year,
depending on individual or family coverage,
and if you're over 55 years old there's an
extra catch-up contribution of $1,000
above those amounts.
Align the risk in your portfolio with your
long-term goals and be sure it's regularly
reviewed so it can be adjusted as needed.
Changes in the market and life situations
can impact your risk tolerance and goals.
Protect your long-term earning potential
by reviewing your disability coverage. Did
you know that a younger person is more
likely to become disabled than suffer a
premature death? The loss of earnings to
your family could seriously affect the ability
to retire comfortably.
Review your life insurance. In most
cases, life insurance is needed to cover

the lost future earnings if someone dies
at a younger age. These types of coverages
and policies can usually be handled using
term life insurance that is much less costly
compared to permanent insurance.
Following these steps can help you focus
on your future. You'll be able to continue
your day-to-day patient interaction with
more peace of mind, knowing you're being
intentional and strategic about your own
long-term goals and future.
Angie Stephenson is a CFP® professional,
CPA/PFS and trusted wealth advisor for
many individuals and families throughout
Central Pennsylvania. She enjoys helping
clients develop the customized financial plans
to meet their goals. Angie works closely with
many physicians in the Central PA area
to make sure they are on the right path to
reaching their retirement goals.

The recently signed SECURE Act
changed the required minimum
distribution (RMD) age from age
70.5 to 72 for individuals with
IRAs or other qualified employersponsored retirement plans. This
change is effective in 2020.
Individuals who have already turned
70.5 before this year cannot delay
their RMDs.
Tax planning will come into play
with this change - waiting until
you're age 72 to withdraw funds
from your IRA could increase the
tax rate you pay in the future.
Reviewing the best timing for
distributions and the specific tax
rates will be very important.

Disclosure:
Domani Wealth, LLC ("Domani") is an SEC-registered investment adviser with offices in South Central Pennsylvania. Domani and its representatives may only transact
business in states where they are appropriately notice-filed and registered, respectively, or exempt from such requirements. For information pertaining to the registration status
of Domani, please contact the SEC or the state securities regulators for those states in which Domani maintains a notice-filing.

24 Spring 2020 Central PA Medicine

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CPM Spring 2020

Table of Contents for the Digital Edition of CPM Spring 2020