York County Medicine Winter 2020 - 28

YO R K C O M E D S O C . O R G

IN THE NEWS:

Financial Wellness
By: Scott D. Michael, CFP®, AIF®
Senior Wealth Advisor | Partner | CCO

A

s someone who cares deeply about your patients and
continually hones your knowledge to offer the best medical
care you can, you deserve the same type of approach to
your finances.
Physicians in our community may be juggling a variety of
financial needs:

* How do things like taxes play into my finances, and can I be
more intentional about navigating them?
As you embark upon getting a handle on these thoughts, there
are some tips you can incorporate into healthy financial habits that
should help. Some are a regular adjustment, while others are a best
practice you can follow as you review your finances.

* Medical school debt
* Purchasing a principal residence
* Managing the business of your practice
* Budgeting and cash flow management
* Protecting assets from potential malpractice matters
* Planning for education costs of children
* Caring for elderly family members
* Investment management and strategy selection
* Saving taxes
* Feeling financially comfortable as you approach retirement
* Finding time to think about all of this
It can be helpful to think of an approach to managing your
finances like you help your patients manage their health: habits
that build wellness and regular checkups with a professional wealth
planner.

Getting Started
If you've felt you needed more direction or strategy when
managing your finances, in years such as these, we've learned it's
best to be prepared! And it can seem so challenging to do so. You
may have so many questions, such as:
* How should I strategize paying off debt?
* How can I keep building my life with my family but also
have a healthy plan for the future?
* I want to leave a legacy, but how do I get there?
* How do I best protect my assets so that my family can
benefit?
* How can I make sure my investments are the right ones for
me?
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York County Medicine | W I N T E R 2020/2021

Financial Tips
* Begin saving asap if you aren't already. You probably have
retirement account(s), so it's good to confirm you're taking full
advantage of employer matches and contributions.
* With the recent reductions in interest rates you should
consider if a refinance of your mortgage is appropriate to
reduce your payments. When daycare payments fade as
children age, or student loan payments disappear as they're
paid off - increase the percentage of your income that you save.
It's an easy switch to make, and it's amazing how much of a
difference this can make over the long term.
* When you receive a promotion or raise, use this opportunity
as well to increase your savings for retirement or other goals.
* Track your spending habits - tools such as Mint.com or
Dollarbird app enable you to easily see where and how much
you tend to spend. Increasing your awareness of both your
standard bills and your discretionary spending can help you
better monitor your progress and put your cash flow where you
want it to be.
* If you have the option available, consider a Health Savings
Account (HSA) plan. Dollars invested into an HSA are pre-tax,
and you can use the account as a vehicle for retirement savings.
You can save between $3,550 and $7,100 each year in an HSA,
depending on if you have individual or family health insurance
coverage. If you're older than 55, there's an additional catch-up
contribution of $1,000 above those amounts. These funds can
be used for related medical expenses for you and your family at
any time of your life.
* You can protect your long-term earning potential by
reviewing your disability coverage. Your earnings are dependent
on you continuing to care for patients, and it's important
to protect that. A younger person is more likely to become
disabled than suffer a premature death - you can protect your


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York County Medicine Winter 2020

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