York County Medicine Winter 2020 - 29

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

earnings for your future and your family with the right
coverage.
* Review your life insurance policy (and if you don't have
one, start moving toward instating one). In most cases, life
insurance needs 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 life insurance.

The Next Phase
Those financial best practices should help you on your
journey very well, but sometimes financial management can be
too complex to stay on top of all the moving parts without some
help.
Finding a trustworthy partner that can guide you through
a financial plan, including investment strategies built just for
you, keeping a pulse on the markets, and working with you on
your whole financial scenario (rather than just a facet or two)
to solidify your ability to meet your goals and keep your tax
situation as efficient as possible.
As you reach out to form a relationship with a financial
advisor or if you're looking for a new option, some questions you
can ask as you have conversations include:
* What professional investment advisory credentials do you
have, and what do they represent?
* How long have you been in business?
* What is your fee structure?

Savvy Planning
Wrapping your hands around your financial situation and
having a plan for next steps will involve defining your goals.
Do you want to build your practice? Retire early? Plan for your
children or grandchildren's education? Buy property at your
favorite boardwalk beach town? Leave a legacy for the causes you
care about?
Having a financial plan that's developed around your unique
wishes will put you on the path to realizing those goals. Many
families never achieve their goals for retirement savings. The
Economic Policy Institute found that Americans ages 56 to 61 had
a median balance of $21,000 in their 401(k). Many of us are living
well into our 90s, and we'll need the financial preparedness to
continue to enjoy all life has to offer.
To live comfortably in retirement without the stress of
worrying about the balances in your accounts, you'll need to treat
your finances like your physical health. Put together a plan for
maintenance and work with an expert to position your investments
both for the best tax advantages and to align with your preferred
risk level. Check in on the plan at least once a year, and have
regular conversations with your advisor as your life circumstances
change, you develop new dreams, or you have questions as the
markets change. Prioritizing financial wellness will have an impact
on your life and your family for decades to come. Following best
financial practices and finding the right professional - one who
understands your intense schedule and lack of personal time off
to focus on your needs - to manage and facilitate your financial
health will allow you to focus on your business and family needs.

* What is your investment strategy?
* Do you have any biases based on commissions or
proprietary investment products?

" Looking to grow your
business? Connect with
our engaged, communityminded readers. "

* What's your flexibility for meeting and speaking at hours
that may not be inside the traditional business workday?
* How much will you educate me on the details of my
financial strategy and plan?

Sherry Bolinger
Regional Media Sales Executive
sherry@hoffpubs.com
717-979-2858

* Do you currently advise other physicians, and can you
provide their references?
* May I meet the full team who will be assigned to work on
my wealth planning?
As you look for a professional wealth advisory partner, it's
also wise to get a feel for how well you connect with them
personally, so you will be able to build a strong relationship.

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Publishing Group

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York County Medicine Winter 2020

Table of Contents for the Digital Edition of York County Medicine Winter 2020
