Financially Fit for 2015? 10 Questions for Physicians

December 29, 2014

Taking the opportunity to review your financial life now could make for a better 2015. Here are 10 questions all physicians should be asking themselves as the year comes to a close.

Every New Year we tend to focus on changes we would like to or should make. These New Year resolutions are a healthy thing, as they cause us to reflect on what could be better in our lives.

Taking the opportunity to review your financial life now could make for a better 2015.

Here are 10 questions all physicians should be asking themselves as the year comes to a close:

1. Am I saving enough for retirement?

2. Are my investments properly allocated in proportion to my ability and need to take risk?

3. Are my stocks well diversified? We’ve had a multiyear strong bull market in American stocks, and perhaps you might want to own more of something else moving forward.

4. Have I given some thought to asset protection? Maybe you have a new rental property, or children driving for the first time. If so, you have an increased risk profile that needs attention.

5. Has my health changed? Do you have adequate life and disability insurance for your station in life and age? Would a Health Savings Account be possible?

6. Do I have a plan for retirement? Are you on the path you have set out? Don't just consider money, also consider what you plan to do with your time.

7. Am I saving effectively for my children's college costs? Have you given careful thought to the real expenses of doing so?

8. Am I using a retirement plan appropriately? Have you coordinated the savings plan there with your non-retirement savings? Are there better choices for your retirement plan investments or design?

9. Have I considered ways to save on taxes? Should you refinance my mortgage? Do you have an extra car or boat that you don’t use much anymore?

10. Do I have estate planning documents? If so, are they current? Do you have the right guardians and trustees listed in the documents? Do the documents mesh with the significant changes in estate taxation over the last two to three years?

These questions are just a start for the New Year. Give them some thought and maybe get some help with them from your trusted advisers. Happy New Year!