A new article on Australian Doctor states that almost four times as many older GPs say they will leave the medical profession than actually retire as planned, according to a study. Due to financial constraints, of the 70% of GPs aged 65+ who intended to retire within five years, only one in five actually did.
The results showed that loss of income and status led GPs to stay in the workforce, where as high workload and feeling unsupported were likely to provoke a move to retirement, the authors said.
For a doctor the number one asset they have is themselves and their ability to earn. When they stop working the money stops coming in. If they haven’t managed their money and assets smartly then for some retirement is not an option yet.
Protection is the foundation of the Exceptional Wealth Model. A plan is essential to ensure that your lifestyle doesn’t take a dip when you retire. Your plan then needs a strategy to acquire income producing assets to ultimate replace your income when you do retire because you don’t live on assets, you live on income.