Are you planning or ready for retirement?

As a veterinarian you may have both business retirement and personal retirement issues to address. In order to help you prepare, review the following retirement planning issues and ask your investments professional for assistance and guidance.

Many aren’t ready for the financial and personal changes retirement can bring. You and your employees will be transitioning from full-time work into retirement, so many aspects of retirement will need to be considered. For example, many pre-retirees find it difficult to estimate their retirement income needs. Such issues as required minimum distributions, the role of Social Security and Medicare, establishment of regular payments and systematic withdrawals, and strategies for maximizing income all serve as part of that all-important calculation. 

Investment strategies to meet retirement goals are a key issue, as is the challenge of efficiently managing your investments from a tax perspective*. Still other issues involve the transition of wealth to your heirs and determining how insurance can be of help in reducing risk. Finally, there’s the basic issue of determining how a professional can help. Many veterinarians face these common questions and others about themselves and their businesses every day.

You and your employees will be facing a change in lifestyle and a shift in mindset about long-term perspectives. Maximizing income, determining withdrawal rates and factoring inflation will all come into play. Strategies will have to be planned to address risks in interest rates, the markets, business, taxes, employment and public policy. Also, many retirees will require home care at least once in their lifetime, which can be a considerable cost.

From a business perspective, a solid retirement program will help you attract and retain employees. Once you’ve established a financial goal, you have several options for amassing the assets needed for retirement. Retirement plans — like Simplified Employee Pension IRAs (SEP IRAs) and small business 401(k)s — not only enable you to accumulate wealth separate from the assets of your business, but also offer tax benefits*. Other tools, such as non-qualified retirement plans, can help you retain key employees during a transition period, as well as build retirement funds. Deferred compensation arrangements, which allow a business owner or key employee to receive compensation in the future and defer taxes, often are funded with insurance benefits.

When it comes to retirement decisions and planning, it’s not necessary to go it alone or take advice from unreliable sources. A qualified investments professional can help you with both your personal and business retirement planning needs.

* Wells Fargo Investments, LLC does not provide tax advice. Please see your tax advisor to determine how this information may apply to your own situation.

Wells Fargo Private Client Services provides financial products and services through various banking and brokerage affiliates of Wells Fargo & Company including Wells Fargo Investments, LLC (member SIPC).