PracticeLink Magazine

Spring 2018

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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PracticeLink.com S PRIN g 2018 25 IN TODAY'S COMPLEX HEALTHCARE ARENA, you need to use your available time smarter than ever before. Wasting resources simply isn't an option. Strelcheck & Associates is a Healthcare Recruitment Firm. We have over 35 years of experience and resources to efficiently match healthcare providers with great hospitals, clinics and medical practices across the country in a wide variety of practice settings. When you're ready to advance your career, you need to partner with one of the best healthcare search firms in the industry. We have a passionate, dedicated team of recruiters ready to help. NOW RECRUITING FOR: Family Medicine · Rheumatology · Cardiology · Ophthalmology · Neurology · Gastroenterology · Orthopedic Surgery · Psychiatrist · Occupational Medicine We are passionate about Healthcare Recruitment. It's all that we do, and we do it extremely well. MAKE YOUR MOVE www.strelcheck.com 800-243-4353 Paul.Breen@strelcheck.com Consider Dr. Jones, 30, fresh out of residency. She would like to have a "work-optional" lifestyle at age 66. She desires to withdraw $8,000 per month from her retirement accounts, adjusted for inf lation. Using 3 percent inflation, Dr. Jones will need to withdraw roughly $24,000 per month at age 66 to maintain the same purchasing power as today. At a 4 percent withdrawal rate, she would need a retirement account of over $7 million! Fortunately, time is a great ally for young physicians. What may seem daunting fresh out of residency can be achievable with some planning and discipline. Don't get caught up comparing numbers, as everyone's situation is different. There are many factors that can influence your plan. Social security benefits, pensions, private business interests, liquidating shares of a surgical hospital or selling a practice can all impact your situation. The important thing is to be proactive and work with a qualified financial professional. Establish an emergency fund It's recommended to have three to six months of expenses in a liquid, low-volatility account. If you are the primary income source in your household, six months should be the target. If your spouse is also a high earner, you could reduce your fund to cover three months. Look for an FDIC-insured, high- yield savings account. As interest rates have gone up, so have the yield on these accounts. It's best to avoid investments with volatility, such as individual stocks or equity funds. Think of this money as an emergency fund only, not a slush fund for entertainment purposes! Work with a professional Similar to the medical profession, the financial industry offers an array of designations. The term "financial advisor" can be used to describe a very diverse field of individuals. It is in your best interest to form a relationship with someone who can represent and work with several companies or investment products. Even as a resident or newly practicing physician, you need to be proactive with your retirement plan. Your financial numbers need to be monitored and reviewed just like your personal health. If you don't like your current financial situation, it is much easier to make changes in your 30s and 40s than it is in your 60s. JAMES MCNAUGHTON, CFP, is a partner at Siouxland Investment Group, LLP (siouxlandinvestmentgroup.com) and financial adviser for Premier Physician Agency, LLC (premierphysicianagency. com), a national consulting firm specializing in physician job search and contracts. (Disclosure: James McNaughton is a registered representative and a registered investment adviser of Hilltop Securities Independent Network Inc. a registered broker-dealer and a registered investment adviser that does not provide tax or legal advice. Views and opinions expressed herein are solely the author's, and not Hilltop Securities Independent Network Inc. member of FINRA and SIPC and a wholly owned subsidiary of Hilltop Holdings, INC. (NYSE: HTH), with headquarters at 1201 Elm Street, Suite 3500, Dallas, TX 75270 (214-859- 1800). Premier Physician Agency, LLC is not affiliated with Hilltop Securities Independent Network Inc.) Win! Find your next practice— and enter to win a $500 gift card— at PracticeLink.com/Win.

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