Elyse Foster, CFP® of Harbor Wealth Management in Boulder, CO recently spoke with journalist Naveed Saleh, MD, MS about physicians and their retirement savings. Many are not able to begin saving for retirement until well into their 40s. At this point, it becomes a game of catch-up. So, what’s a doctor to do?
The article shares tips for physicians to shore up their retirement savings like defining goals, investing in addition to saving, taking advantage of tax benefits to name a few. Elyse adds “say no to commissions” to these tips.
Say “no” to Commissions. Not all investment vehicles are equally beneficial, according to Elyse D. Foster, CFP, of Harbor Wealth Management. “Avoid insurance and other commissionable products like annuities,” she said. “Many physicians come to us loaded down with variable life, annuities, and so forth, which carry high commissions, yield very little and are hard to unwind.”
See the full MDLinx article published March 9, 2021