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10 Early Retirement Considerations

Before taking the plunge into retirement, early or traditional, you need to consider factors that will reflect the rest of your life. Handled correctly, early retirement can be a fulfilling blessing. Without proper planning you risk a return to employment you wanted to get away from.

Retirement means different things to different people. Some want to sit back and enjoy a life of leisure. Others wish to travel extensively. And there are some who consider retirement the grand opportunity to start the business of their dreams (maybe not technically retirement, yet still fulfilling), write a book or engage in charitable work.

The path you choose is up to you; there is no right or wrong answer as long as it suits your temperament. There are considerations with right and wrong answers. Get these wrong and retirement can be less than the blessing planned.

Money and taxes play a large role in when you retire and what activities you engage once in retirement. Meaningful activities and family are also serious considerations. 

To help you prepare for retirement, I will discuss 10 things of vital importance to smooth the transition. I provide a starting point. You need to prepare from the starting point I provide so retirement plans are retirement realities.

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Why You Need a Home Office

Many accountants will not work with doctors. Doctors as a group can be difficult in the best of times, demanding an instant response to their every whim. I disagree completely.

My firm has serviced accounts for doctors nearly from day one. The value doctors provide society is vital and I have always felt they deserve extra latitude. The stress level doctors face daily supersedes anything I deal with. If I make a mistake, money is at risk; when a doctor makes a decision, lives are at risk.

My personality meshed well with the mindset doctors have. As a result, I have been a value added service to my doctor clients. Many hair-raising situations were resolved successfully because I understood the doctor’s situation and was able to integrate their issue into the problem solving formulas of my firm. It also allowed my doctor clients to get very rich.

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