What’s Happening
At Partners in Financial Planning, we keep you informed on a variety of topics. Check out our Blog posts and team News featured below. If you missed any of our newsletters or monthly investment commentary, be sure to check out our Newsletters & White Papers page for the latest market news and articles to educate and inspire.
Strategic Giving: Maximizing the Impact of Your Charitable Donations
In 2023, Americans gave around $557.16 billion to charity, averaging about $3,296 per donor. However, for many high-net-worth families, average donations easily exceed tens of thousands annually. If you’re inclined to start giving back—or if you’d like to increase your donations as you head toward retirement—it may be worth implementing a charitable giving strategy into your financial plan. By taking a proactive and strategic approach to charitable gifting, you can…
Retirement Savings Options for Doctors that Have Their Own Practice
Opening and successfully operating your own practice is an incredible feat you should be proud of. As you continue navigating the ups and downs of business ownership, it’s essential to keep your financial future at the forefront (though we know this can be hard to do when you’re pulled in so many different directions). Without the robust resources and framework of a hospital network to fall back on, it’s up…
A Deep Dive into 403(b)s, 457(b)s, and cash balance plans
When you hear the phrase “retirement savings account,” what comes to mind? Most people associate retirement savings with traditional 401(k) and IRAs—but those are just the tip of the iceberg. For some employees, retirement savings opportunities come in 403(b)s, 457s, cash balance plans, and other accounts. While some retirement plans share similar characteristics, plan participants should understand the unique nuances of each—contribution limits, tax treatment, required distributions, withdrawal restrictions, etc.…
Decoding Compensation Packages: A Doctor’s Guide to Salary Structures
Doctors are worth every penny they’re paid, but that doesn’t mean their salaries are simple. In fact, healthcare professionals have some of the most complex salary structures out there, which can make it difficult to navigate a new job offer or renegotiation. Yet, how you’re compensated for your hard work is a vital component of your financial health and future financial well-being. If you aren’t fully aware of your benefits…
How Carilion Clinic Employees Can Make the Most of their Retirement Benefits
DOWNLOAD GUIDE HERE Employees of the Carilion Clinic have access to relatively robust compensation packages, including retirement benefits beyond the traditional employer-sponsored 401(k). If you aren’t taking full advantage of these benefits, it may be because you don’t yet understand what is being offered and who can use it. Medical professionals face a unique challenge when preparing for retirement due to their significant student loan debt and long lead time…
Understanding Medicare and Medicaid: A Guide for Retirees
Throughout your retirement planning journey, you’ve likely heard the terms “Medicare” and “Medicaid” tossed around. While they boast similar names and can be used to help cover medical costs in retirement, they’re two very different programs—with very different features, functions, and eligibility requirements. Let’s look at what Medicare and Medicaid are and the role they may play in addressing your healthcare costs and needs throughout retirement. What Is Medicare? Medicare…
Part-Time Work and Hobbies: Balancing Leisure and Supplemental Income
Everyone’s vision for retirement is different, but now more than ever, people are looking for ways to stay active and engaged—while still enjoying the benefits of financial independence. If you’re not entirely content with the idea of sitting at home in a rocking chair during retirement, you may be intrigued by the possibility of returning to work (at least part-time) or picking up a new hobby. Both can have significant…