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Key financial issues for doctors nearing retirement

You have worked hard your entire career and want to make sure that your affairs are structured in the best possible way, so you can enjoy a comfortable retirement.

What financial issues should doctors nearing retirement be reviewing?

Superannuation strategies

There is no doubt that superannuation should be high on your agenda. Below is a non-exhaustive list of issues that may apply.

– You may still have a few different super funds that would ideally be consolidated. – Your investment option in super may need to be changed, as the focus is now shifting from capital growth to income generation, so you can fund your retirement living expenses. – It may be time to start a (transition to retirement) pension, to minimise the taxes within your super fund. – If you have a GESB West State or Gold State super fund, you should seek some advice as to how to best structure your retirement benefits. – You may have commercial property (your rooms?) outside of superannuation – have you considered moving this into superannuation?

Expert advice is required here, as the superannuation legislation is very complex.

Replacing your income

The focus for doctors nearing retirement needs to turn to replacing your income. Some of the issues may include:

– If you have investment properties, what is their net rental return? Do you need to consider selling one or more if the income is too low? – What sort of pension will you draw from super? – Do you know how much income you will require? – Have you built up a cash buffer equivalent to 1, 2 or 3 years of anticipated expenses?

Estate and succession planning

You may have adult children (and young grandchildren) by now. Have you recently updated your estate planning? Are you concerned about leaving a large estate to them that may be at risk (e.g. in the event of their separation or divorce)? You should review your entire estate plan, including your superannuation and family trust succession planning. You can read more about Wills for doctors HERE. Have you given some thought as to how you will exit your practice? Is it possible to put in place a succession plan with a well-regarded colleague, to ensure a smooth transition of your patient files and perhaps also staff? Can you groom someone to become your successor?

Financial assistance to children and grandchildren

You may want to assist your children financially now, rather than leaving them a large estate.

– What is the best way to go about doing this, to ensure your funds do not end up in the wrong hands? – How much can you afford to give? – How can you help your children buy a house? – How can you fund your grandchildren’s school fees?

Summary – key issues for doctors nearing retirement

By now you should have accumulated significant wealth, although you may still be short of your dream retirement. It is not too late to optimise your affairs and make the most of the strategies available to you at this stage of your career. You will greatly benefit from specialist advice and assistance.

About Yves Schoof

I specialise in medical financial planning and coordinating the financial affairs of medical professionals. I have been recognised as one of the Top 10 financial planners in Perth and Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on Linkedin to receive new articles.


Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.

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