Modern, private pension plans are similar to the good old pension plans of yesteryear in the fact that they pay you an income for life. The advantage of the modern private pension plan is that almost any physician can easily set one up.
Would you like to have your own modern, private pension plan? Modern, private pension plans are similar to the good old pension plans of yesteryear in the fact that they pay you an income for life. The advantage of the modern private pension plan is that almost any physician can easily set one up.
First let’s define modern private pension. A pension is a regular payment made during a person's retirement. The payment is from a LOW RISK investment fund, to which that person or their employer has contributed during their working life.
How would you like to retire with a pension big enough to equal the money you are making today? This is the HOLY GRAIL of retirement plans.
Did you know that private practice physicians and small physician groups can easily set up their own private pension plans? It can be done using either a permanent life insurance policy and/or an annuity. The advantage of using a permanent life insurance policy is your retirement income will be tax free. The other benefit of a private pension plan is there is no limit to how much money you can put into the plan, other than what you can afford.
I can’t tell you how many physicians tell me they are frustrated with their current retirement plan because of the low contribution limits. Another big benefit of modern, private pension plans comes from two little words in the definition of modern, private pension plans. Those two little words are: LOW RISK. This means the next time the market crashes — and it will crash again – your money will be safe. As a matter of fact, it is so safe and secure that financing from large well known banks is available to physician group practices. If it wasn’t safe and secure, the banks would not be lending money on it. A bank executive once told me… “It’s the safest kind of loan that a bank can make.”
One last thing about modern private pension plans: you will have a very good idea how much money you will have in retirement, before you move forward with the plan.
Just sit down with someone who specializes in modern, private pension plans and you’ll be amazed at how quick and easy the process is.
If you have questions send me an email to: David@TheAlemianFile.com. Check out my website at www.PhysiciansRetirementPlan.com. Make sure you come back here next week to Physicians Money Digest for another edition of The Alemian File.