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As a veterinarian, your main priority is to care for other people’s loved ones and enhance their future quality of life. It’s rewarding to know your work helps others in their time of need, but It’s also essential to take a step back and invest into your own future and quality of life.

Retirement planning can be a daunting task, but when done right, it can secure your future financial stability and create peace of mind when you’re ready to retire. One key factor in creating that peace of mind is the power of time. The earlier you start planning for your future, the more time your investment has to grow, and the less stressful the whole process can be. It gives you room for flexibility and allows you to adapt to unexpected career changes and even personal life dilemmas.

It’s essential to consider your lifestyle, healthcare costs and any hobbies you want to pursue when retirement is on the horizon. There are options when it comes to managing healthcare costs, like utilizing Health Savings Accounts (HSAs), Long-Term Care Insurance and Medicare options to cover most healthcare-related expenses during retirement.

As a veterinary practice owner, it’s also important to consider planning for your family’s future. One way to do that is by having family members work at the clinic. This means they can earn wages that they can contribute to retirement accounts. They would be eligible to receive a matching contribution from the business if offered.

Considering the power of time, contributions made to a child’s retirement account will provide even greater value when they reach retirement age. In adding your family to payroll, it is important to note that they but be treated as any other employee and remain compliant regarding labor laws and reasonable compensation.

Retirement planning can be daunting and complex, but it is a crucial step to ensure that all the hard work you have put in throughout your career leads to a rewarding and comfortable retirement. Take a step back and think about what retirement means to you.

Consulting with a professional who specializes in working with veterinarians can provide personalized retirement planning advice and help secure your future. Contact us here at Granite Peak for an introduction to a trusted advisor.

Written by Jessica Mantia, MSA/MST