By Mike Gibbons, RICP®
The pharmaceutical manufacturing industry is constantly growing due to the increasing demand for healthcare services. This can be credited to an aging population, disease, and as the world continues to battle a pandemic. As you experience more uncertainty in the world, it’s important to ensure that your future is taken care of financially.
Although you may have comprehensive retirement benefits, you might not understand how to use those same benefits to design the retirement life you’ve always wanted. This is where Gibbons Financial Group comes in. We can provide you with the resources to get clear on your plans for retirement, long-term care, and financial planning, but we know some information that can get you on the right track now.
Maximizing Retirement Benefits
Maximizing your streams of income is the key to accomplishing your retirement goals. However, if you’re unsure about the best strategies to use, you may not know the advantages to be gained. Or perhaps you simply don’t have time to speak with plan administrators or your employer about your retirement plan. Learn how to maximize your retirement to help yourself for the long term and to seek to keep your assets protected.
When it comes to increasing your benefits, there are a few things you can do to help increase your retirement income, such as:
Properly claim your Social Security benefits at the full retirement age to maximize your payments.
Consult with an advisor to help manage your retirement plan assets and find ways to preserve your wealth vs. taking on more risk as you age.
Work until your full retirement age. This is the best way to ensure that your benefits will be maximized no matter which plan you choose. The longer you wait to start withdrawing your funds, the more likely your benefits will support you long-term.
As a healthcare professional, you know how important your quality of life is to your retirement. We can help you create the future you envision and find strategies to improve your retirement situation.
Protecting Assets With Hybrid Long-term Care
The best way to protect your retirement and your assets is to ensure you have a strong long-term care plan in place. Long-term care is needed for most people, but it’s difficult to find the best policy that accounts for your lifestyle and gives you the best benefits for your situation. A hybrid long-term care plan is an evolving strategy that has allowed people to take care of their family and their well-being toward the end of their life.
A hybrid long-term care policy (1) works because it can give you the best of both worlds. You can buy this policy by paying a lump-sum premium or by making payments over a span of years. If you end up not needing long-term care, your policy acts as a death benefit that is paid out to your loved ones or beneficiaries. However, if you need long-term care, the amount of money in the plan is paid to you so the burden of your healthcare needs doesn’t fall on the shoulders of your loved ones.
This policy is attractive for a variety of reasons, but these are the most beneficial:
You can lock in the premium from the day you purchase your policy. Unlike traditional long-term care policies where the rates increase significantly over time, you can find solace in knowing your hybrid policy won’t do the same.
Receive a return of your premium when you don’t need long-term care. The death benefit protects you and your loved ones when you don’t need long-term care. Additionally, it ensures that you receive most or all of your initial premium back.
You can purchase a hybrid policy all at once. By purchasing your hybrid policy premium in one lump sum, you get an opportunity to roll over your old life insurance policy into a hybrid plan with a tax advantage that could potentially save you tens of thousands of dollars.
Do You Know How Sustainable Your Income Will Be?
Part of answering this question is understanding how your financial plan is working for you. Are you maximizing your payments to your 401(k) or long-term plan? Have you consulted with an advisor to calculate your potential earnings?
We at Gibbons Financial Group can help you answer your questions and create an income that fits your goals and the future you envision for yourself and your family. We can uncover the right strategies with our RetireUp software, which is a real-word approach to your financial situation where we weigh your options to create the future you desire.
As biotech professionals, we know you don’t have the time to research the best strategies, which is why we offer a highly useful and digestible client portal where you can discover your retirement possibilities.
We Can Help
As financial advisors in Gurnee, IL, Gibbons Financial Group specializes in working with pharmaceutical and healthcare professionals. Our mission is to help you make informed decisions with a real-world approach so you can work toward your vision of retirement success.
To start on the path to retiring in the best shape possible, call 224-419-5550 or email me at Mike@gibbonsfinancialgroup.com to schedule a complimentary consultation. And be sure to join our free webinar, Retiring Early From Pharma.
About Mike
Michael J. Gibbons is founder and president of Gibbons Financial Group, an independent advisory firm providing custom-tailored financial planning and investment management services to pharmaceutical and healthcare professionals and their families. Mike has over 25 years of experience and spends a significant portion of his day working with pre-retirees and retirees, focusing on asset management, Social Security and pension planning, as well as retirement income preparation.
Mike has degrees in both business and psychology from Lake Forest College and currently holds his Retirement Income Certified Professional (RICP®) designation from the American College. Mike was named a Five Star Wealth Manager for 2016 and 2018* Mike is heavily involved in his community, having served on the Village of Gurnee Police Pension Board as a Community Volunteer and the St. Patrick’s Parish Financial Board. When he’s not working or volunteering, Mike loves playing golf and spending his time with his wife and children. To learn more about Mike and how he can help you, connect with him on LinkedIn, visit his website, and register for his free webinar, Retiring Early From Pharma, created specifically for professionals retiring from the pharmaceutical, biotechnology, and healthcare industries.
*Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of 2016/2018 Five Star Wealth Managers.
_____________