Retirement planning: Never too late (or too soon) to start

Retirement planning: Never too late (or too soon) to start

Don't let retirement planning take a back seat, especially when AOA membership gives doctors of optometry the keys to reaching that checkered flag.

AOA members have a key advantage for retirement planning.

National Retirement Security Week is this week, and AOAExcel® and Endorsed Business Partner AXA Equitable are encouraging members to take part, not only by considering retirement goals, but also by taking the first steps toward making them a reality with professional advice from a trusted partner.

Americans are increasingly more optimistic about their retirement, according to the 2015 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI). Rebounding from record lows between 2009 and 2013, nearly 22 percent of survey participants are very confident in their retirement plans (up from 13 percent in 2013).

But perhaps more telling, many are still unaware of how much they need to save for retirement, EBRI reports. Less than half of workers (48 percent) report they have tried calculating how much money they will need in retirement, while 35 percent have talked to an advisor and only 16 percent have a written financial plan for retirement.

As AOA members, doctors have a key advantage for retirement planning. AXA offers the Members Retirement Program with plans tailored to members' specific needs. Work with a dedicated Retirement Program Specialist who will help keep members' options flexible, simplify their plan's administration, help with tax-related guidance and IRS compliance, and help communication with members' employees to build participation in a plan for their optometric practice.

Click here for more information about retirement planning through AXA.

3 recommendations for retirement planning
As clinical professionals, AOA members have unique retirement planning concerns. Given that many doctors of optometry are also small-business owners, the timeframe for retirement is flexible and may include a gradual transition. Here are three important recommendations for doctors planning retirement:

  1. Start saving now. Compound earnings make even small investments today worth more by retirement. Prompt action means times is on doctors' sides.

  2. Seek financial advice. Everyone is different, and consequently, not everyone's goals for retirement are the same. Lay out a plan not only for personal retirement savings, but also for your business. Investment experts will help put your plan into action and keep it growing for years to come.

  3. Stay the course. There's no telling what the future may hold so taking the appropriate steps now can save undue stress and heartache. Implementing a retirement strategy for the optometric practice helps doctors build toward what will be needed for retirement.

AOAExcel and AXA are helping members meet their retirement goals every day, so visit to schedule a free retirement planning consultation and learn more about retirement solutions.

October 19, 2015

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