Dentist Financial Checklist: Financial Security and Wealth Building

As a dentist your focus is on taking care of your patients. At Rosen Group Private Wealth Management our focus is making sure you have the information and the tools needed to take care of your financial portfolio.

Things have changed exponentially in the last two years. Staying on top of life’s changes is key to managing your financial future. Now is the time to review your life insurance, auto insurance, home insurance, personal liability insurance, business insurance and malpractice insurance to ensure you have the right level of coverage.

Are you on track to retire when you want to? If you plan to retire early, you need to build a retirement fund sooner, not later. The longer you wait to invest the greater the amount you will have to save at a higher rate of return.

You want to take advantage of tax shelters that allow you to avoid paying immediate taxes on your capital gains. These include RRSP, TFSA and other registered plans—your Rosen Group Private Wealth Management advisor can explain the benefits of each.

An Individual Pension Plan (IPP) is a form of retirement account that can be set up by incorporated professionals, such as dentists. While it is similar to an RRSP, there are some significant differences.

There are a number of mechanisms available for individuals to save in a tax-efficient manner for their retirement – but, for incorporated professionals, retirement benefits can be tied into their business, therefore the corporate insured retirement program (CIRP) can be an effective strategy for practice owners/shareholders to receive retirement benefits through their corporately owned permanent life insurance policy.

Creating a will ensures that your assets, including personal belongings and investments, go to the beneficiaries of your choosing. Once you create a will, you can adjust this document as your needs and/or preferences change.