Nearly Half of Physicians Behind in Preparing for Retirement

According to a recent report prepared by the American Medical Association Insurance Agency, nearly half of the physicians who responded to a recent survey consider themselves behind in preparing for the financial future of themselves and their families. The survey results indicated gaps in personal financial knowledge and lack of confidence in financial decisions related to retirement savings, life and disability insurance coverage and estate planning.

Only half of the physicians reported reviewing their personal finances on a quarterly basis, while less than 30% reviewed them annually and less than 15% only reviewed them ‘as the need arose.’

In the report, only 6% of the physicians said they are ahead of schedule in retirement planning. More than half, particularly those under the age of fifty, stated they are behind in planning and saving for retirement.

Physicians under 40 were very concerned about having enough money for retirement, paying off their own medical school debt, funding children’s college educations, taking care of aging parents and having enough life insurance.

“It makes sense that physicians would have little time to spend on their own financial situations,” said J. Christopher Burke of the AMA Insurance Agency.

Planning for retirement is not just a matter of building up a large sum in a 401(k) or profit sharing plan. In addition, many physicians and dentists have a substantial amount of equity in their practices – an asset that can potentially be converted into an income stream during retirement years.

At Plotkin Financial Advisors we help physicians and dentists prepare not only for retirement, but also a profitable exit strategy for their practices.

For more information contact Shim Plotkin, CFP® at 301-907-9790 or by email at

IMPORTANT NOTE: This blog is for informational purposes only and comments will not be posted on this site. If you would like to contact the author, please email us at

Little Known CSRS Government Employee Benefit

federal-government-programsFor federal government employees under CSRS or CSRS Offset, the Voluntary Contributions Program (VCP) allows you to set aside extra money for retirement.  Contributions to the program are after-tax money and you can contribute up to 10% of all of the base pay you’ve earned over your entire CSRS career.  You must be still working to take advantage of this special benefit or separated from service butnot retired.

As an example, if you have worked for 20 years and your average base pay during this time was $70,000, your aggregate total salary is $1,400,000.  Of course, your base pay will have changed over the years, but for this example we will assume the base pay did not change.

Under the VCP, you can contribute up to $140,000 (10% of $1,400,000), either as a lump sum or over a period of time.

The VCP was originally established to allow CSRS employees to set aside more money in order to buy a higher pension.; and you can use the VCP this way.

But here is the unique part of the program – you can also max fund a Roth IRA.  For those of you who think you make too much money to fund a Roth IRA, this is a fantastic option.  The income limits do not applywhen you transfer to a Roth IRA from the VCP.  All growth in the Roth IRA is tax free and there are no required minimum distributions.

Very few people have heard about the VCP, let alone the ability to max fund a Roth IRA.  If you are a current CSRS government employee, or know someone who is, contact us so you can learn how to take advantage of this government program.

IMPORTANT NOTE: This blog is for informational purposes only and comments will not be posted on this site.  If you would like to contact the author, please email us at

Shim Plotkin, President of Plotkin Financial Advisors, Elected to the REISA Board of Directors

PRLog (Press Release)Nov. 13, 2012 – Plotkin Financial Advisors, LLC is proud to announce that Shim Plotkin, President of Plotkin Financial Advisors, has been elected to the Real Estate Investment Securities Association (REISA) Board of Directors.

On his election to the board, Shim said “A strong and resourceful REISA will undoubtedly help all of us provide our clients with a more diverse portfolio of investments.  And in the long run the public, broker/dealers, sponsors and advisors will recognize REISA as an organization that promotes excellence among all the members.  I look forward to working with REISA’s Board and membership in achieving its goals.”

Said REISA President Daniel Oschin “We congratulate both those newly elected and those re-elected, and look forward to their contributions to the board and the association.  As a democratic organization, REISA is proud of its members’ clear voices in the selection of its leadership.”

REISA is a national trade association serving alternative investments and securities industry professionals.  The association was founded in 2003 and has over 800 members who are key decision makers representing over 30,000 professionals throughout the United States.  REISA works to maintain the integrity and reputation of the industry by promoting the highest ethical standard to its members and providing educational, networking opportunities and resources.Plotkin Financial Advisors was founded by Shimshon Plotkin in 2000 and now oversees over $100 million worth of assets for clients around the Washington D.C. area.  The financial advisors at the firm focus on making a difference in the lives of their clients through education of diverse, yet prudent, investment strategies.  To learn more about the firm, please visit:

Securities offered through Independent Financial Group, LLC, memberFINRA ( ( and advisory services offered through Plotkin Financial Advisors, LLC, a registered investment advisor.  Plotkin Financial Advisors, LLC and Independent Financial Group, LLC are not related entities.