For healthcare professionals the final 10 years before retirement can be some of the most important when it comes to financial planning.
This period provides an opportunity to step back, clarify what you want retirement to look like, maximise income and flexibility in your remaining working years, and make sure the wealth you have built is structured to support your next stage of life. It is also the time to address practice succession, protect accumulated wealth and prepare for life beyond medicine, so you can move into retirement with greater confidence and security.
Retirement means different things to different people.
For some healthcare professionals, it may mean a complete exit from practice. For others, it could involve consulting, mentoring, locum work or reducing clinical hours gradually.
Before making any financial decisions, it's important to have a clear picture of the lifestyle you want to achieve in your retirement years, and to use planning tools to
estimate your ideal retirement dollar amount, likely living costs and spending, then draft a realistic budget that covers housing, health and lifestyle goals.
It's important to note that, with average life expectancy continuing to rise, you may need to fund a longer timeframe, as your retirement could last 20 years or more.
The decade before retirement is often when you are at, or near, your peak earning capacity. Used well, it can be a powerful window to create more choice, whether that means stepping back gradually, selling part of a practice, keeping ownership of premises, or building income streams outside of medicine, and often the right time to maximise tax-effective savings.
This is the time to look closely at how your wealth is spread, when you can access different assets, and whether it will continue working for you once your income from practice reduces.
Options include:
Increase superannuation contributions where appropriate, including using carry-forward unused concessional caps.
Reduce or restructure debt before retirement.
Build diversified investment portfolios beyond the practice.
Improve liquidity so you are not relying on one asset or event to keep retirement funded.
Review whether trusts, companies or SMSFs are still the right structures for your future plans, and whether your super fund’s fees, performance, and risk allocation still suit you near retirement age.
Small changes made early can make a meaningful difference later, particularly when they help shift your income from being practice-dependent to being supported by a broader, more resilient wealth strategy.
Effective succession planning should begin years before you’re ready to sell or transition. It’s both a financial and lifestyle decision, and the earlier you start, the greater your options.
Key considerations include:
Tax structuring and CGT concessions: make the most of small business reliefs and rollover options.
Retirement planning and super strategies: consider how the sale proceeds align with your long-term wealth and retirement goals.
Ownership transitions: consider whether gradual buy-ins are a viable and practical option.
A structured plan allows you to exit on your terms, achieve maximum value, minimise tax, and ensure continuity for your team and patients.
We work closely with medical professionals to help them plan for the transition to retirement. By bringing together financial planning, tax advice, investment strategy, estate planning and succession support, we help doctors make informed decisions about their future, stay prepared for rising health costs with age, and build a retirement plan that feels clear, considered and achievable.
If you’re beginning to think about your next step, now is the time to start the conversation. Find comfort and clarity in your financial future. Speak to a trusted advisor today.