Secure retirement after selling your medical practice.
Dr. Sharma is considering selling her practice for approximately $500,000 after taxes. While she's diligent about maximizing her 401(k) and backdoor Roth IRA, her significant $280,000 student loan balance weighs heavily on her future financial security. She needs a strategy to manage the practice sale proceeds effectively, balance aggressive debt repayment, and ensure a comfortable retirement.
Using the Annuity Calculator, we explored various scenarios for investing a portion of the sale proceeds into an annuity. We projected that investing $200,000 into an annuity with a 4% annual return could provide a guaranteed income stream of approximately $10,000 per year starting at age 65, supplementing her retirement savings while allowing her to aggressively pay down her student loans with the remaining $300,000. The calculator allowed us to model different investment amounts, interest rates, and payout schedules to find the optimal balance.
The Annuity Calculator's flexibility allowed for inputting custom variables like initial investment, growth rate, payout start age, and withdrawal frequency to match Dr. Sharma's specific circumstances. The tool's clear visualizations and sensitivity analysis helped illustrate the potential impact of different decisions on her long-term financial outlook.
$10,000 per year in guaranteed retirement income plus significant reduction in student loan debt
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