Financial Clarity for Doctors: How Assumptions Affect Our Financial Plans

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In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden unpack many of the assumptions that are built into financial planning. This is necessary when you can’t predict the future, but how conservative or aggressive your assumptions are can greatly impact your chances of success.

Some of these assumptions include:
• Your projected age of retirement
• How much money you will need to be comfortable in retirement
o What inflation rates will be between now and then
• Investment returns
• Estimated taxes at different points during your career and retirement
• How much you will be able to save
• How much income you will receive from social security

No two projections will look the same. They all rely on assumptions, because we don’t have all the data we need for the next 30, 40, or 50 years. When you are working through financial projections, it is a great idea to adjust the inputs to see how your assumptions are impacting your plans. For example, if you adjust your inflation estimate from 2.5% to 3.25%, you will need to save MUCH more or modify your standard of living to reach your goals. We recommend focusing on the things you can control (mostly your spending and your savings) but also understand how different future outcomes outside your control can affect your plans.

For more financial planning tips from Corey and Rachelle, you can reach out to them at [email protected]. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.