Medical coverage, survivor benefits, disability insurance, profit-sharing schemes, burial allowances and pension plans are some of the benefits that retired veterinarians enjoy. However, there are no standard retirement packages for veterinary professionals. Instead, benefits tend to vary with the type of practice and the nature of the contract. Self-employed veterinarians must plan for their own future.Continue Reading
Generally, those who work for large organizations such as research institutions and major corporations enjoy more extensive retirement benefits than their counterparts in private practice. Veterinarians should consider a variety of factors when planning for their retirements. These include income, life expectancy, expected cost of the retirement lifestyle, inflation and the number of dependents the retiree may have to support. Veterinarians should also factor in the cost of debt obligations such as loans and credit card debt.
Most vets fund their retirement using Individual Retirement Accounts and 401(k) accounts, according to a 2006 Veterinary Economics Industry Issues Study. Others sell their practices and live off the cash, an approach that is financially risky. This is because the value of a practice may be reduced in line with the productivity of its owner. To guard against this risk, vets can diversify their portfolios by investing in stocks, money market funds, bonds and other instruments. Salaried veterinarians should discuss the establishment of retirement funds with their employers. These funds are often tax-sheltered and can benefit both employee and employer.Learn more about Financial Planning
The benefits of Fidelity 401(k) retirement plans include versatility, range of investment options, helpful online tools and administrative support, reports Fidelity Investments. Additionally, 401(k) plans offer relatively high contribution limits as well as access to funds in the event of emergencies through hardship withdrawals and loans.Full Answer >
Benefits of having Great-West retirement include employer-sponsored retirement plans that offer group amenities, access to 162 bonus plans with executive benefits and access to nonqualified deferred compensation plans when necessary. Great-West Financial partners with Empower Retirement to provide retirement solutions to clients, according to the company website.Full Answer >
Individuals who wish to monitor the status of Chrysler retirement plans can visit the Chrysler benefits page at the Fiat Chrysler Automobiles website. The National Chrysler Retirement Organization also provides timely information regarding the security of Chrysler benefit plans.Full Answer >
J.P. Morgan Asset Management offers online access to employee retirement accounts for plans that it manages at Retirementlink.JPMorgan.com, according to the company. It also provides a mobile application that allows smartphone and tablet users to view account details at any time. The Retirement Link website includes instructions for establishing online access, and once enrolled, account holders can view individual investments, make transfers or take loans, initiate or change contribution amounts, update beneficiary designations and download forms.Full Answer >