Locums physicians and APPs can enjoy retirement by taking action now. See how these locums retirement planning tips can deliver great rewards in the future. 

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    Life moves fast. That&rsquo;s why it&rsquo;s critical to plan for retirement
    now &ndash; especially when you&rsquo;re a locums physician or advanced
    practice provider.
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    When you choose the locums lifestyle, you can enjoy practice autonomy,
    competitive compensation, and a flexible schedule. You can care for patient
    populations who need you most. You can even pair work with travel and see
    the country as you work. In return, however, you must take the reins when it
    comes to specific financial tasks like paying quarterly taxes&mdash;and like
    setting yourself up for a comfortable retirement.
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  <h2>Locums Retirement Planning Tips</h2>

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    While planning for your retirement may take a bit of time now, you&rsquo;ll
    find the investment is worthwhile. Here are some tips for building wealth
    over the long term as a locum tenens provider.
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      <strong>Work with a financial planner. </strong>First things first: hire
      help. Make it easy on yourself and outsource your financial planning.
      Partner with an experienced professional who specializes in advising
      clinicians. If you ask other locums in your network for referrals, you may
      discover a financial planner who advises locums tenens independent
      contractors. A financial planner can help you determine how much you will
      need to retire comfortably, what you should be saving now, and which
      retirement savings accounts are best for your situation. They can also
      advise on college savings for kids, insurance, and tax and estate
      planning.
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      <strong>Set up retirement accounts. </strong>Permanent providers who are
      employees of public or private healthcare organizations may have access to
      government- or employer-sponsored retirement plans such as 401(k)s or
      pension plans. Locums providers, on the other hand (especially those who
      are independent contractors), must use alternative means to save for
      retirement, and setting these up may take some time. Ask your financial
      advisor about your options, which may include tax-advantaged investment
      accounts such as SEP-IRA, Roth IRA, Back-Door Roth IRA, Traditional IRA,
      Defined Benefit Plan, or Solo 401(k). There are also other ways to set
      aside money and reduce your tax burden, including Health Savings Accounts
      and 529 College Savings Plans.
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      <strong>Save, save, save. </strong>Seasoned providers can appreciate the
      importance of savings as retirement gets closer and closer. For newer
      professionals, however, it may be harder to envisage retirement ever
      arriving, and the temptation to splurge may overcome the goal to save.
      However, taking the initial time to set up retirement savings accounts
      with the help of a financial advisor and then setting up periodic
      withdrawals to make retirement contributions will pay great dividends.
      That way, the emotional component is removed from the equation &ndash; and
      savings becomes automatic.
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      <strong>Pay down debt.</strong> Paying off college and med school loans
      quickly can translate to significant savings over the long run&mdash;money
      you could be packing into retirement investments, which could be earning
      dividends and growing in value over the long run. If possible, avoid
      postponing student loan payments because interest accrued during deferment
      or forbearance can come back to bite you. It can add up fast! If feel
      burdened by school loans or want to streamline your process for paying
      them back, consider income-driven repayment options, loan forgiveness
      programs, consolidation, or refinancing.
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    Take time to plan for your retirement. That way, you&rsquo;ll be able to
    focus on enjoying your experience as a locum tenens provider now, and
    you&rsquo;ll be set up for financial success so you can comfortably retire
    and fully relax in the future.
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    <a href="https://www.crosscountrylocums.com/start-today-step-3"
      >Take your next locum tenens assignment today.</a
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