Part 2: Interview with John Moakler

October 26, 2021by Lisa Philip

We are thrilled to be back with John Moakler of Moakler Wealth Management. 👏 Today John continues his conversation with us on financial planning for dentists and why it is important to have a comprehensive financial and retirement plan.

Have you asked yourself…

When You Can Afford To Retire? 💭

What Will Your Paycheque Look Like? 💭

First, John looks at your most important asset… YOU! 🌟 What if something happens to you and you cant work today? This is where Disability Insurance comes in! It is important to pay this premium with personal after-tax dollars. This is because if you ever go on disability and they pay you, the income is 100% tax-free!

Next, John reviews the key must-haves to designing a Disability Insurance Plan.

Own Occupation – If you have this feature, two years into the policy, the insurance company can’t force you to do any other job than the one you were doing before.

Cost of Living Adjustment (COLA) – If you ever go on disability claim, your monthly paycheque will go up with the cost of living or inflation.

Future Income Option (FIO) – As your income goes up year over year, you can apply for additional coverage, and you don’t need to qualify medically.

Return of Premium (ROP) – Every 7 or 8 years, the insurance company will mail you a cheque for 50% of the premiums paid, tax-free.

Now that we’ve taken care of you and your family personally, it’s time to focus on your practice. 🔍

Disability Overhead Insurance: This helps to pay for rent, staff wages, or replacement dentist.

Critical Illness Insurance: Another important bumper guard to have in place. When we design these, we always make sure it is a guaranteed plan. Either you get a critical illness and policy will pay out or get 100% money back tax-free.

Watch the full discussion here ➡️

Learn more about developing your own financial and retirement plan with Moakler Wealth Management! 💵 Apply to become a client through this free webinar link: Choose a date and time that works for you. Stay until the end to receive some cool freebies!

❗️ Later this week, John will share details in Part 3 of the series, on how to leverage your corporation to produce a tax-free retirement paycheque for you. He’ll also get into why it’s important to have a second corporation as a practicing dentist. ❗️

At Transitions Group, we will continue to serve as a resilient resource, providing dental coaching to practice owners. Contact us for support at 📞 1-844-332-4956 or 📧
-#TransitionsGroup #dentalpracticemanagement#dentalleadership #dentalteam #dentists #leadership #Rebuild #TheNewNormal #elearning #feature #financialplanning #retirementplanning #MoaklerWealthManagement

Lisa Philip