Unless you have been living in a galaxy far, far away; you know that the legendary Dr. Anthony Fauci is a public health institution! As a physician with the National Institutes of Health, Dr. Fauci has served the American public health sector in various capacities for more than fifty years and has acted as an advisor to every U.S. president since Ronald Reagan. On August 22, he announced he will be stepping down from government service in December. So how does someone like Dr. Fauci prepare for retirement? In this month’s edition of the podcast, we take a look at what options someone like him may have. It is a fun exercise and we have our trusty navigator of all things finance, Ms. Katherine Vessenes, CFP®, RFC, Founder and President of MD Financial Advisors, to guide us through. Enjoy!

About Ms. Vessenes:

Ms. Vessenes works with over 300 physicians and dentists from Hawaii to Cape Cod. Her firm uses a team of experts to provide comprehensive financial planning to help doctors build their wealth and protect their wealth while reducing taxes now and in the future. Katherine is a longtime advocate for ethics in the financial services industry; and has written three books on the subject of investment strategies. She has received many honors and awards including: numerous tributes from Medical Economics as a top advisor for doctors, multiple 5-Star Advisor Awards, honored as a Top Woman in Finance, in addition to being selected to be on the CFP® Board of Ethics. Katherine can be reached at: Katherine@mdfinancialadvisors.com or 952-388-6317. Her website: www.mdfinancialadvisors.com.

A case study: How Dr. Fauci’s Financial Advisor should be Preparing him for Retirement

Personal Questions:

1. How much do you need to manage your current lifestyle?

2. What sources of income do you have?

• Pension from us government: Dr. Fauci has one of the largest ever at $350K

• Social Security

• Income from investments

• Retirement Accounts

• Income from clinical work

• Income from various business deals

• Side gig: consulting

• Side gig: TV appearances

3. Is there a short fall? How long will these funds last?

4. What will your tax liabililty be?

5. What can you do now to save taxes in the future?

6. Does you have/need tail insurance? D and O?

7. Look at estate planning

Financial Lessons from Fauci:

1. It really pays to have multiple sources of income, particularly jobs you can continue after you “retire”.

2. Make yourself indispensable

3. It could be that most of his income will be taxed at ordinary income rates.