Over his 45-year career, Dr Lewis (Lew) Marshall evolved from general practice to become a specialist sexual health physician.
By David Rossbach
Early on in his career, Lew spent time in the remote northwest of Western Australia before landing at Fremantle Hospital, where he eventually became Head of Sexual Health Services. Until recently, he was an Associate Professor at both the University of Notre Dame and the University of WA.
Reflecting on his financial journey, Lew highlighted that “as medical professionals, we’re trained to care for others but often struggle to care for our own futures.” Lew’s transition from a busy medical professional to a fulfilling retirement offers valuable insights for doctors at any stage of their career.
The procrastination trap
Lew’s early financial habits were not ideal. “I’m a great procrastinator,” he admitted. “If money was coming in, there wasn’t an issue.”
But eventually, work stops and so does the money. He acknowledged that working in a well-paid profession added to his procrastination: “You get comfortable and feel you can put aside planning for the future, hoping it will all work out.”
This mindset often causes doctors to delay seeking the help they need, even when they have concerns.
Lew and his wife Kate also had children later in life. “It did concern me. I thought, how long will I have to work? How much money will I have? Will I be able to support my family? Because we all want to do things for our kids, don’t we?”
The work demands on doctors can lead to personal finances being a distant afterthought. “If you’re on call or operating and you always have to be available, and you have to look after your family, there isn’t a lot of spare time to do your own financial planning.”
Despite his concerns, Lew found it challenging to act. “It was just in the too-hard basket. We’ve always been late doing our tax returns. It’s those things where you ask yourself, surely my time is better spent doing other things.”
Lew’s breakthrough came when retirement became a real prospect. “We should have done it earlier…my advice would be to go early and get things sorted.”
Leaning on the professionals
In 2018, at 63, Lew sought professional financial advice. Until then, he had managed the family finances in an ad hoc way. “There was so much more we should have been doing. I felt I’d wasted a lot of opportunities.”
“We were able to get completely organised and reduce our tax using the right strategy. We ended up with a clear pathway and confidence that we could retire comfortably.”
“My advice is to get these things sorted sooner rather than later because as doctors, we’re all very aware of how tenuous our hold on life can be. And if something happens, we need to make sure that what we’ve got in place will sustain our family.”
Power of a staged transition
“I really didn’t know what I was going to do when I gave up work. I mean, I’m 70 now, so I’ve worked until I was 70.” His gradual transition from full-time to progressively fewer days was key to his successful transition.
“I couldn’t imagine retiring cold turkey – working full time one week and dropping everything the next.” His transition removed the shock of completely altering his daily routine. It allowed him to develop new interests to fill his time when his professional commitments ended. Lew’s hobbies now include travel, tennis, French lessons, a men’s book club, and gardening.
Intentionality is crucial when setting yourself up for the next stage of life. “It’s not just about what you do with your time but also who you will be spending it with.” Relationships play a crucial role in a successful retirement, so it’s important to invest in the people that matter most to you.
Lew’s story highlights the importance of seeking professional financial advice early. For medical professionals with demanding careers, a trusted adviser can help navigate the complexities of financial planning. Lew’s experience shows that it is never too late to start, but the earlier one begins, the better the outcomes.
If you would like to have a conversation with someone to start your financial planning journey, please reach out.