{"id":3759,"date":"2016-05-09T15:14:33","date_gmt":"2016-05-09T20:14:33","guid":{"rendered":"http:\/\/kbicblog.com\/blog\/academic-medicine\/?p=3759"},"modified":"2016-10-06T14:07:38","modified_gmt":"2016-10-06T19:07:38","slug":"physicians-are-you-saving-enough-for-retirement","status":"publish","type":"post","link":"https:\/\/kbicblog.com\/academic-medicine\/physicians-are-you-saving-enough-for-retirement\/","title":{"rendered":"Physicians: Are You Saving Enough for Retirement?"},"content":{"rendered":"<h2>Physicians: Are You Saving Enough for Retirement?<\/h2>\n<h4>Did you know that <strong>45% of physicians feel they can&#8217;t afford to max out their workplace retirement plan.\u00a0<\/strong><\/h4>\n<p><a href=\"http:\/\/kbicblog.com\/academic-medicine\/wp-content\/blogs.dir\/11\/wp-content\/blogs.dir\/11\/files\/2016\/05\/Group-of-Diverse-Doctors.jpg\" rel=\"attachment wp-att-3760\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3761 \" src=\"http:\/\/kbicblog.com\/academic-medicine\/wp-content\/blogs.dir\/11\/wp-content\/blogs.dir\/11\/files\/2016\/05\/Group-of-Diverse-Doctors-1024x682.jpg\" alt=\"Physicians: Are You Saving Enough for Retirement? \" width=\"572\" height=\"384\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Dallas, TX\u00a0| Posted May 9, 2016\u00a0<\/strong><\/p>\n<p>A recent analysis from Fidelity Investments examined 13,330 physicians\u2019 workplace savings plans <a href=\"https:\/\/www.fidelity.com\/about-fidelity\/individual-investing\/financial-well-being-of-physicians\" target=\"_blank\">Fidelity\u2019s Money FIT Physicians Study<\/a>\u00a0and found that on average, physicians are saving a fairly healthy 19.8 percent. While this number is up from 15.3 percent in 2012, Fidelity Investments points out a few areas where physician retirement savings fall short:<\/p>\n<ul>\n<li>48 percent of physicians are saving less than Fidelity\u2019s recommended workplace savings plan rate of 15 percent with an average savings of only 9 percent.<\/li>\n<li>58 percent of female physicians, and 45 percent of male physicians are not maxing out their contributions to a qualified workplace plan such as a 403(b) retirement savings plan.<\/li>\n<li>39 percent of physicians close to retirement are very aggressive in their equity allocation, making their savings more susceptible to market fluctuations. A similar number of physicians in their 40s are conservatively allocated, limiting their potential for growth during the second half of their careers.<\/li>\n<li>61 percent of physicians participating in the study are at least a little confused about how to navigate their financial path for the future.<\/li>\n<\/ul>\n<p>Physicians are known to have a large amount of student debt \u2013 industry research reveals that 84 percent of medical students graduate with <a href=\"http:\/\/bankershealthcaregroup.com\/blog\/2015\/11\/student-debt-causes-grads-to-live-at-home\/\" target=\"_blank\">student debt<\/a> averaging more than $176,000, with many also juggling expensive practice-related costs. However, Fidelity\u2019s business data shows physicians earn an average of <a href=\"http:\/\/www.benefitspro.com\/2015\/12\/03\/doctors-financial-health-not-well\" target=\"_blank\">$300,000 per year<\/a> annually.<\/p>\n<p>According to <a href=\"http:\/\/www.physicianspractice.com\/blog\/six-common-physician-retirement-planning-mistakes\" target=\"_blank\">Steven Podnos, MD, CFP<\/a>, a critical care physician and fee-only financial planner, many physicians should start a pretax retirement plan early and aggressively. Podnos stresses that starting early will allow for decades of tax-deferred earnings, \u201cSince you are deducting the contributions when your taxes are high, and you will most likely take out distributions in a lower tax bracket, you will experience some powerful advantages.\u201d<\/p>\n<p>If you have questions about your retirement options, consider talking to a certified financial planner. Ask your colleagues if they can recommend a trustworthy CFP, or search for one <a href=\"http:\/\/www.cfp.net\/utility\/find-a-cfp-professional?utm_source=find-cfp&amp;utm_medium=header&amp;utm_content=homepage&amp;utm_campaign=header\" target=\"_blank\">here.<\/a><\/p>\n<p>Source:\u00a0<a href=\"http:\/\/bankershealthcaregroup.com\/blog\/2016\/01\/physicians-are-you-saving-enough-for-retirement\/\" target=\"_blank\">http:\/\/bankershealthcaregroup.com\/blog\/2016\/01\/physicians-are-you-saving-enough-for-retirement\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Physicians: Are You Saving Enough for Retirement? Did you know that 45% of physicians feel they can&#8217;t afford to max out their workplace retirement plan.\u00a0 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Dallas, TX\u00a0| Posted May 9, 2016\u00a0 A recent analysis from Fidelity Investments examined 13,330 physicians\u2019 workplace &#8230;<\/p>\n","protected":false},"author":26,"featured_media":3761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[928,576],"tags":[588,84,537,533,301,583,605,86,526,535,603,604,606],"class_list":["post-3759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-industry-news","tag-academic-medical-physicians","tag-academic-medicine","tag-academic-medicine-blog","tag-academic-medicine-www-kbic-comblogacademic-medicine","tag-academic-medicine-news","tag-academic-medicine-recruiting-practice","tag-finance","tag-kayebassman","tag-kayebassman-international-corp","tag-physicians-practice","tag-physicians-are-you-saving-enough-for-retirement","tag-retirement","tag-workplace-retirement-plan","column","threecol","has-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Physicians: Are You Saving Enough for Retirement? | Academic Medicine<\/title>\n<meta name=\"description\" content=\"Physicians: Are You Saving Enough for Retirement? 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