2014 Report on US Physicians' Financial Preparedness
A first-of-its-kind in-depth study of U.S. physicians' financial health and retirement preparedness. Includes insights by age, specialty, and gender.
on U.S. Physicians' Financial Preparedness
In May 2014, AMA Insurance launched a national survey to better understand the prevailing attitudes and behavior of U.S. physicians in relation to their personal financial preparedness. Topics included: retirement planning and savings, financial concerns, personal financial acumen, use of professional financial advisors, family finances, and disability and other types of insurance protection.
The Report shows that employed physicians - now comprising 59 percent of all American physicians - have their own set of personal financial challenges, in part due to their employment status.
- 42% consider themselves "behind where they'd like to be" in saving for retirement and 44% report they have less than $500,000 saved for retirement.
- Funding long-term care expenses has emerged as a top concern for employed physicians, second only to having enough savings to retire.
- Nearly all employed physicians have malpractice insurance through their employer. 76% also have life insurance and 73% have disability insurance.
- 448% of employed physicians say their employer pays their disability premium.
- Employed physicians who use a professional financial advisor also tend to feel more prepared for retirement, have more in emergency savings, have more diverse financial investments and feel more confident about the personal financial decisions they are making for themselves and their family.
We invite you to view the entire report for the detailed findings. We hope you find it of value and we welcome any comments or questions you may have.