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2016 Report on U.S. Physicians’
Practicing Physicians Segment
SUMMARY & INSIGHTS
“A comfortable retirement” remains a universal personal financial goal for U.S. physicians—and is also the source of their top concern: “having enough money to retire.” For the past three years, the percentage of practicing physicians who say they are ‘ahead of schedule’ in their retirement plans nearly doubled -- from 6 percent in 2013 to 11 percent in 2016. Still, 2016 results show that nearly 40 percent of practicing physicians consider themselves ‘behind’ where they’d like to be in saving for retirement.
WHAT’S NEW IN THE 2016 REPORT
This year, we took a closer look at practicing physicians who are ‘ahead of schedule’ and contrasted their responses to physicians who say they are ‘behind.’ The differences are stark -- and we’ve been able to define 7 Characteristics that appear to buoy the success of those who are ahead.
PHYSICIANS CAN BE FINANCIALLY PREPARED AT ANY AGE
The 2016 survey results confirm what began to emerge in earlier studies: physicians can be financially prepared – and even be ‘ahead of schedule’ at any age. Being financially prepared is not simply a reflection of age, gender, specialty, or employment situation. In fact, the 2016 Report demonstrates that major differences are more a tudinal and behavioral in nature, rather than simple demographics.
We thank the 2,331 physicians who shared the personal financial experience, behavior and advice represented in this report. A special thank you to Bill Zelenik, CEO of Millennium Brokerage Group, who has generously shared his professional advice throughout the development of this report. We encourage you to review the report and share it with your colleagues – especially younger physicians. Our goal continues to be to share insights unique to physicians, to provide a foundation for essential education around personal financial matters, and to support physicians as they plan for a secure financial future.
We look forward to your feedback.