2017 Report on Resident Physicians’
Summary & Insights
Surprisingly, ‘having enough money to retire’ is already a top concern for U.S. resident physicians, surpassed only by ‘paying off medical school debt,’ but ahead of ‘paying for their children’s education.’
U.S. Resident Physicians' Top Financial Concerns
Source: 2017 Report on U.S. Physicians’ Financial Preparedness – Resident Segment. N=2,502. Multiple answers permitted.
As the newest generation of clinicians, today’s residents will begin their careers as practicing physicians in a very different clinical and business environment compared to previous generations of doctors.
“Financial stressors occur early and often during residency,” says Denise S. Friday, Vice President of AMA Insurance, a subsidiary of the AMA. From staggering debt loads, to low salaries and long hours, residents face a complex personal financial situation now and into the near future. This is especially true of the nearly half of residents who are already married, and a quarter who have already started their family.
5 Essential Moves to Make in Residency
Armed with the data from the report and questions from residents, we asked professional financial advisor, Allan Phillips, Certified Financial Planner™ with Taylor Wealth Solutions, and a member of the AMAI Physicians Financial Partners program to share advice with residents and other young physicians.
In 5 Essential Financial Moves to Make in Residency, Allan outlines tips and “must-do’s” for residents related to budgeting, income protection, debt repayment, investing for retirement and more.
Established Physician Advice
We also continued our tradition of asking established physicians to share their advice on personal finances with today’s residents. As usual, their advice runs from the practical, to the philosophical. We hope you find these insightful and inspiring.
We look forward to your comments and feedback.
Other Resources and Links for Residents
AMA-Sponsored Disability Insurance for Residents
Now resident physicians can add up to $5,000 monthly own-specialty disability protection regardless of current salary.