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Physicians in Focus Blog
Information, resources, data, and insight on more than just insurance
How financially prepared are you for retirement - and how does that compare to physician peers in your age group? We know physicians differ from other investors, from a delayed start in saving for retirement to the heavy debt incurred during intense training years.
If you feel ‘ahead of schedule’ in your plans for a healthy retirement, then chances are you share some or most of 7 characteristics we found that differentiate physicians who feel ‘ahead’ from those who feel ‘behind.’
AMA Insurance’s latest study, 2015 Report on U.S. Physicians’ Financial Preparedness: Young Physicians Segment, paints a clear picture of today’s physicians under age 40, and their unique financial challenges.
“What’s the difference between a 401K and a Roth 401K?”; “Is a 2% fee structure too high?”; “I’m getting divorced, what is a concrete first step?”; “How do I find a trusted financial advisor?” For the past several months, we have heard these and other questions from women physicians as we rolled out the 6 Traits of Financially Prepared Women Physicians.
Physicians work in one of the busiest professions, and finding time to dedicate to personal finances can be challenging. Would you classify yourself as financially prepared or behind schedule?
There is no doubt that the medical profession is changing rapidly, and gender is a big part of that story. More than one-third of today’s U.S. physicians are women, and of all physicians age 40 and under, 49 percent are women. They all face the same personal financial challenges unique to their profession, and a healthy retirement heads the list of their financial goals. And per our latest national study – the 2015 Report on U.S. Physicians’ Financial Preparedness: Women Physician Segment © – there is good news: across all ages, more than half of women physicians are ‘ahead of schedule’ or ‘on track’ for meeting that goal.
How do today's employed physicians fare financially? The latest national study from AMA Insurance clearly shows that as a group, employed physicians have their own unique set of personal financial challenges, in part due to their employment status.
New AMAI report uncovers age and gender differences in diverse areas
Doctors today begin their medical careers with more student loan debt than any generation of physicians. Gone are the days when doctors were repaid for their services with chickens and fresh produce; while doctors did earn a median income of $187,200 in 20121, the average amount of student loan debt they graduated with that year was even greater - $166,7502. When you look at medical student loan debt by the numbers, it’s not only interesting, but concerning.
It’s easy to forget, especially when things are going well and you are healthy, that there’s only one person who stands between you and the outcomes of illness or injury - and that person is your physician. The pressures of that responsibility are immense. The knowledge, skill, intuition, and courage required to perform are unparalleled. The risks are bigger and the stakes are higher than in any other profession. On behalf of AMA Insurance, thank you for your contributions to patients' lives and the community.