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Characteristics Shared by Physicians Who are ‘Ahead’ for Retirement
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.’
40% say they are ‘behind schedule’ in saving for retirement; 11% are ‘ahead’
In our new 2016 study on U.S. physicians’ financial preparedness, we contrasted age, specialty and employment situation of physicians who are ahead versus those behind and didn’t find the stark differences we expected when we focused on demographics. In fact, we found that a physician can be financially prepared at any age.
Find more physician financial preparedness insights by age at amainsure.com/practicingMD
What we found instead, were dramatic differences in the attitudes and behaviors of physicians who are meeting their retirement savings numbers. These characteristics were only minimally present in the physicians who say they are behind.
Two characteristics play key roles in being ahead
The characteristics illustrating the gap the most are differences in financial knowledge and confidence.
Physicians who are ‘ahead of schedule’ make a commitment to educate themselves about personal finance. As a result, they are 8X more likely to say they are ‘very knowledgeable’ about personal finance than those who are behind.
Bill Zelenik, CEO of Millennium Brokerage Group, a strategic partner of AMA Insurance, commented on its importance at the 2016 Physicians Financial Summit - “Knowledge is power when it comes to personal finance. There are a lot of options available and an informed investor can take full advantage of that range. You can get that knowledge yourself or from your advisor. Just get it.”
Physicians who are ahead are also much more confident. In fact, they’re 7X more likely to say they are ‘very confident’ in their personal financial decision-making for themselves and their families than those who are behind. Conversely, 93 percent of physicians who are behind say they don’t feel that level of confidence.
What can physicians learn from their peers who are ahead?
Beyond building knowledge and confidence, physicians who are ahead are also more likely to max out their 401k or 403b annually, owe less consumer and/or practice debt and have their personal paperwork in order. Review all 7 Characteristics to get an accurate, up to date picture of what physicians have saved for retirement by age.
Elevating the level of financial preparedness, including retirement savings, is achievable at any age. We hope this information helps you level-set and accelerate your own financial preparedness. We value your feedback.
Denise S. Friday, CLU
Vice President Sales & Marketing, AMA Insurance
More on elevating your financial preparedness for retirement:
Young Physicians: 5 Strategies for a Strong Financial Foothold
“Bear proof” your retirement: How to protect your finances
Physicians Financial Preparedness – By Age
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