Physicians in Focus Blog
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New Report: 2016 U.S. Physicians’ Financial Preparedness by Age
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.
Age group profiles can be used as benchmarks
We surveyed physicians in all age groups for our 2016 Report on U.S. Physicians Financial Preparedness about their personal financial concerns, debt, retirement savings and future plans and developed profiles for physicians in their 30s, 40s, 50s, and 60s. Each profile offers an up-to-date benchmark for physicians to inform financial planning.
Excerpt from 2016 Report on U.S. Physicians Financial Preparedness ©AMA Insurance Agency, Inc., a subsidiary
of the American Medical Association. See the 2016 Report for more differences in physicians by age
For instance, we found physicians in their 50s are saving aggressively for retirement at the same time they are much more likely to be funding their children’s college education, and providing financial support to their young adult children under 26. Despite this, nearly half of physicians in their 50s have more than $1 million saved for retirement.
Data reveals insights by age
The data brought new insights to each age group too. For example, 59 percent of all physicians, even those in their 30s, max out their 401k or 403b contribution annually despite being in the highest debt situation of their lives.
We also learned that nearly half of all physicians use a personal financial advisor, one of the 7 Characteristics we identified that are shared by physicians who are ‘ahead of schedule’ in their retirement plans.
Snapshots include employment, family situation, future plans
Each profile is brief and also includes information on plans to change employers, investment behavior and consumer/practice debt. We hope you find the at-a-glance age comparisons a quick, but thorough read.
We value your feedback.
Denise S. Friday, CLU
Vice President Sales & Marketing, AMA Insurance
More on elevating your financial preparedness for retirement:
6 Traits of Financially Prepared Women Physicians
2014 Work/Life Profiles of Today’s U.S. Physician
6 Top Financial Planning Mistakes Physicians Make