Category: Retirement
-
As a physician, you’ve worked hard to build substantial retirement savings through your 401(k), traditional IRA, and other tax-deferred accounts. However, the IRS won’t let you keep that money growing tax-free forever. Required minimum distributions, commonly called RMDs, are mandatory withdrawals you must take from certain retirement accounts once you reach a specific age. Understanding…
-
Physician burnout has reached crisis levels, with nearly 60% of doctors reporting symptoms of exhaustion and disengagement. As more physicians question whether they can sustain a full career until age 65, early retirement has become an increasingly attractive option. But is physician early retirement financially realistic? The answer depends on your planning, discipline, and understanding…
-
As a physician in private practice, you face unique challenges when planning for retirement. You likely started saving later due to extended training, have higher student debt, and earn significant income that puts you in top tax brackets. That’s why understanding cash balance plans could be a game-changer for your retirement strategy. These plans offer…
-
Are you on track for a comfortable retirement? As physicians, our financial journey looks different from most professionals. While we earn higher incomes, we start our careers later, often carrying substantial student loan debt. This unique situation means the standard retirement savings benchmarks don’t quite fit our path. The Physician’s Financial Timeline Most traditional retirement…
-
Hitting the million-dollar mark in your retirement savings is a big win! As a doctor, you’ve worked hard to get here. You’ve put in long hours at the hospital, lived through tough training years, and made smart money choices. But now what? Having a million dollars saved doesn’t mean you can stop and coast. It…
-
While headlines about market volatility might trigger anxiety, there’s actually tremendous reason for optimism about your financial future. Despite the unique challenges physicians face—delayed earnings, substantial student debt, and demanding work schedules—the path to significant wealth remains accessible to every doctor in America. The Physician’s Retirement Challenge As medical professionals, many of us don’t seriously…
-
The Financial Independence, Retire Early (FIRE) movement has captured the imagination of professionals across various fields, offering the alluring prospect of escaping the daily grind decades before traditional retirement age. For physicians, who typically enter the workforce later than most professionals and carry substantial student debt, the concept raises unique questions and challenges. Can doctors,…