How much should doctors save for retirement?Jan 12, 2022
For physicians, retirement may be little more than a byproduct of a life well-lived since the work you do can bring meaning and purpose to your everyday existence. Still, it's a good idea to give some thought to life after medicine, and even ask how much you should be saving for retirement. Given the complexities, it's easy to reach for a rule of thumb about saving but that might not be the best approach. Tune in as we answer a listener's question about how much to save. We'll explore how your unique situation should determine how you answer the question for yourself and your family.
ASK A QUESTION
Send your questions about taxes, investing, extra money, retirement, college and financial parenting to [email protected] or call the Physician Family Answer Line at (503) 308-8733.
IN THIS EPISODE
- [01:10] How much should doctors save for retirement?
- [01:48] Why it’s important for doctors to find their number for their retirement goals.
- [08:33] Many retirees have goals to travel. How would those goals impact their necessary savings?
- [10:40] How can housing affect retirement savings?
- [11:18] Many doctors forget to consider healthcare costs when they create their retirement plan.
- [12:42] Family plays a huge factor in savings rates for retirement plans.
- [15:49] Where did the standard “20%” come from?
- [19:59] When you start to save for retirement and when you consider what retirement will be like those are two very different things.
Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.