Despite High Salaries, Physicians May Face Retirement Challenges

Physicians are among the highest-paid people in the workforce on average, but their retirement may not be as secure as some would believe, according to a report from Fidelity Investments.

For its report, Fidelity surveyed 5,100 physicians on their compensation and savings behaviors. The group found physicians earned an average salary of $299,000 per year. However, physicians are only on track to replace 56 percent of their income in retirement on average, which is lower than the average rate of 71 percent recommended for those who earn more than $120,000 annually.

Analysts attributed the gap in retirement savings to a few factors, including the fact that many physicians have a shorter time period to start saving since they don't begin their careers until their 30s. Additionally, physicians increasingly carry high levels of medical school debt, which inhibits long-term retirement savings.

More Articles on Physician Compensation:
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6 Things Hospitals Can Offer to Attract, Retain Top Physicians
200 Statistics on Physician Compensation

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