Nearly 5,000 physicians ages 30 – 69 completed the survey. The report revealed the following findings.
- Only 6 percent of respondents felt “ahead of schedule” in saving for retirement.
- About half of respondents said they were “behind where they would like to be” in saving for retirement.
- 44 percent physicians surveyed between ages 60 – 69 would like $1 million more in their retirement savings at this point.
- 65 percent of physicians surveyed under age 40 would like $200,000 to $500,000 more in their retirement savings at this point.
- 51 percent of physicians between 60 and 69 had student loan debt after medical school.
- 74 percent of physicians ages 60 – 69 reported $50,000 or less in student loan debt.
- 73 percent of physicians under age 40 report leaving medical school with student loan debt.
- 70 percent of those physicians reported $100,000 or more in student loan debt.
- 83 percent of physicians under 40 are still paying their student loans.
- 25 percent of physicians between 40 and 59 are still paying student loans.
- 3 percent of physicians between 60 and 69 are still paying student loans.
- In hindsight, the majority of all physicians surveyed wished they had spent more time early in their career learning about financial planning.
More articles on integration and physician issues:
What concerns physicians about value-based care?
Survey takes pulse on future of medical education
Dr. Who? What happened when a CMO learned physicians weren’t introducing themselves to patients
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