Physicians concerned about saving for retirement

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Retirement savings are a top concern for physicians across all specialties and age groups, according to the "2014 Report on Work/Life Profiles of Today's U.S. Physician," from AMA Insurance Agency.

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.

 

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