Plotkin Financial Advisors
Plotkin Financial Advisors

Nearly Half of Physicians Behind in Preparing for Retirement

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Key Findings from Physician Retirement Preparedness Survey

According to a recent report prepared by the American Medical Association Insurance Agency, nearly half of the physicians who responded to a recent survey consider themselves behind in preparing for the financial future of themselves and their families. 

The survey results indicated gaps in personal financial knowledge and lack of confidence in financial decisions related to retirement savings, life and disability insurance coverage and estate planning.

Gaps in Financial Knowledge and Planning

Only half of the physicians reported reviewing their personal finances on a quarterly basis, while less than 30% reviewed them annually and less than 15% only reviewed them ‘as the need arose.’

In the report, only 6% of the physicians said they are ahead of schedule in retirement planning. More than half, particularly those under the age of fifty, stated they are behind in planning and saving for retirement.

Concerns by Age Group

Physicians under 40 were very concerned about having enough money for retirement, paying off their own medical school debt, funding children’s college educations, taking care of aging parents and having enough life insurance.

“It makes sense that physicians would have little time to spend on their own financial situations,” said J. Christopher Burke of the AMA Insurance Agency.

Importance of Ongoing Financial Reviews

Planning for retirement is not just a matter of building up a large sum in a 401(k) or profit sharing plan. In addition, many physicians and dentists have a substantial amount of equity in their practices – an asset that can potentially be converted into an income stream during retirement years.

Retirement planning should involve more than just setting money aside in retirement accounts. It requires ongoing, proactive financial management. Many physicians and dentists have a significant portion of their net worth tied up in their practice equity. 

This equity can be transformed into retirement income, but only with the right exit planning.

That’s why regular financial reviews are so important. They allow you to monitor the growth of your practice value and make course corrections to your exit strategy if needed. We recommend in-depth financial reviews at least annually. 

This gives us the chance to re-evaluate your retirement trajectory and make any necessary adjustments.

With frequent check-ins, we can help optimize your practice equity payout and integrate it into your overall retirement income plan. Don’t leave retirement planning to chance. Consistent financial reviews help ensure your retirement strategy stays on track.

Planning Beyond Retirement Savings

Retirement planning for physicians goes beyond just saving money in retirement accounts. It also requires considering how to best leverage assets like equity in a medical practice. At Plotkin Financial Advisors, we specialize in helping physicians and dentists develop comprehensive retirement plans.

This includes assisting with profitable exit strategies for selling a practice at retirement. We can evaluate your current practice equity and help determine the optimal time and method for selling your practice. This allows us to factor the potential proceeds into your overall retirement income plan.

With the right exit strategy, your practice can provide a significant income stream in your retirement years. Our retirement planning process is tailored to the unique needs and situations of physicians and dentists. 

We take a holistic approach to assess all of your assets and resources to build a customized plan for your retirement.

Getting Help with Comprehensive Retirement Planning

For more information contact Shim Plotkin, CFP® at 301-907-9790 or by email at

IMPORTANT NOTE: This blog is for informational purposes only and comments will not be posted on this site. If you would like to contact the author, please email us at


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