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While practicing medicine is rewarding, the day will come when you’re ready to leave the field and enjoy retirement. However, if you haven’t practiced careful financial planning throughout your career, you may not have enough money saved.
Due to the length of their medical training and the amount of debt incurred from education, it’s difficult for physicians to find the time, means, and motivation to plan for retirement. A physician who doesn’t start their practice until they’re 30 has missed out on ten years they could have spent saving in a Traditional IRA or 401(k) plan.
Physician’s Resource Services provides physicians with the retirement planning guidance they need to catch up with their savings and build a solid nest egg while continuing to practice medicine. Our advisors have experience in retirement income planning, tax management, and insurance planning. We help you build and prioritize your retirement goals to keep you focused and productive as you near retirement.
No matter how far you are in your medical career, there are always ways to save money. As experienced retirement planning consultants, Physicians Resource Services helps you understand your options. We reduce the confusion and make retirement planning a less stressful experience.
Successful retirement plans save money and taxes. Here are a few retirement plans for physician employees and self-employed practitioners:
Physicians who receive a W-2 listing wages or salary may have a workplace retirement plan to defer income and contribute to the program. 401(k) plans allow for-profit healthcare organization employees to defer up to $18,500 a year (or $24,500 if age 50 and older) to the retirement plan. Withdrawals made before age 59 and a half are often subject to income taxes and a 10% penalty.
SEP-IRA is a Traditional IRA for self-employed physicians that allows practitioners to contribute up to 25% of their profit to the plan. Physicians can also have a separate Traditional IRA or Roth IRA, even with a SEP-IRA. Upon distribution, funds are taxable and can be rolled over to other tax-qualified plans.
Self-employed physicians can also create a defined benefit plan, also known as a pension plan. Contribution limits vary according to the physician’s age. Practitioners nearing retirement can contribute as much as $200,000 a year, while younger professionals can offer as little as $40,000. Layering a pension plan with a 401(k) significantly enhances your retirement plan.
Roth IRAs have the same contribution limits as Traditional IRAs. While many physicians earn more income than allowed by the adjusted gross income (AGI) limitation, they can make backdoor contributions to a Roth IRA by first contributing to a Traditional IRA and then converting it to a Roth IRA. Qualified withdrawals are income tax free.
PRS understands that physicians are busy throughout their careers. We give time back to you and help you prepare for the future with our high-quality financial services and proactive solutions.
Physicians have a lot to handle on a day-to-day basis. Finding the time and motivation for retirement planning can feel impossible with daily expenses, debt repayment, and short-term financial planning goals. PRS’s retirement planning services relieve the stress of saving money for retirement by guiding your efforts.
We apply our ample experience and industry-leading financial planning resources to help you build and maintain a solid retirement strategy. Partnering with our team can get you an early start or make up for lost time.
Retirement planning requires careful strategizing and a proactive approach. PRS helps physicians prepare for the end of their careers with high-quality resources.
PRS is dedicated to providing the solutions physicians need to overcome financial hardship and support their vision for the future. Learn more about who we help.