In a recent survey of CPAs holding the personal financial specialist credential, 9 out of 10 CPAs surveyed said their individual clients were concerned about retirement. The research also noted that almost 32% of the respondents said clients approaching retirement age are postponing their retirement for financial reasons.
I personally cannot believe still how many physicians there are in the country THAT HAVE TO WORK; in other words, they can’t retire! I won’t go in to the "why’s" of this but the major reason is that most physicians just don’t PLAN for their retirement.
Every working physician must commit to retirement planning in some form or fashion. Though the costs are high, get a retirement plan started within the medical practice……….start a program of savings.
Here a simple piece of advice: create a situation where money is taken away BEFORE you have the ability to spend it (ex. have monies drafted out of your bank account in to a saving vehicle). This works for many if not all individuals.