I'm a strong believer of planning for your retirement; unfortunately most physicians are not very good at it if they attempt to do it at all. If you haven't started any form of planning, start now – meet with your financial planner or accountant to begin the process. For you younger physicians, the earlier you can start the better.
One simple place to begin is to take a look at your potential social security benefits as a source of retirement income. Go to http://www.socialsecurity.gov/mystatement/ and get the following information:
• Estimates of the retirement and disability benefits they may receive;
• Estimates of benefits their family may get when they receive Social Security or die;
• A list of their lifetime earnings according to Social Security’s records;
• The estimated Social Security and Medicare taxes they’ve paid;
• Information about qualifying and signing up for Medicare;
• Things to consider for those age 55 and older who are thinking of retiring;
• General information about Social Security for everyone;
• The opportunity to apply online for retirement and disability benefits; and
• A printable version of their Social Security Statement.