Planning for retirement – are you?

Only 10% of adults know that they shouldn’t spend more than 4% of their retirement savings a year to avoid running the risk of outliving their nest egg – this according to a survey commissioned by New York Life and first reported by Medical Economics magazine. Nearly 30% of survey respondents think they can safely spend 10% or more of their savings annually while in retirement.

At that rate, they’re likely to run out of money in 11 years or less!! This emphasizes the main point – are physicians really "planning" for their retirement. My answer to that is a resounding NO. Getting doctors to get serious about retirement is literally like pulling wisdom teeth. Most think there is "plenty of time" to take care of it, which is an absolutely ridiculous attitude to have.

If you have clients that are physicians, make sure they are doing serious retirement planning. If you are a physician reader, my advice to you is this – get off your ass and get serious about retirement planning – if you don’t, you are going to seriously regret it some day.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.