Physicians face unique retirement savings challenges
Physicians should be saving at least 15 percent more for retirement than their current levels, according to a new survey by Fidelity Investments of 5,000 physicians nationwide. Physicians who want to live a financially comfortable retirement should save enough to replace 71 percent of their income, the study said. Current savings levels are at 56 percent.
Part of the reason achieving retirement is more of a challenge for physicians, the study found, is that doctors have more student debt than many professions, as well as a shorter savings horizon because many are in their 30s by the time they finish their residencies.
Many physicians also do not have adequate savings opportunities in their defined contribution plans because of IRS contribution limits, the study said...