Please confirm that you would like to log out of Medscape. If you log out, you will be required to enter your username and password the next time you visit.Most physicians enjoy high incomes, but how effectively are they using those salaries to build net worth for their families? In a Medscape survey, doctors reported their net worth and revealed their approaches to retirement saving and other investments.
Structural wealth gaps between male and female physicians will not show significant improvement in a couple or several years, according to Utley."These things take decades."The racial variation in physicians' wealth was perhaps most acutely felt in the middle category on this chart, the net worth levels where they are starting to build generational wealth.
The prevalence of medical expenses on this chart"is a good reminder of the importance of an emergency fund, taking open enrollment seriously, and building up an HSA when possible," he adds.If you're looking for the largest financial pain point for doctors, Utley sees taxes as a bigger culprit than a wrongheaded real estate investment.
But it would be a mistake to describe physicians as pessimistic about their investment future, Utley feels, especially regarding their long-term outlook. "By and large, we want to see our clients increasing their contributions" each year right up until retirement, says Kristin McKenna, CFP, president of Darrow Wealth Management, a Boston-area firm that has some physician clients.
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