Eat. Sleep. Drink water. Brush your teeth. Save for retirement. Make it happen. Sounds simple, right? But how do we actually do it? Scroll to the bottom to listen to the episode!
Your strategy cannot be typical. Most physicians get a late start with savings and many don’t want to work until their 60s. If you google “How much should I save for retirement?” You may see suggestions of 10 or 15%, but for many of our clients 20% is a better number to help you achieve your goals.
Different strategies throughout your career. As a resident, you may not be able to save 20 percent, but do what you can! Take advantage of matching in employer plans, then focus on Roth savings while you are likely in a lower income tax bracket than you will be in the future. When you finish training, kick the savings into high gear. Take advantage of tax-advantages savings first, whether as an employee or an independent contractor. Pay yourself first.
Keep your goal in mind. You’re doing this for yourself, so try to think about what you want retirement to look like. That is the motivator!
Tip of the Day: Matches in your employer retirement plan are basically free money. You can’t get that anywhere else in your plan! Take advantage of those opportunities when you have them.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated