Physicians & Their Families

Financial Planning for Physicians

Physicians who are overwhelmed by “financial stuff” often realize that financial planning is something they’ll never really “get around to” and a few doctors—like you—go in search of help and land here. Welcome!

Financial planning for physicians is a specialized area of practice that requires an understanding of the unique financial challenges facing doctors today as well as a thorough understanding of each physician’s personal financial situation. You can do your "financial internship" here on the blog and contact us with questions if you need more help.

Professional Financial Advice For Medical Professionals At All Career Stages

We are here to help you take on the unique financial challenges you face as a healthcare professional, no matter where you are in your career in medicine. While financial planning is a lifetime process, certain financial solutions for doctors will become more urgent as you move through your career so start by checking out the topics that are right for you.

FINANCIAL PLANNING FOR RESIDENTS & FELLOWS

• Consider public service loan forgiveness (PSLF) and begin debt repayment planning

• Purchase disability insurance

• Begin building an Emergency Fund

• Begin investing for retirement with a Roth IRA or Roth 403b

FINANCIAL PLANNING FOR FIRST YEAR ATTENDING PHYSICIANS

• Find a financial planner for doctors

• Save for a down payment to buy a home

• Get a handle on income taxes

• Update disability insurance coverage

• Purchase life insurance 

• Start learning about investments

PHYSICIAN RETIREMENT PLANNING

• Set a budget for retirement

• Make a fund to support parents, a disabled child or extended family

• Update estate plans (wills, trusts, etc.)

• Consider long term care insurance

• Consider advanced estate planning techniques and charitable giving plans

FINANCIAL PLANNING FOR MID-CAREER MEDICAL PRACTITIONERS

• Keep expenses in check

• Create a plan for retirement

• Enroll in employer-sponsored retirement programs

• Consider tax-advantaged and tax-exempt investments outside retirement plans

• Set up college savings plans

• Build or buy a home

• Consider estate planning and asset protection strategies