Retirement for Doctors


Retirement for Doctors

According to a study by Fidelity Investments, the bad news is that many physicians are saving little to nothing.

  • 60% of female doctors are not making the maximum contributions to their retirement plan
  • 45% of male physicians are also not maxing out their retirement.

Each day you get closer to retirement, the doubt in your mind gets louder which can help lead to physician burnout.

The good news is, at WealthCare we have financial planners that provide a wide array of retirement strategies specific to each individual that can help lead you to early retirement. As a primary care physician working at a small medical practice or a self-employed anesthesiologist you might not have access to a traditional retirement plan.

We answer questions such as:

  • Will I have enough saved to live comfortably in retirement?
  • Am I on the right track?
  • Do I need disability insurance?
  • Should I invest my money in a taxable account or real estate?
  • What will I do if my health declines?
  • As a retired physician do I need Medicare?

These questions are determined based on your specific situation to help hang up that white coat of yours.

Retirement Strategies Available to Physicians and Dentists

physicians retire between the ages of 60 and 65 with only 12% retiring before 60. Some of the strategies we offer include:

Wealth Accumulation Strategies

They are designed to ensure regular access to finances that can ensure stability.

  • Maximize contributions in a 401(k), 403(b), or Solo 401(k)
  • Invest in tax qualified accounts
  • Preserve the Nest Egg
  • Liquid Brokerage account
  • Know investment risks
  • Access to an experienced tax planner to potentially lower your tax rate
Fully Insured Pension Plan

These are systematic payments that are put in place to ensure that you can access certain products after retiring without extra costs.

  • Maximize Social Security
  • Review your employer’s pension
  • Create your own pension with a portion of your assets
  • Utilize the rule of 59 ½ to protect your 401k/IRA to create a guaranteed income stream for life (in-service withdrawal)
  • Annuities with lifetime income riders
Retirement-based strategies

If you are about to retire, there are certain things to put into consideration to ensure you retire comfortably.  These recommended strategies include:

  • Risk tolerance and asset allocation
  • Take note of retirement fund fees
  • Invest in ETFs, Index Funds, DST/REITs, Bond funds
  • Developing a distribution strategy for your assets in retirement

To maximize physician retirement income, you need to know the importance of the accumulation and distribution of your assets.

Whether you are a pediatric, family physician, or any other specialty we can assist you in accessing the appropriate retirement strategies for YOU. Planning for a retirement age that suits you is critical in ensuring you are able to retire early.

What are my options as a self-employed Physician or Dentist?

As a self-employed physician, a dentist, or a locum tenens independent contractor, building tax-advantaged retirement savings can offer a whole lot of advantages today and in retirement. Some options include Solo 401(k), SEP-IRA, or Defined Benefit Plans.

For older physicians, it’s never too late to take advantage of a backdoor Roth IRA depending on your gross income.

For most self-employed physicians and dentists, we typically recommend the Solo 401(k). This retirement account is more advantageous than the SEP-IRA and here’s why.

Solo 401(k)
  • Creditor Protected from any malpractice claims, lawsuits, etc.
  • Has Roth component
  • Max contribution limit is $58,000 (if 50 or older $64,500 in 2021)
  • You can make an additional profit-sharing contribution of up to 25% of your compensation or net self-employment income.
  • Solo 401(k) has a better advantage in the long run.
  • Max contribution limit is $58,000 (if 50 or older $64,500 in 2021)
  • You must earn a higher income and pay more in taxes to max out your contribution
  • Not Creditor Protected
  • No Roth component
  • Usually not recommended for self-employed physicians and dentists
Solo 401(k) vs SEP IRA

Both are retirement savings plans available to those who want to maximize their contributions for retirement.

Max Out Solo 401(k)

Get the optimum benefit of a solo 401(k) as a physician and contribute as much as possible to secure a financially stable future for you and your family. WealthCare wants to help physicians and dentists not burn out in order to have the best in life and follow the most suitable retirement savings plan that can help them maximize future benefits.

Can I retire with student loan payments?

In some cases, we review student loan planning by utilizing paydown strategies or if you’re working for a nonprofit how to take advantage of student loan forgiveness.

Founders, Shaun Tarzy (left) and Michael Boggiano (right)

At WealthCare, we offer valuable insights and expert tips from a financial advisor. Just as a physician would value patient care we value our client’s best interest. For over 25 plus years WealthCare has experience working with physicians to ensure they retire comfortably.

Whether you are in private practice, part-time, self-employed, working for a healthcare provider, locum tenens, or finishing medical school you have likely realized that retirement planning is a complex topic.

Financial Planning & Fee Schedule
Portfolio ValueFee
$0 – $1,000,0001.50%
$1,000,000 – $2,000,0001.25%
$2,000,000 – $3,000,0001.00%
$3,000,000 + ≤ 0.75% 
Other Financial Planning Fees

On average a financial plan will take approximately 5 – 15 hrs at $300/hr

Solo 401(k) Set up fee: Initial cost $1,500 with an ongoing annual fee of $199/yr.

Financial Planning Retainer$199/m – $495/m depending on the complexity of the plan. 

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Schedule a complimentary review with one of our financial advisors and we will show you the best path to financial success.


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Monday – Friday8:30am – 6:00pm