They also expressed a lack of confidence in financial decisions related to retirement savings, life and disability insurance coverage and estate planning. Their top financial concern, selected by half of respondents, is having enough money to retire, according to a national poll of 2,365 physicians by AMA Insurance.
Forty-one percent of physicians average less than $500,000 in retirement savings; 48% have $500,000 to $3 million. Nearly half (48%) reported being behind on preparing for retirement, 47% said they are on track and 6% indicated they are ahead of schedule.
The physicians polled indicated that only about half of them review their personal finances quarterly with another 29% reviewing them annually and 14% reviewing them as the need arises. Added to that, 54% of the respondents thought that the time they spend on personal finances is inadequate.
The 2013 Report on U.S. Physicians’ Financial Preparedness is here.