MDNews - Mid Hudson

T H E "2 014 R E P O R T on Work/ Life Profiles of Today's U.S. Physician," released by the AMA Insurance Agency, polled 125,000 physicians between the ages of 30 and 69 about a variety of topics, including planning for retirement. Approximately 5,000 physicians responded, and the results show many are dealing with the twin challenges of repaying educa- tional loans while mapping out their fi nancial future. Approximately 73 percent of physicians under age 40 left medical school with student loan debt, and more than four- fi fths of those are still working on getting in the clear. Nearly half of physicians in that age group revealed they had medical school loans ranging from $150,000 to $200,000. So where does this leave physicians in terms of saving for their golden years? "Employed physicians have defi nite concerns about having enough money for retirement," says Alfred C. Drowne, Vice President and General Manager of AMA Insurance Agency, a subsidiary of the AMA. "They want a comfortable retirement for themselves and their spouse — that's their top fi nancial goal. In fact, only 8 percent of employed physicians surveyed considered themselves ahead of schedule in saving for retirement." A Dream Deferred The report found that 44 percent of respondents had less than $500,000 set aside for retirement. Several factors help explain that. Drowne notes it could take physicians at least a decade to begin their actual careers, unlike members of other professions. He also says other goals — such as paying student loans or saving for their children's education — typically get pushed ahead of saving for retirement. Compounding the problem, long hours on the job can keep physicians from dedicat- ing suffi cient time to considering their fi nancial options. "Approximately 25 percent say they don't spend more time on it because it's not their area of expertise," Drowne says. "[But] most believe lack of time is preventing them from becoming more knowledgeable about personal fi nancial planning." No Time Like the Present Taking a contemplative step back may be daunting, but it could save years of uncertainty. These approaches can be a jumping-off point: + Drill down into the benefi ts package. "Typically, employers fund some or all of an employed physician's benefi ts, includ- ing insurance protection," Drowne says. "It's important for them to understand the benefi ts paid may be taxable income and could result in a shortfall." + Look to the pros. Having a fi nancial adviser can help many physicians feel more confi dent about their long-term savings goals. Most survey respondents say they would enlist the services of an adviser, choose different investments and focus more on fi nancial planning earlier in their careers if they had it to do over. Visit amainsure.com/resourcecenter.html to read the full report. ■ By Rachel Stewart PHYSICIANS WORK AND PLAY HARD — BUT WHAT ABOUT SAVING? AFTER YEARS OF PAYING OFF GARGANTUAN STUDENT LOANS, MANY FIND THEIR NEST EGGS NEED SERIOUS INCUBATION. Nurturing the Nest Egg CORE PHYSICIANS WORK AND PLAY HARD — BUT WHAT 14 12 Contents | FEB/MAR 2015 | FEATURE ALISON J. NOHARA, MD: HEALTH QUEST ADDS NEUROINTERVENTIONAL SURGERY TO MAXIMIZE VASCULAR CARE 6 Exceptional physicians and state-of-the-art technology expand access to advanced stroke care and endovascular treatments for aneurysm and vascular malformations of the brain. DEPARTMENTS FINANCE 12 PEOPLE IN THE NEWS 14 CME CREDITS 16 LOCAL NEWS 17 6 PAGE ON THE COVER 17

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