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Retirement planning basics: How to plan ahead for down the road

Physicians don't have many years to save money, so they should start as soon as possible. Here are a few ways.

By Katherine Vogt, amednews staff. Nov. 17, 2003.

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When he was a younger man, Joseph Hans, MD, looked ahead to his golden years and realized that he would need some money to make them glitter.

"I had the foresight to know that I was not the best enlightened individual to manage investment money. So I elected very early, after accumulating a small amount of money for myself and my employees, that professional management was the best way to go," said Dr. Hans, who incorporated his ob-gyn practice in 1972 for the sole purpose of developing a pension plan.

Now retired from his practice, Dr. Hans, of Phoenix, is wondering if he has put away enough money to sustain himself through this stage of his life. "I think there's an anxiety about how long your retirement funds last," he said. "You suddenly don't have a paycheck coming in, and it gives you a little uneasiness. I have no idea if I have enough money."

But that doesn't mean Dr. Hans is worried. Like others who have looked ahead to retirement, he has his plan in place and has trusted financial professionals to help him make the most of it.

Financial experts say good retirement planning is crucial to good living later in life, especially for physicians. With typically shorter careers than other professionals, physicians have less time to save for retirement, so they need to maximize the efficiency of their savings and investments. And whether deciding on retirement plans such as a 401(k) or an IRA, forecasting a budget or considering insurance options, the choices can be crucial in facilitating a timely and comfortable retirement.