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During our careers at Karn Couzens & Associates we’ve come to manage many physician clients. They’re medical professionals of varied practices but they all share one thing in common. They all face the same challenges in saving for retirement and those challenges are separate and unique when compared to professionals in fields like business management, law, or education.
Medical professionals require a particular financial focus when it comes to their long-term financial goals because their window for retirement accumulation is significantly less than most other occupations. The obstacles you face as a medical professionals begin as soon as you enter college and begin preparing for residence. This phase of your financial journey is heavy with debt accumulation that can total into the hundreds of thousands by the time you reach your residence. That’s debt spread across student loans, credit cards, and personal loans.
Medical professionals are focused. At any point in your journey, you may be so focused on achieving your next career goal that you’ll make certain decisions in haste. Financial pitfalls can often present themselves as financial opportunities. This can sometimes lead to the accumulation of debts such as auto loans, mortgages, or personal loans that have high interest rates or unfavorable terms. Creating a financial plan and discussing big decisions with a financial advisor is a great way to ensure you’re making the best decision for your long-term goals.
Be sure to stay connected with us by joining our Physicians Mailing List and contact us for a complimentary conversation in which we'll review your accounts and help identify areas which might benefit from a more engaged planning approach.