Financial Planning for Doctors: Covering All Areas of Your Finances Including Insurance

New and seasoned physicians have different needs, but both can benefit from a comprehensive financial plan that assesses and minimizes their risk of losing financial security. A solid plan includes tax planning, financial planning, investment management, insurance solutions, and a retirement plan. Also key to a successful plan is collaboration between medical and financial professionals. Whether you own your own practice or are part of a hospital-owned practice, Mercer Advisors can help you with your unique financial needs – these may include advanced cash flow planning, financing for building or equipment leases, business insurance, paying off medical debts, and planning for retirement. 

Mercer Advisors was established in 1985, so our experience working with medical professionals is extensive. We care about your success and wellbeing. That’s why our clients trust us with billions in assets.

The Average Cost of Medical School

The cost of medical school is significant and represents an investment by the student. Understanding how the costs of medical school change by type of school and residence of the student is an important consideration when choosing where to study.

Source: Association of American Medical Colleges. 

Financial Planning for Doctors Helps With Success Now and in Retirement

A solid financial plan looks at the full picture of your career and beyond: having proper life and disability insurance, securing your family’s financial stability, and achieving financial success in retirement. In addition, it may include managing student loans.

The cost of medical school is relatively high compared to other types of education. Today, 84% of medical students graduate with $100,000+ in student loan debt, according to the Association of American Medical Colleges (AAMC). More than a third of doctors with student loans expect the payoff to take at least 10 years.1

Mercer Advisors collaborates to address these key areas in a customized financial plan that effectively manages your unique financial situations and builds lasting wealth. We have experience working with physicians in setting a clear path to help achieve financial success — and providing confidence— so you can focus on what is important to you.

Most Physicians Retire After Age 65

A tailored financial plan needs to consider retirement age. For physicians, this is often after age 65. Your wealth advisor will help create an appropriate plan that considers more years of earning income. 

Source: ResearchGate, “When Do Primary Care Physicians Retire? Implications for Workfroce Projections,” 2016 

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