Doctor – Are You on Your Way to $5.5 Million?

Update 2015

[By Staff Reporters]

[Initially Published on September 16, 2008]

As a physician, how much do you need in your retirement kitty to finance your golden years?

It was a vexing question when this article was first written by Physician’s Money Digest’s Editor-in-Chief, Gregory J. Kelly, and is an even more vexing dilemma in 2009. It is also one that most physicians tend to ignore; hence the reprint.


And so, for those doctors curious about whether they’ll be living on Easy Street, or Skid Row, when they hang up their stethoscope, it helps to do some basic math and to review this link:


Channel Surfing the ME-P

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  1. More on the Doctor Salary Conundrum
  2. Doctor Salary v. Others [Present Value of Career Wealth]
  3. Are Doctors Members of the Middle Class?
  4. Taxing the [not so] Rich [doctors]
  5. Doctor – Are You on Your Way to $5.5 Million?


Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact:


Financial Planning MDs 2015

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

6 Responses

  1. The skills and knowledge sources required for healthcare financial analysis and personal financial planing for physicians differs from those needed for general industry research and lay client use.

    Therefore, I am please that the ME-P examines the research process as well as various sources of information needed for differing types of personal financial analysis-related activities for medical professionals, including benchmarking and business valuation, to assist internal analysts and healthcare financial executives in being better informed about the application of research methods.

    Of course, this information assists those financial advisors in the healthcare space, as well. Especially, now during this current “crisis of confidence” in the entire financial services sector.

    My kudos to all concerned.

    Dr. Stephen Walden Marcus


  2. Stephen,

    These specialties enjoyed the biggest jump in compensation from a year earlier: neurology, non-invasive cardiology, anesthesiology, emergency medicine and internal medicine.




  3. Unpaid Physician Tasks

    I am not even close to $5.5 million dollars NET; nor will I ever be. I have too many unpaid things to do in the office.

    In fact, this new essay reports that in addition to seeing patients, a primary-care physician must address more than three dozen urgent, but uncompensated tasks, each working day. This study provides a rare, quantitative look into the mechanics of medical office practice.

    The ultimate question left unanswered is; can a doctor [still] make money on Medicare and Medicaid patients? Any other thoughts?

    Doctor Tom


  4. Is Becoming a Doctor Worth $2.6 Million?

    Each year, over 20,000 US students begin medical school. They routinely pay $50,000 or more per year for the privilege, and the average medical student graduates with a debt of over $170,000. That’s a lot of money.

    But, for some who pursue careers in medicine, the financial cost has been considerably greater. Melissa Chen, 35, a final-year radiology resident at the University of Texas San Antonio, calculates that her choice of a medical career has cost her over $2.6 million in lost wages, benefits, and added educational costs.

    And yet in her mind, the sacrifice has definitely been worth it.
    Your thoughts?

    Dr. David Edward Marcinko MBA CMP™


  5. Reading Room: Financial Planning Handbook for Physicians and Advisors: An Integrated Approach

    Who better to provide physician-investors with an integrated approach to financial planning than a former private practitioner with a degree in business? And, when it comes to such an ideal circumstance, you’ll be hard pressed to find another author as experienced as Dr. David E. Marcinko. In an attempt to arm today’s physicianinvestors with the necessary tools and knowledge to create a successful financial plan, Dr. Marcinko has compiled the perfect tome, Financial Planning Handbook for Physicians and Advisors: An Integrated Approach ($54.95; Jones and Bartlett Publishers; 2005).

    Of course, as the title implies, this handbook isn’t just for physician investors determined to understand the financial world a little better, it’s also for their financial advisors. But, this doesn’t take away from the fact that this book is written for doctors.

    Divided into 10 chapters, the Financial Planning Handbook for Physicians and Advisors covers such topics as insurance, income taxes, medical office tax strategies, retirement planning, and estate planning. There’s also a chapter on the do’s and don’ts of selecting a financial advisor.

    Bottom line: You’ll find everything you’re looking for, and you’ll find it easily.

    Dr. Marcinko has created a reader-friendly financial handbook that breaks each chapter down in the table of contents subject-bysubject, page-by-page. And, in addition to thoroughly covering the subjects discussed within it, each chapter is also easy to navigate.

    For example, chapter topics are neatly divided by alphabetical subheads and there’s just the right amount of space on the pages to avoid information overload. Adding to the success of this handbook are the many physician specific examples, exercises, tables, charts, planning notes, cautions, and Web site addresses scattered throughout.

    So, if you’re in the market for a financial planning handbook that caters to professional healers, check out Dr. Marcinko’s latest work. You won’t be disappointed. There’s something for every doctor who’s interested in financial security.

    Kerri A. Nelen
    [Physician’s Money Digest]


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