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Considerations for the Next-Generation of Potential Providers
By Brian J. Knabe MD CMP™ CFP™
SPONSOR: www.CertifiedMedicalPlanner.org
Almost 2 decades ago, Fortune magazine carried the headline “When Six Figured Incomes Aren’t Enough. Now Doctors Want a Union.” To the man in the street, it was just a matter of the rich getting richer.
The sentiment was more precisely quantified, according to health economist and financial advisor Dr. David E. Marcinko MBA CMP™, in the March 31, 2005 issue of Physician’s Money Digest, who with Editor Gregory Kelly reported that a 47-year-old doctor with $184,000 in annual income would need about $5.5 million dollars for retirement at age 65.
Of course, physicians were not complaining back then under the traditional fee-for-service system; the imbroglio only began when managed care adversely impacted income, or when the stock market crashed in 2008; or with passage of the Patient Protection and Affordable Care Act [PP-ACA] in 2010 or its’ full implementation in 2014.
And now, in the post-Trump era?
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More:
- More on the Doctor Salary Conundrum
- Doctor Salary v. Others [Present Value of Career Wealth]
- Are Doctors Members of the Middle Class?
- Taxing the [not so] Rich [doctors]
- Doctor – Are You on Your Way to $5.5 Million?
Conclusion
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Filed under: Career Development, Financial Planning | Tagged: physian salary, physician wealth management, rich doctors | 8 Comments »
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