AMA: Financially Prepared Female Clinicians More Likely To Take These Steps
Retirement portfolios that are ahead of schedule are common.
HealthDay News -- The traits of a financially prepared female physician include having a retirement portfolio that is on track or ahead of schedule for age and career stage, having a liquid emergency fund, and feeling adequately protected in the event of a disability, according to a report published by the American Medical Association (AMA).
In a study that assessed the financial preparedness of U.S. women physicians, the top six traits of financially prepared women physicians were identified.
The six traits of a financially prepared woman physician include having her retirement portfolio "on track" or "ahead of schedule" for her age and career stage; more than one-third of financially prepared women physicians have more than $1 million in their retirement portfolio.
Almost 80% of financially prepared women physicians have a separate emergency fund, and more than half have at least $50,000 in this fund. If they became disabled and couldn't practice medicine, most financially prepared women physicians feel prepared to handle their finances. Two-thirds of financially prepared women physicians use a financial planner; most are very satisfied or satisfied with their choice.
In addition, financially prepared women physicians have an updated will and medical and end-of-life directives in place; more than half of those who consider themselves "behind schedule" do not have any elements of an estate plan.
Financially prepared women physicians feel more confident and knowledgeable about personal finances; most are confident in their ability to make financial planning decisions.