AMA Report Says Doctors Behind in Retirement and Estate Planning
A report from the American Medical Association Insurance Agency says that many doctors neglect financial and retirement planning, and that only 57% have an updated will.
The AMA's 2013 Report on U.S. Physicians' Financial Preparedness interviewed 2,365 physicians representing all age groups. Of those polled, only about half said they review their finances quarterly, with 29% reviewing finances annually and 14% reviewing as needed.
Although 77% said that disability insurance was essential and 75% had a policy in place, only 42% had reviewed that policy in the last five years. On the estate planning front, less than half of physicians said they have advance health care directives, power of attorney or living wills in place.
Overall, 35% of respondents said they had no estate plan - 44% of female physicians said they had no estate plan versus 31% of male physicians.
Nearly half of the respondents said that they were behind in their retirement planning, with a mere six percent saying they are ahead of schedule in planning for retirement. In addition, nearly 70% of physicians do not have long-term care coverage in place for themselves.
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