The AMA insurance company published the "2016 Report of US Physicians' Financial Preparedness," outlining key characteristics of physicians well prepared for retirement, according to Physician's Money Digest.
Here are five physician characteristics:
1. Physicians well prepared for retirement tend to have a solid knowledge of their personal finances.
2. These physicians possess less debt. While it is difficult for physicians to avoid student loan debt, these physicians tend to have less consumer debt, including credit cards, mortgages and car loans.
3. Those physicians who are prepared for retirement will likely max out tax-advantaged retirement accounts every year, including 401k and 403b.
4. Their estate plans are ready to go, including living trusts, end-of-life directives and power of attorney.
5. These physicians plan to retire at an earlier age, as well.
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