Wyoming is the best state for physicians to reach financial independence, drawn from factors including average salary, state taxes, cost of living and malpractice environment, according to a recent blog post from Marit Health.
Here’s a breakdown of the 10 best states for physicians to reach financial independence:
1. Wyoming
Average salary: $506,000
Estimated years to financial independence: 9.1 years
State taxes: 0%
Cost of living: Favorable
Quality of life: Favorable
Malpractice environment: Favorable
2. Wisconsin
Average salary: $481,000
Estimated years to financial independence: 11.7 years
State taxes: 7.65%
Cost of living: Neutral
Quality of life: Favorable
Malpractice environment: Favorable
3. Florida
Average salary: $457,000
Estimated years to financial independence: 11.4 years
State taxes: 0%
Cost of living: Favorable
Quality of life: Neutral
Malpractice environment: Unfavorable
4. New Hampshire
Average salary: $429,000
Estimated years to financial independence: 14.1 years
State taxes: 0%
Cost of living: Favorable
Quality of life: Neutral
Malpractice environment: Favorable
5. Illinois
Average salary: $448,000
Estimated years to financial independence: 12.5 years
State taxes: 4.95%
Cost of living: Neutral
Quality of life: Neutral
Malpractice environment: Unfavorable
6. Iowa
Average salary: $474,000
Estimated years to financial independence: 10.8 years
State taxes: 5.7%
Cost of living: Neutral
Quality of life: Favorable
Malpractice environment: Favorable
7. South Dakota
Average salary: $549,000
Estimated years to financial independence: 8.6 years
State taxes: 0%
Cost of living: Favorable
Quality of life: Neutral
Malpractice environment: Favorable
8. Pennsylvania
Average salary: $434,000
Estimated years to financial independence: 13.0 years
State taxes: 3.07%
Cost of living: Favorable
Quality of life: Neutral
Malpractice environment: Unfavorable
9. Mississippi
Average salary: $528,000
Estimated years to financial independence: 8.7 years
State taxes: 5%
Cost of living: Favorable
Quality of life: Favorable
Malpractice environment: Favorable
10. North Dakota
Average salary: $530,000
Estimated years to financial independence: 9.7 years
State taxes: 2.9%
Cost of living: Favorable
Quality of life: Neutral
Malpractice environment: Favorable
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