Arizona is the worst 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 worst states for physicians to reach financial independence:
1. Hawaii
Average salary: $364,000
Estimated years to financial independence: 62.8 years
State taxes: 11%
Cost of living: Unfavorable
Quality of life: Unfavorable
Malpractice environment: Neutral
2. Rhode Island
Average salary: $324,000
Estimated years to financial independence: 24.2 years
State taxes: 5.99%
Cost of living: Unfavorable
Quality of life: Neutral
Malpractice environment: Neutral
3. Maryland
Average salary: $328,000
Estimated years to financial independence: 21.5 years
State taxes: 5.75%
Cost of living: Neutral
Quality of life: Unfavorable
Malpractice environment: Neutral
4. California
Average salary: $447,000
Estimated years to financial independence: 25.3 years
State taxes: 13.3%
Cost of living: Unfavorable
Quality of life: Unfavorable
Malpractice environment: Favorable
5. New Mexico
Average salary: $365,000
Estimated years to financial independence: 16.3 years
State taxes: 5.9%
Cost of living: Neutral
Quality of life: Neutral
Malpractice environment: Unfavorable
6. Vermont
Average salary: $383,000
Estimated years to financial independence: 20.5 years
State taxes: 8.75%
Cost of living: Unfavorable
Quality of life: Neutral
Malpractice environment: Favorable
7. Oregon
Average salary: $451,000
Estimated years to financial independence: 16.8 years
State taxes: 9.9%
Cost of living: Unfavorable
Quality of life: Unfavorable
Malpractice environment: Neutral
8. Delaware
Average salary: $445,000
Estimated years to financial independence: 15.0 years
State taxes: 6.6%
Cost of living: Unfavorable
Quality of life: Unfavorable
Malpractice environment: Unfavorable
9. Alaska
Average salary: $465,000
Estimated years to financial independence: 14.3 years
State taxes: 0%
Cost of living: Favorable
Quality of life: Unfavorable
Malpractice environment: Unfavorable
10. Arizona
Average salary: $439,000
Estimated years to financial independence: 13.4 years
State taxes: 4.5%
Cost of living: Neutral
Quality of life: Neutral
Malpractice environment: Unfavorable
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.