Medscape outlined five mistakes physicians make when saving for retirement.
Here are the details to know:
1. Not setting savings targets. Focusing too much on savings targets can result in physicians running the risk of either not saving enough or working longer than desired. Instead, physicians should focus on how much they'd like to spend each month during retirement.
2. Forgetting about the emotional side of financial planning. Even the best laid plans can be affected by how unpredictable life can be. While it's impossible to plan for savings shortfalls, it's important to keep potential obstacles in mind.
3. Not setting realistic goals. Expenses should be taken into consideration when determining how much to save for retirement.
4. Failing to revisit a financial plan. Not checking in on financial plan may limit the plan's effectiveness.
5. Not separating financial planning from investment management. There are additional factors to take into consideration planning for retirement besides an investment portfolio such as existing debt and estate planning.