It begins early on for most medical students as they get into the habit of living beyond their means. Student loans, car loans, credit card loans, and vacation loans. This all piles up and they spent the first few years paying off all their debts.
Today, doctors are looking to retire at 55 or even 50." The idea of retiring in your 50's may seem attractive, but there's a flip side: When you're no longer working, you're no longer earning a living. There are some retired doctors who intend to maintain a comfortable lifestyle in retirement, so the money has to come from somewhere. How? Through sensible saving and planning. Exactly how much you should save during your working career so you can still maintain a comfortable living is something we can help you with.
Saving 10% is the general rule for most people (although even that might be a little low given the current low-expected-return investing environment), but most people also have 40 years to save for retirement. Doctors only get 30 years or even less, so they really need to be saving 15% if they plan to retire at 65, or 25% if they want to retire earlier than this.
Debt is a big factor which keeps doctors from saving more, as is a sense of entitlement after years in training and many long hours at work. But a major factor is the expectation in your own mind (and the mind of family and neighbours) that you need to live like a doctor. In short, spending too much.
Doctors (and most other people) do not have enough of the types of insurance they really need (primarily life & critical illness). This is quite ironic considering they are well aware of the critical illness rates nowadays.
We can help you calculate exactly how much of this you need. Doctors in Dubai can help you plan for your future and for now.Request a call back to learn more »