From Labor to Retirement In One Week September 5, 2024
Written by MSDC Staff
Today is 401(k) Day, an annual reminder of the value of retirement savings through 401(k) plans. Every year, the Friday after Labor Day is dedicated to 401 (k)s because Americans start the week focused on work and end the week focused on retirement.
Physicians labor long hours for their income and financial wellbeing. MSDC’s Healthy Physician Foundation is dedicated to ensuring continued financial wellbeing for physicians, practice staff, and their families. To help ensure financial peace of mind, MSDC created the Pooled Employer Program and a 401 (k). Find out about the 401(k) by contacting MSDC EVP Robert Hay at hay@msdc.org.
On a day dedicated to retirement, it’s worth noting a couple of common mistakes physicians make when it comes to finances. Below are mistakes to avoid.
Mistakes to Avoid
Mistake #1 = Trying to manage finances on your own.
Just as a patient needs physician expertise to stay healthy, a physician needs finance expertise to stay financially well. A 401(k), established through your employer, is an ideal way to outsource your retirement planning. MSDC has long trusted Asset Strategy Consultants [link] for its financial management.
Mistake # 2 = Not adopting a “wellness approach” when it comes to personal finances.
Once you have retirement accounts set up, re-evaluate your plan at healthy intervals. While daily stock market checks are excessive for most people, an annual or quarterly financial “check-up” helps ensure financial management and prevent surprises. If your finances require triage and more regular testing, it may help to consult an expert.
Mistake #3 = Waiting until the right time.
Physician schedules are hectic, and the so-called “right time” may never come. What better time to plan for your future financial wellbeing than today, 401 (k) Day?
MSDC is committed to the financial wellbeing of you and your practice. Don’t hesitate to contact MSDC EVP Robert Hay to learn how we can help.