401k the Best Retirement Plan for A Young Physician

Many young physicians out there are hesitant to put part of there nice new big monthly pay check into there practices 401k plan, but there is no better way for a young physician to really plan for there retirement than with a 401k.
Start Right Away
I would recommend that if you are going to get involved with your practices 401k to get in as soon as you start at the practice, and this way you will be used to having a percentage of your pay check each month going into it. Also remember that many practices out there will mach what you put in up to a certain percentage or a dollar amount.
Interest Is Amazing
The interest that you build up on a 401k is amazing. So if you find it tough to see that money leave your account each moth just think about all the interest you will be getting back when you retire. Not only do you gain interest on what you and whatever your employer matches. You at the end make interest on the interest you have made.
401k Does Not Make You Bulletproof
Being a physician is a very demanding job and the statistic’s incredibly show that a long term disability will hit one out of three physicians by the time they reach 65. It is best to also consider having some kind of disability plan in place to help out in a situation like this.
Don’t Check Out Early
If you try to claim your 401k before the age of retirement expect to be hit by severe penalties. You will also be taxed at a much higher rate. It can be very tempting for people to go for early retirement, but you have to consider if the downgrade in your lifestyle you would be forced to take is worth it.