Posts Tagged ‘retirement’
Medicine is a profession fraught with legal risk. According to an AMA survey for the period 2007-2008, for every 100 doctors, there were 95 lawsuits.
The survey also reveals that physicians 55 years and older are eight times more likely to get sued than physicians 40 years and younger.
Not that they make eight times more medical errors, just that they are richer lawsuit bait.
That reminds me of a joke. Why won’t a shark attack a lawyer? Professional courtesy.
Back to the topic at hand, many physicians in solo or small practice simply use a SEP IRA as their retirement plan. It is very simple to set up, and the contribution limit is a generous 25% of earned income or an annual limit of $49,000. What is there not to like about it?
Click to get my white paper Wealth Management Guide for Physicians.