Retirement Strategies for Physicians

Retirement Strategies

At WealthCare, we offer valuable insights and expert tips from a fiduciary. For over 20 years WealthCare has experience working with physicians to ensure they retire comfortably. Whether you are a self-employed physician, a doctor working for a major health care provider or a locum tenens independent contractor, you have likely realized that retirement planning is a complex topic.

According to a study by Fidelity Investments, the bad news is that many physicians are saving little to nothing. Nearly 60% of female doctors are not making the maximum contributions to retirement plan and about 45% of male physicians are also not maxing out their retirement. Each day you get closer to retirement, the doubt in your mind gets louder.

The good news is, at WealthCare we have a wide array of retirement strategies specific to each individual. that you can implement. As a physician to get the retirement that you’ve always imagined. We answer questions such as will I have enough saved to live comfortably in retirement? What will I do if my health declines? Am I on the right track? Where are the best and most efficient places to invest my money?

Retirement Strategies Available to Physicians and Dentists

Whether you are a surgeon, dentist, or any other physician within the medical field, we can assist you in accessing the appropriate retirement strategies for YOU.

Some of the strategies we offer include:

Wealth Accumulation Strategies: they are designed to ensure regular access to finances that can ensure stability.

  • Maximize contributions in a 401(k), 403(b) or solo 401(k)
  • Invest in tax qualified accounts
  • Preserve the Nest Egg
  • Liquide Brokerage account
  • Know investment risks
  • Access to an experienced tax planner

Fully Insured Pension Plan: these are systematic payments that are put in place to ensure that you can access certain products after retiring without extra costs.

  • Maximize Social Security
  • Review your employer’s pension
  • Create your own pension with a portion of your assets
  • Utilize the rule of 59 ½ to protect your 401k/IRA to create a guaranteed income stream for life (in-service withdrawal)
  • Annuities with lifetime income riders

Retirement-based strategies: if you are about to retire, there are certain things to put into consideration to ensure you retire comfortably.  These recommended strategies include:

  • Risk tolerance and asset allocation
  • Take note of Retirement fund fees.
  • Invest in ETF’s, Index Funds, DST/REIT’s, Bond funds
  • Developing a distribution strategy for your assets in retirement.

To start, you need to know the importance of accumulation and distribution of your assets. With the wide array of strategies available to choose from, WealthCare will help you choose the best and most efficient strategy to put in place to retire well. Our services are personalized for you based on your specific needs.

What are my options as a self-employed Physician or Dentist?

As a self-employed physician, a dentist, or a locum tenens independent contractor, building a tax-advantaged retirement savings can offer a whole lot of advantage today and in retirement. Some options include Solo 401(k), SEP IRA or Defined Benefit Plans.

For most self-employed physicians and dentists, we typically recommend the Solo 401(k). This retirement account is more advantageous than the SEP IRA and here’s why.

Solo 401(k)

  • Creditor Protected from any malpractice claims, lawsuits, etc.
  • Has Roth component
  • Max contribution limit is $58,000 (if 50 or older $64,500 in 2021)
  • You can make an additional profit-sharing contribution of up to 25% of your compensation or net self-employment income.
  • Solo 401(k) has a better advantage in the long-run.


  • Max contribution limit is $58,000 (if 50 or older $64,500 in 2021)
  • You must earn a higher income and pay more in taxes to max out your contribution
  • Not Creditor Protected
  • No Roth component
  • Usually not recommended for self-employed physicians and dentists

Solo 401(k) vs SEP IRA

Both are retirement savings plans available to those who want to maximize their contributions for retirement.

Max Out Solo 401(k)

Get the optimum benefit of a solo 401(k) as a physician and contribute as much as possible to secure a financially stable future for you and your family. WealthCare wants to help physicians and dentists have the best in life and follow the most suitable retirement savings plan that can help them maximize future benefits.

Financial Planning & Fee Schedule

  •          $0                 – $1,000,000 = 1.50%
  •          $1,000,000 – $2,000,000 = 1.25%
  •          $2,000,000 – $3,000,000 = 1.00%
  •          $3,000,000 +                      ≤ 0.75%  

Financial Planning Fees:  $300/hr. – On average a financial plan will take approximately 5 – 15 hrs. 

Solo 401(k) Set up fee: Initial cost $1,500 with an ongoing annual fee of $199/yr.

Financial Planning Retainer: $199/m – $495/m depending on the complexity of the plan. 

Want to plan a custom strategy? Schedule your complimentary review today!