Top physician finance articles of 2019

By Melissa Sammy, for MDLinx
Published December 23, 2019

Key Takeaways

Money is always a concern for physicians, but things were especially wacky in 2019. The economy, particularly the healthcare sector, saw its fair share of ups and downs this year. Some specialties saw significant financial gains while others saw considerable losses. 

Here’s a roundup of this year’s top physician finance articles for all money-related matters, which may help guide your investments to make the new year your best yet.

On salary

Is income on the rebound?

Doctor in surgery

Physician compensation rose overall in 2018—but not for every doctor—according to data from the American Medical Group Association’s 2019 Medical Group Compensation and Productivity Survey. While some physicians saw increases in their pay by more than 10%, others saw losses by as much as 5%. Read on to learn which specialties had the greatest increases and losses in their compensation.

This specialty is out-earning all others

Neurosurgeons using robotic surgery methods

According to a compensation report from Doximity, neurosurgeons were the highest-paid medical specialists in 2018, with pediatricians earning the least. And across all specialties, male physicians earned substantially more than their female colleagues. Read on to learn the top 10 highest and lowest paid medical specialties by mean pay, and how employment type factors in 

Tips to maximize your salary

Physician couple reviewing finances

One of the perks of being a doctor is the salary, with the average annual salary ranging from $230,000 to $519,000. Even after accounting for the hefty student loans often associated with medical education, a physician’s income still doesn’t look too bad when compared with the average American salary of $46,800. And while a physician’s salary can certainly buy a lot of nice things, smarter spending habits and focusing on certain key factors will help you to achieve minimal financial stress and maximum life satisfaction in the long run.

Where to put your money

10 splurge purchases worth the price

Doctor shopping online

Thrifty spending habits can go a long way in ensuring financial stability and a better life, but sometimes a splurge purchase is money well spent. This begs the question: What is actually worth the splurge for doctors? To help answer this, MDLinx has compiled a list of 10 splurge purchases worth the price because they increase physician productivity, health, and comfort. Read on to learn more.

How much car can you really afford?

Car interior

The prospect of owning your dream car could make medicine an attractive career choice. Now, after years of medical school and residency, you finally have the financial resources to transform dream into reality and buy that brand new, luxury car you’ve had your eye on. But, can you really afford it? Do you have a mortgage? Student loans? Credit card debt? Have you considered your net worth in the grand scheme of things? MDLinx has put together a comprehensive car-buying guide for doctors examining these factors and more. Read about it here

The best stocks and investments for 2020

2020 stock market

There’s no doubt that doctors are highly skilled, intelligent professionals; unfortunately, they don’t always make the savviest investors. To that end, MDLinx spoke with Travis Johnson, president of StockGumshoe.com—a website that sleuths out real-deal information on highly touted stocks—to get some insight for physicians looking to review their investments in 2020. Here’s what he had to say.

On retirement

How doctors really feel about retirement

Happy doctors

Apparently, physicians are not all that enthusiastic about retiring, according to a recent survey from CompHealth. In fact, the physician workforce is, on average, much older than the general workforce: A full 30% of practicing physicians are 60 years of age or older, and the average age of actively licensed physicians in the United States is 51. So, why aren’t physicians ready to hang up their white coats just yet? Read on to find out the top three reasons physicians cited in their survey responses.

No nest egg? Here are some tips for getting your retirement savings back on track

Retirement planning

You’ve toiled—enduring countless sleepless nights and long hours in your practice of medicine—and have finally managed to save a little money for retirement, but then life happens: children, college funds, house repairs, emergencies, and the like. Now, your nest egg is in dire straits. What to do? To get answers, MDLinx turned to W. Ben Utley of Physician Family Financial Advisors. He recommends a few things you can do to get your retirement savings back on track

Best places for you to retire

Best places to retire

The one silver lining to aging may be retiring, as, oftentimes, it gives you the luxury of independently choosing your state and city of residence. As a practicing physician, it is easy to lead a lavish lifestyle in some expensive cities; however, with retirement, it might be wise to relocate to a more affordable area to get the biggest bang for your buck. To help with the task of choosing, the folks at Caring.com have compiled a list of the most senior-friendly cities and states in the United States. 

Where to retire abroad to avoid taxes

Paradise Island

You’re ready for retirement and are reviewing your options. Upon a quick Google search, you find a number of beautiful, relaxing countries that charge their citizens no income tax, which piques your interest. “Great,” you might think, “that’s precisely where I’ll retire!” But, before you make any final decisions, there’s one catch you need to know.

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