How much should a physician have saved by 50?

Rule of thumb: 5x salary by 50 to be on track for traditional retirement. Many physicians start late (residency + fellowship), so catch-up via maxed contributions is common.

What's a cash-balance plan and should I have one?

Cash-balance plans are defined-benefit plans that let high-earning practices contribute six figures pre-tax per year on top of a 401(k). For partners over 50 with stable income, they're transformative for retirement timelines.

Should I pay off student loans first?

Loans above ~7% deserve aggressive payoff. Loans below 5% can usually wait while you capture employer match and tax-advantaged contribution limits. Run the math against your actual rates.

By profession · Physician

Retirement planning for physicians

A profession-specific look at the retirement levers a physician actually has — pension rules, tax-advantaged accounts, and the Social Security wrinkles unique to your job.

Last reviewed May 4, 2026

Editorial review pending — see editorial process

The retirement landscape for a physician

Pension

Most physicians don't have pensions. Notable exceptions: VA physicians (FERS) and some academic-medical-center attendings.

Tax-advantaged accounts

Hospital-employed: 403(b) or 401(k) plus a 457(b) — both can be maxed independently. Private practice: solo or group 401(k) with profit-sharing, plus a defined-benefit cash-balance plan for high earners. Backdoor Roth IRA is standard practice.

Social Security

Standard W-2 wage base contributions. The Social Security tax cap means high-earning physicians get less proportional benefit per dollar of payroll tax than median workers.

Run the calculator with a typical physician starting point

Pre-filled: age 42, savings $380,000. Adjust to your actual numbers from there.

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Frequently asked

How much should a physician have saved by 50?
Rule of thumb: 5x salary by 50 to be on track for traditional retirement. Many physicians start late (residency + fellowship), so catch-up via maxed contributions is common.
What's a cash-balance plan and should I have one?
Cash-balance plans are defined-benefit plans that let high-earning practices contribute six figures pre-tax per year on top of a 401(k). For partners over 50 with stable income, they're transformative for retirement timelines.
Should I pay off student loans first?
Loans above ~7% deserve aggressive payoff. Loans below 5% can usually wait while you capture employer match and tax-advantaged contribution limits. Run the math against your actual rates.

Primary sources

Every profession-specific rule above traces to one of these primary sources. We re-verify each link annually; current as of the last-reviewed date below.