Build Wealth Outside the Practice — Retirement Planning for Physicians

Physicians have one of the most unusual financial profiles of any professional group. They earn high incomes but start earning them late — typically not until their early thirties after four years of medical school and three to seven years of residency and fellowship. By the time they begin practicing independently, many carry $200,000 to $400,000 in student debt, have minimal savings, and face a compressed timeline to build the retirement wealth that other high earners started accumulating a decade earlier. The combination of high income, high debt, high tax exposure, and a late start creates a financial situation that generic financial advice simply doesn't address.

Practice owners have access to retirement plan structures that employed physicians cannot use. Defined benefit plans, cash balance plans, and profit-sharing arrangements allow practice owners to shelter $100,000 to $300,000 or more per year in tax-deferred retirement contributions — far exceeding the limits of a standard 401(k). But these plans require careful design, actuarial oversight, and coordination with practice financials to maximize benefits while meeting ERISA compliance requirements. HHS connects you with advisors who specialize in physician retirement plan design and administration, ensuring you take full advantage of the structures available to you.

Retirement planning cannot exist in a vacuum separate from practice financial planning. Your practice is likely your largest asset, and its value at the time of your exit will be a significant component of your overall retirement wealth. HHS coordinates succession planning, practice valuation, and personal retirement strategy into a single integrated plan — so the decisions you make about your practice today align with where you want to be financially when you stop practicing. The physicians who retire well are the ones who started planning early and treated their practice as both a clinical mission and a wealth-building vehicle.