In medicine, for example, the number of physician retirees is already steadily increasing. Yet when it comes to retiring, not everyone is as successful as Dr. Dye. Some physicians simply don't put away as much in savings as they should. Some wait until the last minute to start thinking about how to close or sell their practice. And others don't plan any post-retirement activities.
Planning is also critical to provide continuity of care to patients and to store medical records.
That's why experts say that whether you're three or 30 years from retirement, it's never too early to start thinking about retirement. This is the step every physician should take beginning on day one of working life. If you have your own practice, experts say you should start such a plan. The advantage of these types of defined contribution retirement plans is that pretax money is put into the plan and the money grows tax-deferred. The amount you can sock away in each depends on the plan or plans you have and on how much is put in for employees.