8 Characteristics of Financially Prepared Physicians

2021 Report
ACP Physicians’ Financial Preparedness
Articles

8 Characteristics of Financially Prepared Physicians

Physicians who are financially prepared for retirement share eight distinct characteristics. And they all reveal key insights that younger physicians should pay attention to—especially when planning for their own retirement.

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The American College of Physicians (ACP) recently surveyed internal medicine doctors to better understand their financial preparedness for retirement. The study maps personal financial attitudes and beliefs to financial behaviors. It provides physicians an opportunity to self-assess where they are on their journey to a secure retirement.

The study surfaced eight characteristics that differentiate doctors in each group by studying the attitudinal and behavioral differences between those who feel ahead or on track and those who feel behind in saving for retirement.

These eight characteristics include:

1. Retirement savings over $1 million.

Most physicians who feel ahead of schedule for retirement have more than $1 million saved for retirement, regardless of their age or career stage. In fact, nearly half of doctors who are most prepared financially for retirement have more than $3 million saved.

2. A diversified financial portfolio.

Those ahead of schedule invest in their qualified retirement plan at work and are more than two times as likely to have a traditional IRA, mutual funds/stocks, and CD/money market savings in their portfolio.

3. Use of a professional advisor.

Physicians who are ahead or on track for retirement are significantly more likely to use a professional financial advisor than those who are behind schedule. Most of those physicians say their advisor is a certified financial planner.

4. High personal financial intelligence.

Personal financial knowledge is a hallmark characteristic of physicians who also say they’re ahead of schedule for retirement. In contrast, 60% of those behind in saving for retirement do not consider themselves knowledgeable.

5. Adequate emergency reserve.

Half of all doctors who say they’re ahead of schedule for retirement keep more than $100,000 in a separate, liquid emergency fund. Those behind schedule are more likely to have less than $50,000, with 26% having less than $10,000 in emergency savings.

6. Sufficient life and disability insurance.

Most physicians who are financially prepared for retirement are also more financially prepared in the event of their premature death or disability. Conversely, those behind schedule are more likely to feel unprepared or very unprepared.

7. Adequate time spent on retirement planning.

Those who are behind for retirement say they spend time on retirement planning occasionally or on an as-needed basis. Physicians who are ahead of schedule review their retirement plans at least quarterly, and often more than once a month.

8. An estate plan that’s in order.

Across the board, financially prepared physicians are significantly more likely to have an updated will, medical directives, powers of attorney, and a trust. About 60% of those who feel behind do not have any estate plan elements in place for their family.

More from the experts

ACP asked two principals, Amy Braun-Bostich, CFP, and Cassandra Kirby, CFP, from the independent advisory firm Braun-Bostich & Associates, to review these findings and provide their financial advice for ACP member physicians in different financial situations. Read more about what they had to say.

Source: ACP Internal Medicine Physicians’ Financial Preparedness Survey conducted March to May 2021.

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Personal Information Category

Description

Source Categories

Business Purpose for Collection

Third Parties With Whom we May Share Personal Information

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• Directly from you (or a member who named you as beneficiary)
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• Quotes for products and services
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• Direct Marketing
• Communication with Individuals

• Vendors
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• Employer/Client

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• Quotes for products and services
• Policy Administration and/or Claims processing
• AGIA services to the client
• Marketing/Analytics
• Direct Marketing
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• Vendors
• Service Providers
• Employer/Client

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• Directly from you
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• Third Parties
• Insurance Carriers and/or Agents and Brokers

• Quotes for products and services
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• AGIA services to the client
• Marketing/Analytics
• Direct Marketing
• Communication with Individuals

• Insurance Underwriter
• Vendors
• Service Providers
• Employer/Client

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• Policy Administration

• Vendors
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• Third Parties
• Insurance Carriers, Agents or Brokers

• Policy Administration and/or Claims processing
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• Communication with Individuals

• Vendors
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• Third Parties
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• Quotes for products and services
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• AGIA services to the client
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• Direct Marketing
• Communication with Individuals

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• Vendors
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• Third Parties
• Insurance Carriers, Agents, or Brokers

• Quotes for products and services
• Policy Administration and/or Claims processing
• AGIA services to the client
• Marketing/Analytics
• Direct Marketing
• Communication with Individuals

• Vendors
• Service Providers
• Employer/Client
• Non-Client Business Partners

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• Directly From You

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• AGIA services to the client
• Marketing/Analytics
• Direct Marketing
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• Vendors
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AGIA Affinity
Office of Administration
P.O. Box 26450
Phoenix, AZ 85068

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California Consumer Privacy Act and California Privacy Rights Act: Privacy Policy for California Residents

• This section of the Privacy Policy describes the rights of California residents under the California Consumer Privacy Act of 2018 (“CCPA”) and the California Privacy Rights Act of 2020 (“CPRA”). The CCPA and CPRA requires that we provide privacy information to California residents and we use this separate section to ensure compliance with the CCPA and CPRA requirements. This section applies solely to natural persons residing in California (“Consumers”), and does not apply to individuals living elsewhere, businesses or other corporate entities.

Sale of Personal Information

• Personal Information is information that identifies, relates to or could reasonably be linked with a particular California resident or household. We do not sell your personal information. The CCPA and CPRA requires disclosure of this fact.

Your Rights Under the California Consumer Privacy Act and California Privacy Rights Act

Right to Confirm or Access Information

• You may have the right to confirm whether we process certain information or what information we process, and to obtain a copy of that information in a format that allows you to transmit the information to another business without difficulty.

• Once we receive and confirm your identity and verifiable consumer request, we will disclose to you the following at your direction (with various exceptions):

a) The categories of personal information we collected about you in the last 12 months;

b) The categories of sources for the personal information we collected about you in the last 12 months;

c) Our business or commercial purpose for collecting or selling that personal information;

d) The categories of third parties with whom we share that personal information;

e) The specific pieces of personal information we collected about you;

f) If we sold or disclosed your personal information for a business purpose a list of the personal information types that each category of recipient purchased; and

g) If we disclosed your personal information to a third party for a business purpose, a list of the personal information types that each category of recipient received.

Right to Delete Personal Information

• You have the right to request that AGIA delete any of your personal information we collected from you and retained, with certain exceptions. You will need to submit a valid and verifiable request so AGIA can confirm your identity and/or authorization to make such a request. AGIA will determine if retaining the information is permitted or required under the law. If no retention conditions apply, we will delete your personal information from our records and direct any Service Providers to do the same.

Right to Correct Personal Information

• Taking into consideration the nature of the personal information and the purposes of the processing of your personal information, you may have the right to correct inaccuracies in such information. Upon submission to AGIA of a valid and verifiable request where your identity and authorization can be confirmed, AGIA will use all reasonable efforts to correct the inaccurate information.

Right to Limit Processing of Sensitive Personal Information

• AGIA processes sensitive personal information only as necessary in performance of our services to ensure the security and integrity of your information or as otherwise specified under regulation. Because AGIA does not process your sensitive personal information for other purposes, there is not a mechanism for you to limit the processing of this information.

Right to Opt-Out of Profiling

• AGIA does not engage in automated processing of personal information to make decisions that yield legal or other material consequence. Because we do not engage in this processing, AGIA does not provide a mechanism for you to limit our processing of personal information in this manner.

Right to Opt-Out

• AGIA does not sell your personal information; therefore we do not provide a mechanism for you to limit our processing of personal information in such a manner.

Right to Non-Discrimination

• AGIA will not discriminate against you for exercising any of your rights under the CCPA or CPRA. Examples of discrimination could be charging you inflated rates by imposing penalties or granting discounts or other benefits, denying you goods or services or providing you a different level of quality of goods or services.

• Any acts of discrimination are prohibited by the CCPA and CPRA and AGIA will not engage in them.

Personal Information We Collect, Sources and How We Use It

• In our Privacy Policy, sections titled, “Personal Information We Collect”, “How We Use Your Personal Information”, and “AGIA Personal Information Processing” outline the personal information we collect, its sources and how we use it for all consumers we interact with, including California residents. In effect, it is used to provide and manage products and services we provide and support our everyday operations, including risk management, legal and compliance requirements.

Exercising Your Rights as a California Consumer

• You, or a person authorized by you to act on your behalf, or an entity registered with the California Secretary of State and authorized by you to act on your behalf, can make a request regarding your personal information under the CCPA and CPRA. You may also make a request on behalf of your minor child.

• If you would like to exercise your right to request a copy of your personal information or your right to delete your personal information, please contact AGIA customer service by calling (800) 424-5181, by email at compliance@agia.com, or utilize regular mail by using the following address:

AGIA Affinity
Office of Administration
P.O. Box 26450
Phoenix, AZ 85068

Revisions and Notification of Changes

• We reserve the right to change or supplement this Privacy Policy at any time by posting the changes on this Site. Any changes AGIA makes to this Privacy Policy become effective immediately when the revised Policy is posted on this Site. By using this Site, you accept the terms and conditions of this Privacy Policy and you agree to review this Privacy Policy from time to time to stay informed of changes that may occur. This Privacy Policy also applies to personal information that we maintain on former customers. If we make any changes regarding disclosure of personal information to third parties, we will attempt to contact you prior to the date the modified policy is scheduled to take effect. We will post notice of the new Privacy Policy from the privacy links on our Site. Your use of the Site following such change constitutes your agreement to follow and be bound by the Privacy Policy as changed.

Children

AGIA does not knowingly collect, use or disclose information of children under the age of thirteen (13) without the consent of their parents or legal guardians. Further, if you are sixteen (16) years of age or older, you have the right to direct us to not sell your personal information at any time. However, AGIA will never knowingly sell or share personal information of children if between 13 to 16 years of age or the parent or guardian of a consumer less than 13 years of age. This Site is not intended for children and any instance where such information was collected would be unintentional.

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TERMS OF USE

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“Payment Instruction” means your instruction and authorization to make a bill payment to a Payee.

“Payment Account” means the bank account that you authorize A.G.I.A., Inc. and/or its affiliates to debit by electronic funds transfer when you make your bill payment using account information from your personal checking or savings account.

“Payment Card” means the credit card or debit card that you instruct A.G.I.A., Inc. and/or its affiliates to charge to pay your bill payment.

“Business Day” means Monday through Friday, excluding Federal Reserve holidays.

BILL PAYMENT SERVICE

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If A.G.I.A., Inc. and/or its affiliates makes a bill payment to your Payee Account but is unable to obtain funds for that payment from your Payment Card or Payment Account, you agree that your bill payment to your Payee Account will be reversed.

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OUR LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS

A.G.I.A., Inc. and/or its affiliates will use commercially reasonable efforts to process your bill payments in accordance with your Payment Instructions. However, A.G.I.A., Inc. and/or its affiliates shall incur no liability if a bill payment is not made in a timely manner or if it is unable to complete any payments initiated by you through the A.G.I.A., Inc. and/or its affiliates Bill Payment Service because of the existence of any one or more of the following circumstances:

Sufficient funds are not available through your Payment Account or your Payment Card;
Failure of any Payee to account correctly for or credit the payment in a timely manner, or otherwise mishandle or delay the payment;
The A.G.I.A., Inc. and/or its affiliates Bill Payment Service is not working properly and you know or have been advised by A.G.I.A., Inc. and/or its affiliates about the malfunction before you execute the transaction;
You do not provide A.G.I.A., Inc. and/or its affiliates with all required information to complete the bill payment, such as your correct name, telephone number, or your complete and correct Payee account information; or
Circumstances over which A.G.I.A., Inc. and/or its affiliates has no control including, but not limited to large-scale technical malfunctions, including, but not limited to loss of access to the Internet or loss of access to the Federal Reserve System, prolonged outages of phone lines, electricity or similar infrastructure, acts of God, war, riot, civil disobedience or similar events of insurrection, governmental or court orders, regulatory or legislative changes by any local, state or federal governmental agency, strikes, work stoppages, or other similar occurrences or circumstances.

LIMITATION OF LIABILITY AND YOUR EXCLUSIVE REMEDY

In the absence of any of the exclusions set forth above, it shall be A.G.I.A., Inc. and/or its affiliates responsibility to correct any transactions not completed in accordance with your Payment Instructions. In the event that A.G.I.A., Inc. and/or its affiliates is unable to correct the transaction, we shall refund the amount of funds received from you and this refund shall constitute your sole remedy. In no event shall A.G.I.A., Inc. and/or its affiliates liability to you ever exceed the amount of funds that we receive from your Payment Account or Payment Card for a bill payment. The foregoing shall constitute A.G.I.A., Inc. and/or its affiliates entire liability and your exclusive remedy. The use of this payment service is at your sole risk. In no event shall A.G.I.A., Inc. and/or its affiliates be liable for any other loss, injury, or damages, whether direct, indirect, special, incidental, consequential, or exemplary, including lost profits (even if advised of the possibility thereof) arising in any way out of your use of the bill payment service. Except as otherwise explicitly set forth herein, we specifically disclaim and you understand that we make no warranties or representations of any kind, expressed or implied and the same are hereby excluded from these terms and conditions and all transactions contemplated hereby. Some states prohibit the exclusion or limitation of incidental or consequential damages, thus this limitation of liability may not apply to you.

USER AUTHENTICATION AND SECURITY

A.G.I.A., Inc. and/or its affiliates Bill Payment Service has been designed in compliance with the Payment Card Industry (PCI) data security standards so that no one can access your Payment Account without proper user authentication. If you use this site, you are responsible for maintaining the confidentiality of your personal information, including your Payment Account number, and for restricting access to your computer, and you agree to accept responsibility for all activities you initiate or that you authorize to be initiated or that are authorized utilizing your payment account or from your computer. You are solely responsible for all bill payments you authorize using Bill Payment Service. If you permit other persons to use your Bill Payment Service or your bill payment authentication responses or other means to initiate a Payment Instruction on your behalf, you are solely responsible for any transactions they authorize.

If you believe that your authentication information or other personal information have been lost or stolen or that someone may attempt to use your Bill Payment Service without your consent, you must notify A.G.I.A., Inc. at once by calling (800) 424-5181 during normal customer service hours.

CHARGES

Transaction charges, if any, for using the Bill Payment Service may vary depending upon the Payee and permissible charges allowed in a particular state. These charges will be disclosed to you prior to your Payment Instruction. By submitting your Payment Instruction, you agree to pay these transaction charges. There may be a charge for additional transactions and other optional services. You agree to pay such charges and authorize A.G.I.A., Inc. and/or its affiliates to charge your designated Payment Card or debit your Payment Account for these amounts and any additional charges that may be incurred by you. You are responsible for any and all fees and charges that you may incur.

GOVERNING LAW

These Terms and Conditions shall be governed by the laws of the state of California without regard to that state’s conflicts of laws provisions and by applicable Federal laws and regulations.

WAIVERS

No delay or omission by us in exercising any rights or remedies under these Terms and Conditions will impair such right or remedy or be construed as a waiver of any such right or remedy. If we exercise any right or remedy, in whole or in part, that exercise will not prevent us from any further or future exercise of such right or remedy or any other right or remedy. No waiver will be valid unless in writing signed by us.

DISCLOSURES & CONSENT TO ELECTRONIC TRANSACTIONS / ELECTRONIC SIGNATURE

By entering this website and agreeing to be bound by this Agreement, you are providing your affirmative consent to the use of an electronic signature to authenticate the insurance transaction in electronic form. You understand and agree that the insurance company will rely on your electronic signature to process and effect insurance transactions.
You acknowledge that you understand that you are not obligated to enter into transactions electronically and that you have a right to conduct insurance transactions in paper format if you wish. By entering this website and agreeing to be bound by this Agreement, you affirmatively consent to conduct transactions in electronic form. If you wish to conduct insurance transactions in paper form, please contact your association/policyholder or its representatives. There is no charge to you for requesting a paper transaction.
When you have successfully entered your enrollment information and have selected “I Accept” on the website confirmation page, you will be given the opportunity to print a paper copy of your insurance elections free of charge. Please print a paper copy of your insurance elections for your records because if you will not be able to access your enrollment information on the Site after your enrollment. If you wish to confirm or make changes to your coverage or beneficiary elections after your enrollment, you must contact the A.G.I.A., Inc. and/or its affiliates Endorsed Insurance Program Office of Administration. You understand and agree that requests for change submitted to Carrier or the Site will not be valid or take legal effect after the end of your enrollment.
Once you have given consent for an electronic transaction, you may withdraw your consent only if Carrier has not taken action in reliance on your consent. To update your contact information or to withdraw your consent to an electronic transaction, you may contact your Administrator by calling (800) 424-5181. There is no fee charged for such requests. However, your withdrawal of consent shall not diminish the legal effectiveness or enforcement of any transaction agreed to prior to your withdrawal of consent. If you withdraw consent after your enrollment, your insurance will remain effective until your request for cancellation is received by the group policyholder or its representative.
You agree that your electronic signature authorizes The Underwriting Carrier(s) or its authorized representatives:
1. to process this insurance transaction at your request and any future transactions that may be needed to administer and help keep in force your coverage under the insurance policy. For example, we will rely on your electronic signature to authorize us to process your request for insurance coverage(s) and beneficiary designation(s) made during your enrollment.
2. to process, as applicable:
  1. a billing transaction, including but not limited to: processing a payment by credit card using the credit card number you have provided; processing an electronic bank draft using the checking account number you have provided; or sending you a billing statement at the address you have provided; or
  2. a billing transaction with your financial institution to deduct the appropriate amount from your account.
3. to communicate with you by mail, telephone or electronically by sending to you communications including, but not limited to, any and all types of electronic communication by email, fax, mail and telephone.
After you enroll, you understand and agree that you will not have access to your electronic enrollment record. You may print a confirmation of your enrollment election at the time of enrollment, or you may contact your Administrator for confirmation after your enrollment period ends.

USER REPRESENTATION

You represent and warrant to A.G.I.A., Inc. and/or its affiliates that: (a) you over the age of eighteen (18) and have the power and authority to enter into an perform your obligations under this Agreement; (b) all information provided by you to A.G.I.A., Inc. and/or its affiliates is truthful, accurate and complete; (c) you are the authorized signatory of the credit or charge card provided to pay fees contemplated herein; (d) you shall comply with all of the terms and conditions of this Agreement; and (e) you have provided and will continue to provide accurate and complete registration information, including, without limitation, your legal name, address and telephone number.

ADDITIONAL TERMS AND CONDITIONS

A.G.I.A., Inc. and/or its affiliates provide information and services on this website, and all layouts, materials, designs, and images on this website are copyrighted or proprietary to A.G.I.A., Inc., its affiliated companies and/or third party service providers. As a condition of your use of this website and the services, you agree that you will not use the contents of this website in any other website or in a network computer environment. All uses of this website apart from educational, informational and enrollment purposes are strictly prohibited.

In addition, as a further condition of your use of this website and the services, you agree that you will not use the website or services to infringe the intellectual property rights of A.G.I.A., Inc. and/or its affiliates in any way; use the website or services to modify or manipulate the website or services or any of A.G.I.A., Inc. and/or its affiliates hardware or software to invade the privacy of, or obtain private information concerning any enrollee or applicant of Carrier, or to erase or damage any information contained on the computer or the information of any user connected to this website or the services, or to reveal any portion of this website or the services. Furthermore, you agree that you will not use the website or services to introduce viruses, worms, Trojan horses or other malicious, destructive or harmful codes or programs, and you agree that you will take every precaution not to introduce these harmful codes into the website and services.

You agree that the materials and services on this website are provided “as is” and for informational purposes only. You understand that neither Carrier nor A.G.I.A., Inc. and/or its affiliates makes any representations or warranties that the materials are suitable for your needs, are complete, timely, reliable, or are free from errors, inaccuracies or typographical mistakes. The information contained on this website was believed to be accurate at the time it was placed on the website. Carrier and A.G.I.A., Inc. and/or its affiliates periodically update the information on the website, but disclaim any responsibility to do so. Therefore, you understand and agree that Carrier and A.G.I.A., Inc. and/or its affiliates take no responsibility for the timeliness, accuracy or applicability of the information at the time it may be accessed and that Carrier and A.G.I.A., Inc. and/or its affiliates disclaim all warranties, express or implied, including, but not limited to, implied warranties of merchantability of fitness for a particular purpose or of non-infringement of other’s rights.

You understand and agree that neither Carrier nor A.G.I.A., Inc. and/or its affiliates is engaged in rendering legal, tax, insurance benefits or any other advice through this website or services. Your insurance needs are highly individual, and Carrier and A.G.I.A., Inc. and/or its affiliates do not represent themselves as giving financial advice or advice on your individual insurance needs through this website and services. You understand and agree that you should consult your own attorney and financial advisor(s) for advice in these areas

You understand and agree that the information on Carrier’s insurance products as described in this website is not complete and does not change or affect the insurance policies as actually issued. Although you have been provided with a description of benefits, you understand that only the insurance policy issued to the policyholder (your association) can fully describe all of the provisions, terms, conditions, limitations and exclusions of your insurance coverage. In the event of any difference between the information on the website and services, the benefit highlights, and the insurance policy, the terms of the insurance policy apply.

You understand and agree that insurance will not be valid or in force with respect to you or your dependents if any such person is not eligible in accordance with the terms of the group policy issued to your association/policyholder. You acknowledge and agree that if group participation requirements are not met, the insurance policy will not be issued and the elected coverage(s) will not be in force.

You understand that this website and the Payment services contemplated hereunder may be performed by third-party vendors.

If any provision of this Agreement is determined to be illegal or unenforceable, then such provision will be enforced to the maximum extent permissible and the other provisions will remain fully effective and enforceable.

If you choose not to accept these Terms of Service, you will not be enrolled. You acknowledge that you have read the A.G.I.A., Inc. and/or its affiliates Privacy Policy on the A.G.I.A., Inc. and/or its affiliates website.

RATE INFORMATION

Rates quoted online represent the best available rate based on age, gender, state of residence, preliminary health questions and a number of other personal indicators. The rates shown are sample rate quotes, not offers of insurance, and may not be available to all persons, based on the underwriting company’s eligibility requirements. The rates shown are subject to change without notice at any time.

REVISIONS

We reserve the right to change or supplement this Terms of Service Agreement at any time by posting the changes on this website. By using this website, you accept the terms and conditions of this Terms of Service Agreement and you agree to review this Terms of Service Agreement from time to time to stay informed of changes that may occur. This Terms of Service Agreement also applies to personal information that we maintain on former customers.

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