This “Retirement Starter Guide for Clinicians” by RouteFin is designed to help healthcare professionals build retirement savings. RouteFin aims to provide financial guidance tailored to the unique challenges of demanding healthcare careers.Key takeaways from the guide include:

• Start Now: Emphasizing the power of starting early, even small contributions can significantly grow over time due to compounding.
• Automate: Set up automatic contributions and consider a +1% annual increase to steadily grow savings without extra effort.
• Capture the Employer Match: This is highlighted as “free money” that boosts contributions and accelerates growth, and clinicians should always contribute enough to get the full match.
• Choose Your Tax Lane: The guide explains the options of pre-tax (saves money now, taxed later), Roth (no upfront deduction, tax-free withdrawals later), or a mix of both, advising to choose based on current financial situations (e.g., pre-tax for heavy loans, Roth for stable income).
• Contribution Levels: Recommended contribution percentages are provided based on income levels, with a pro tip to use auto-increase until the target is met.
• 15-Minute Action Plan: A simple five-step plan is provided to get started, including logging into the benefits portal, setting contributions for the full match, picking a tax lane, turning on auto-increase, and setting reminders.
• Common Pitfalls to Avoid: These include waiting for a “perfect” plan, missing the employer match, forgetting vesting rules, pausing contributions, and not updating contributions after raises or loan payoffs.

RouteFin aims to be a financial hub and community for healthcare professionals, offering tools, expert advice, and support to help them achieve financial freedom.

Follow us on Instagram, Visit Website or reach out via Email on (hello@routefin.com)