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Each target is personal — not the $4.01M average above. Every physician's required portfolio is calculated from their own spending, Social Security income, and retirement age. The status labels show progress toward their specific number. Click any profile to see the full breakdown.
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Profile
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Net worth
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Income
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Protection
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Retirement
Personal profile
The foundation of your retirement plan
About you
Your general health outlook affects the projected length of your retirement. Excellent health suggests a longer retirement horizon — potentially 30–35 years if you retire at 60. Fair health may shorten that projection. This influences how much your portfolio must last and the urgency of your savings rate. It is not a medical assessment — simply your honest sense of your long-term health trajectory.
Type your state name or abbreviation
Your profession
✏️ Custom specialty & income
Displayed in your results summary
Enter your specialty title and income above, then click Apply.
Your retirement target
The age at which you plan to fully stop clinical practice. This is the single most important variable in your entire retirement plan — it determines how many years you have to save, how many years your portfolio must last, and whether you face a pre-Medicare healthcare gap.
Physician averages: The median physician retires at 65 (Medscape 2025), but 58% retire later than they originally planned due to financial shortfalls, career identity, or unexpected events. Setting your target early — even if it changes — gives your plan time to work.
Specialty considerations: Surgeons and proceduralists often retire earlier (58–62) due to the physical demands of the specialty. Psychiatrists, internists, and primary care physicians frequently practice into their late 60s or early 70s. Your chosen age here drives every projection in this calculator.
Physician averages: The median physician retires at 65 (Medscape 2025), but 58% retire later than they originally planned due to financial shortfalls, career identity, or unexpected events. Setting your target early — even if it changes — gives your plan time to work.
Specialty considerations: Surgeons and proceduralists often retire earlier (58–62) due to the physical demands of the specialty. Psychiatrists, internists, and primary care physicians frequently practice into their late 60s or early 70s. Your chosen age here drives every projection in this calculator.
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years to retirement
Enter your age & retirement age
Your kids
Each child affects education funding, cash flow, and your retirement timeline
No kids added yet. Click "Add kid" to enter your children's details — their ages and education plans affect your retirement projection.
Assets — what you own
Everything that holds value and can be converted to fund your retirement
Liabilities — what you owe
Debts that reduce your net worth and compete with retirement savings every month
Complete income picture
All income sources — earned, passive, and investment
Earned income
Your annual base salary as shown on your W-2 or employment contract — before taxes, before bonuses. If you left the specialty selector blank, the calculator uses your specialty's average. If you receive a 1099 as a locum or contractor, enter your expected gross annual earnings here.
Annual bonus, RVU-based productivity pay, quality incentives, or profit-sharing distributions above your base. For employed physicians, this often adds 20–40% on top of base salary. Enter your average annual amount — not a one-time windfall.
Your spouse or partner's gross annual earned income from all sources. Including this matters for tax bracket calculations, IRMAA thresholds, and total household savings capacity. Leave at $0 if filing single or if your spouse has no income.
Passive & investment income
Net annual rental income after expenses — mortgage payments, property taxes, insurance, maintenance, and property management fees. Enter what actually flows to you, not gross rent. Property management typically costs 8–12% of rent.
Annual dividends, interest, and distributions from taxable brokerage accounts, REITs, or bonds held outside retirement accounts. Qualified dividends are taxed at 0–20% capital gains rates — not as ordinary income. Do not include dividends inside your 401(k) or IRA.
Any other recurring income not captured above — speaking or consulting fees, royalties, licensing income, side business distributions, or limited partnership income. Do not include one-time payments.
Income trajectory
The annual rate at which you expect your total income to grow over your career. Typical ranges: 2–3% for employed physicians on a set pay scale, 3–6% for RVU-based or partnership-track physicians building volume, 1–2% for physicians approaching peak earnings who expect income to plateau. This affects the long-term projection of your savings contributions.
Describes the overall arc of your income over the coming years. Stable means your income is largely set by contract or salary band. Growing means you expect meaningful increases as you build volume, achieve partnership, or expand a practice. Declining means you are intentionally reducing clinical hours — common in the 5–10 years before retirement as physicians transition to a part-time glide path.
Savings behavior
Risk, insurance & protection
The gaps that derail retirement plans — especially for physicians
Disability insurance
Own-occupation is the gold standard for physicians. It pays your full benefit if you cannot perform the duties of your specific medical specialty — even if you could still work in another field. A surgeon who loses the use of their hands collects full benefits even if they could teach or consult. This is critical because your income depends entirely on your ability to practice your specialty.
Any-occupation only pays if you cannot work in any job at all. A physician who can no longer perform surgery but could work as a consultant would receive nothing. Far weaker protection.
Employer group plan covers 60% of base salary only, excludes bonuses, and terminates the day you leave the employer. It provides no protection for your specialty and no portability.
No coverage is the highest financial risk a physician can carry. 1 in 4 physicians will experience a disability before retirement age. A disability today eliminates all future earnings.
Any-occupation only pays if you cannot work in any job at all. A physician who can no longer perform surgery but could work as a consultant would receive nothing. Far weaker protection.
Employer group plan covers 60% of base salary only, excludes bonuses, and terminates the day you leave the employer. It provides no protection for your specialty and no portability.
No coverage is the highest financial risk a physician can carry. 1 in 4 physicians will experience a disability before retirement age. A disability today eliminates all future earnings.
The monthly amount your disability policy pays if you become unable to practice. Most insurers cap individual disability coverage at 60–70% of gross monthly income to preserve work incentive. For a physician earning $500,000/year, that is approximately $25,000–$29,000/month gross, so a $15,000–$20,000 benefit is typical after-tax replacement. Stack individual and employer coverage if available — they are not mutually exclusive.
Life insurance
Term life provides a death benefit for a fixed period (10, 20, or 30 years) at low cost. This is the right choice for most physicians — you need income replacement coverage during your working years while building wealth, and the need largely disappears once you're financially independent.Permanent / whole life lasts your lifetime and builds cash value. It is significantly more expensive and complex. It can be useful in specific estate planning or business succession scenarios, but is often oversold to physicians.
Employer group plan — typically 1–2× salary, not portable when you leave. Most physicians need additional personal coverage on top of this.
The standard rule of thumb is 10–12× gross annual income in total coverage. For a physician earning $500,000, that means $5–$6M combined across all policies.
Policy / insurer
Type
Face value ($)
Long-term care & malpractice
Long-term care covers services not covered by Medicare — home health aides, assisted living, memory care, and nursing home care. The average cost of LTC in the US is $90,000–$108,000 per year (Genworth 2025). A 3-year LTC event can consume $270,000–$324,000 of retirement savings, which is why it is one of the most significant unplanned risks in retirement.
Standalone LTC policy: Traditional insurance that pays a daily or monthly benefit for qualifying care needs. Premiums can increase over time — a known drawback.
Hybrid life/LTC policy: Combines life insurance and LTC benefits in one product. If you never need LTC, the death benefit passes to heirs. Premiums are typically fixed. Increasingly popular with physicians for the certainty it provides.
Self-insure: Valid if you have or expect to have a $2M+ portfolio. Requires a funded, deliberate strategy — not simply hoping you won't need care.
The ideal time to purchase LTC coverage is in your 50s, before health conditions that could make you uninsurable.
Standalone LTC policy: Traditional insurance that pays a daily or monthly benefit for qualifying care needs. Premiums can increase over time — a known drawback.
Hybrid life/LTC policy: Combines life insurance and LTC benefits in one product. If you never need LTC, the death benefit passes to heirs. Premiums are typically fixed. Increasingly popular with physicians for the certainty it provides.
Self-insure: Valid if you have or expect to have a $2M+ portfolio. Requires a funded, deliberate strategy — not simply hoping you won't need care.
The ideal time to purchase LTC coverage is in your 50s, before health conditions that could make you uninsurable.
Malpractice tail coverage is one of the most overlooked one-time costs at retirement — and one of the most expensive.
Claims-made policy: The most common type. It covers claims only while the policy is active. When you retire and cancel the policy, you need a "tail" (extended reporting endorsement) to cover claims filed after retirement for incidents that occurred during your career. Tail premiums typically cost 1.5–2.5× your annual malpractice premium — for a surgeon, that can be $30,000–$150,000+ paid in a lump sum at retirement.
Occurrence policy: Covers any incident that occurred during the policy period, regardless of when the claim is filed. No tail needed. Less common but no retirement cost.
If you have a claims-made policy, confirm whether your employer covers the tail or whether it is your responsibility. Many physicians discover this only when they resign.
Claims-made policy: The most common type. It covers claims only while the policy is active. When you retire and cancel the policy, you need a "tail" (extended reporting endorsement) to cover claims filed after retirement for incidents that occurred during your career. Tail premiums typically cost 1.5–2.5× your annual malpractice premium — for a surgeon, that can be $30,000–$150,000+ paid in a lump sum at retirement.
Occurrence policy: Covers any incident that occurred during the policy period, regardless of when the claim is filed. No tail needed. Less common but no retirement cost.
If you have a claims-made policy, confirm whether your employer covers the tail or whether it is your responsibility. Many physicians discover this only when they resign.
Investment risk tolerance
Retirement income design
What retirement actually looks like — and what it costs
The age you plan your portfolio to last until. Financial planners recommend planning to 90–95 rather than average life expectancy — if you plan only to the average, half of all people outlive their money. Physicians tend to live longer than the general population due to health literacy and access to care.
Annual retirement spending
Income sources in retirement
Check ssa.gov for your actual projected benefit
Your estimated annual Social Security benefit at your chosen claiming age. Physicians often underestimate this because SS replaces a smaller percentage of high earners' income — but the absolute dollar amount is still significant. Log in to ssa.gov to see your personalised projection based on your actual earnings record.
The age at which you begin collecting Social Security significantly affects your lifetime benefit.
Age 62 — early filing: You can claim as early as 62, but your benefit is permanently reduced by up to 30% compared to your full retirement age (FRA) benefit. This makes sense if you have health concerns or need the income — but if you live past your late 70s, claiming early is usually the worse financial choice.
Age 67 — full retirement age: For anyone born in 1960 or later, FRA is 67. This is the baseline benefit amount used in the SSA's projections. Most financial planners use this as the default assumption.
Age 70 — delayed filing: Every year you delay past FRA, your benefit grows by 8% — guaranteed. Waiting from 67 to 70 increases your benefit by 24%. For a high-earning physician with a long life expectancy and sufficient portfolio assets, delaying to 70 is often the highest-returning "investment" available. The break-even age versus claiming at 67 is typically around 82–83.
Any age 62–70: You can claim at any whole age in this range. The benefit adjustment is calculated monthly — each month earlier than 67 reduces the benefit, each month later increases it.
Age 62 — early filing: You can claim as early as 62, but your benefit is permanently reduced by up to 30% compared to your full retirement age (FRA) benefit. This makes sense if you have health concerns or need the income — but if you live past your late 70s, claiming early is usually the worse financial choice.
Age 67 — full retirement age: For anyone born in 1960 or later, FRA is 67. This is the baseline benefit amount used in the SSA's projections. Most financial planners use this as the default assumption.
Age 70 — delayed filing: Every year you delay past FRA, your benefit grows by 8% — guaranteed. Waiting from 67 to 70 increases your benefit by 24%. For a high-earning physician with a long life expectancy and sufficient portfolio assets, delaying to 70 is often the highest-returning "investment" available. The break-even age versus claiming at 67 is typically around 82–83.
Any age 62–70: You can claim at any whole age in this range. The benefit adjustment is calculated monthly — each month earlier than 67 reduces the benefit, each month later increases it.
Annual payout if applicable
Enter any guaranteed annual income you expect in retirement from a defined-benefit pension or non-qualified deferred compensation (NQDC) plan.
Defined-benefit pension: Common in academic medicine, VA, military, and some large hospital systems. Pays a fixed monthly amount for life, often based on years of service and final salary. If you have one, it is one of the most valuable assets in your retirement plan — treat it as guaranteed income that reduces your portfolio withdrawal needs.
NQDC plans: Non-qualified deferred compensation allows high earners to defer salary above IRS limits into a future payout. Unlike a 401(k), NQDC is an unsecured promise by the employer — if the employer goes bankrupt, the funds can be lost. Enter the expected annual payout amount here.
Enter $0 if you have no pension or NQDC plan — most employed physicians in private practice do not.
Defined-benefit pension: Common in academic medicine, VA, military, and some large hospital systems. Pays a fixed monthly amount for life, often based on years of service and final salary. If you have one, it is one of the most valuable assets in your retirement plan — treat it as guaranteed income that reduces your portfolio withdrawal needs.
NQDC plans: Non-qualified deferred compensation allows high earners to defer salary above IRS limits into a future payout. Unlike a 401(k), NQDC is an unsecured promise by the employer — if the employer goes bankrupt, the funds can be lost. Enter the expected annual payout amount here.
Enter $0 if you have no pension or NQDC plan — most employed physicians in private practice do not.
Healthcare before Medicare eligibility at 65 — a major overlooked cost
One of the most underestimated costs in early retirement. Medicare eligibility begins at age 65 — if you retire at 58, you face up to 7 years of self-funded healthcare coverage. This is not optional spending; it is a necessity.
What it covers: Monthly premiums for a private or ACA marketplace health plan, plus out-of-pocket costs (deductibles, copays, prescriptions). A healthy physician couple in their late 50s can expect $2,000–$4,000/month in total healthcare costs before Medicare.
ACA marketplace plans: Available to early retirees without employer coverage. Premiums are income-based — managing your taxable income in early retirement (through Roth conversions, capital gains harvesting, and portfolio withdrawal strategy) can significantly reduce your ACA premium. Some physicians engineer their income to qualify for substantial ACA subsidies in the years before Medicare.
COBRA: If you leave an employer, you can continue your employer plan for up to 18 months via COBRA — but you pay the full premium including the employer's share, which is typically expensive.
Medicare at 65: Part B (outpatient) costs $185/month per person in 2026 at standard income levels. Higher-income retirees pay more via IRMAA surcharges. Part D (prescriptions) adds further cost. Budget $400–$600/month per person for comprehensive Medicare coverage in retirement.
What it covers: Monthly premiums for a private or ACA marketplace health plan, plus out-of-pocket costs (deductibles, copays, prescriptions). A healthy physician couple in their late 50s can expect $2,000–$4,000/month in total healthcare costs before Medicare.
ACA marketplace plans: Available to early retirees without employer coverage. Premiums are income-based — managing your taxable income in early retirement (through Roth conversions, capital gains harvesting, and portfolio withdrawal strategy) can significantly reduce your ACA premium. Some physicians engineer their income to qualify for substantial ACA subsidies in the years before Medicare.
COBRA: If you leave an employer, you can continue your employer plan for up to 18 months via COBRA — but you pay the full premium including the employer's share, which is typically expensive.
Medicare at 65: Part B (outpatient) costs $185/month per person in 2026 at standard income levels. Higher-income retirees pay more via IRMAA surcharges. Part D (prescriptions) adds further cost. Budget $400–$600/month per person for comprehensive Medicare coverage in retirement.
2026 federal estate tax exemption: $15,000,000
The amount you want to leave behind at death — to children, grandchildren, a charity, or a foundation. This is added on top of your retirement spending needs when calculating your total portfolio target.
Why it matters: A $1M legacy goal increases your required nest egg by $1M. At a 4% withdrawal rate, leaving $1M to heirs means you need $1M more saved — not just $1M drawn down. This is one reason legacy goals can dramatically change how much you need to accumulate.
2026 estate tax: The federal exemption is $15,000,000 per individual ($30,000,000 for married couples). Estates below this pass to heirs free of federal estate tax. Most physicians won't owe federal estate tax, but state estate taxes vary — several states have exemptions as low as $1,000,000.
Tools to consider: Donor-advised funds, charitable remainder trusts, 529 superfunding, and irrevocable life insurance trusts (ILITs) are commonly used by physician households to transfer wealth tax-efficiently. Enter $0 if legacy is not a current priority — you can revisit this later.
Why it matters: A $1M legacy goal increases your required nest egg by $1M. At a 4% withdrawal rate, leaving $1M to heirs means you need $1M more saved — not just $1M drawn down. This is one reason legacy goals can dramatically change how much you need to accumulate.
2026 estate tax: The federal exemption is $15,000,000 per individual ($30,000,000 for married couples). Estates below this pass to heirs free of federal estate tax. Most physicians won't owe federal estate tax, but state estate taxes vary — several states have exemptions as low as $1,000,000.
Tools to consider: Donor-advised funds, charitable remainder trusts, 529 superfunding, and irrevocable life insurance trusts (ILITs) are commonly used by physician households to transfer wealth tax-efficiently. Enter $0 if legacy is not a current priority — you can revisit this later.
Synced with savings behaviour in Step 3
Physician Retirement Assessment —
Generated by PhysicianMortgageCalculator.com · For educational purposes only · Not financial advice
You're on track
Progress toward retirement target
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Readiness score
Projected nest egg
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at retirement
Your retirement target
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needed to retire
Financial independence
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earliest you could stop
Net worth today
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assets minus liabilities
Monthly in retirement
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portfolio + SS + pension
Marginal tax bracket
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federal 2026
Tax-advantaged room
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used of available
Retirement horizon
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years of retirement
Downloads a formatted HTML report. Open it in your browser, then press Ctrl+P (Windows) or ⌘+P (Mac) → choose Save as PDF.
Why these targets? The retirement target is your annual spending minus Social Security, divided by your safe withdrawal rate (e.g. $140k ÷ 3.5% = $4M). A 15% tax buffer is applied to the pre-tax portion of your target (traditional 401k, IRA, rollover) — because those dollars are taxed as ordinary income when withdrawn. Roth and HSA balances need no buffer. Your target uses your actual withdrawal rate and account mix.
Projected portfolio
Retirement target
Target (inflation-adjusted)
Run the calculator to see your projection.
Probability of success
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%
Run the calculator to see your result
Industry benchmarks (financial planning standards)
At risk
Needs action
Acceptable
On target
Excellent
Source: Journal of Financial Planning · Kitces Research · T. Rowe Price Retirement Income Calculator standards
How your portfolio performs across 1,000 market simulations
Median outcome (50% of scenarios)
Middle 50% of outcomes
Outer range (10th–90th pct)
Your retirement target — the portfolio value you need
How this works: Monte Carlo simulation runs 1,000 different market scenarios using randomised annual returns based on historical stock/bond volatility (σ≈15% for equities). It shows the range of outcomes — from unlucky to lucky — rather than assuming a single fixed return. The probability of success is the percentage of scenarios where your portfolio lasts your full retirement without running out.
Compare your current plan against an alternative — retire earlier, save more, or spend less. The sliders are pre-set to the same changes recommended in the Monte Carlo tab. Adjust to explore your own alternatives.
📊 Your current plan
📊 Alternative scenario
Adjust alternative scenario
What this means for you
Run the calculator first to see your personalised Roth conversion strategy.
💡 What is a Roth conversion and why should I care?
Most physicians contribute to a traditional 401(k) or IRA — meaning you get a tax deduction today, but you'll pay income tax on every dollar you withdraw in retirement. With a high physician income, that means you're deferring tax at 32–37% today.
A Roth conversion moves money from your pre-tax account to a Roth account. You pay tax now — but every dollar in the Roth account then grows completely tax-free and comes out tax-free in retirement. No taxes ever again on those dollars.
The opportunity: Between retirement and starting Social Security, many physicians have a window of 5–10 years with dramatically lower income — sometimes as low as $0. Converting during this window means you pay tax at 12–22% instead of the 32–37% you'd pay during peak earning years. That difference can be worth hundreds of thousands of dollars over retirement.
The bonus: Large pre-tax balances trigger Required Minimum Distributions (RMDs) at age 73 — forcing you to withdraw and pay tax whether you need the money or not. Converting now reduces future RMDs and gives you more control over your tax bill in retirement.
Adjust your numbers
Your traditional (pre-tax) accounts only — not Roth
Years between retirement and when you claim Social Security
Part-time work, rental income, spouse income
Data sources
📋 IRS Notice 2025-67
🏥 Medscape 2025
💊 AMA Insurance
📊 Tax Foundation 2026
🏛️ CMS Medicare 2026
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DISCLAIMER: For educational and illustrative purposes only. This is not financial, tax, or legal advice. All projections assume consistent returns and contributions — actual results will vary. Social Security projections are estimates only. Consult a licensed CFP, CPA, and/or attorney before making retirement planning decisions. Sources: IRS Notice 2025-67 (2026 limits) · Medscape Physician Retirement Report 2025 · Tax Foundation 2026 brackets · CMS 2026 Medicare/IRMAA data · AMA Insurance Agency.