Physician Retirement Planning 101: Best Retirement States for Doctors
Planning on hanging up your stethoscope in the next few years? If so, maybe it's time to think about where to retire and take that last clinical job. Some states are better than others when it comes to retirement. This makes planning ahead of time essential if you are looking to make the best decision for you and your family. Here's a list of some of the best retirement states for doctors you may want to consider.
It is rare to mention the word "retirement" and not have your mind drift to Florida. The sunny beaches, warm weather and great tax benefits make it a top retirement destination for physicians. According to Pinnacleadvisory.com Floridians enjoy the benefits of no state income tax, death or estate taxes. These benefits can really add up on a fixed income during retirement.
Home of Mount Rushmore, South Dakota is one of the best retirement states for doctors. WalletHub.com ranks it second in the country for affordability. This state also enjoys high patient satisfaction levels and 4th lowest levels in the country for malpractice lawsuits(1).
Consider Iowa during your physician retirement planning process. The Hawkeye State ranks high on quality of life indexes due to its family friendly environment and "Happiest State" status. According to Medscape.com Iowa's Physicians are 8th in the country for income and enjoy a satisfied patient population that is ranked 6th in the country for insurance coverage.
Home of the Sundance Film Festival, Utah ranks high on the list of best retirement states for doctors. This state enjoys top status as a family friendly, happy place to live. Healthcare quality levels are also high here due to its healthy population and abundance of outdoor recreational activities. Physicians here also enjoy a sizable income, ranking 7th in the country for highest income according to Medscape.com.
Idaho has more than just potatoes to offer. WalletHub.com ranks Idaho 11th in the country for affordability. Retired doctors here also enjoy low crime rates and a 6th Happiest State ranking. Physicians living in Idaho also have the added benefit of having notably lower malpractice lawsuit rates with a ranking that is 6th lowest in the country(1).
References:1 Best and Worst Places to Practice 2017. Medscape.com. Accessed 3/20/18 2018 Best and Worst States to Retire. WalletHub.com. Accessed 3/20/18 5 Ways You Could Benefit From Becoming a Florida Resident. Pinnacleadvisory.com. Accessed 3/20/18.
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