Best Tips for Pharmacists Saving for Retirement
Tim Ulbrich, PharmD, Co-founder and CEO of Your Financial Pharmacist, explains his top tips for pharmacists looking to save for retirement. This video was filmed at the ASHP (American Society of Health System Pharmacists) 54th Midyear Clinical Meeting & Exhibition in Las Vegas, Nevada.
Tim Ulbrich, PharmD: When it comes to pharmacists saving for retirement, saving for the future, early and often is really the best recipe. And easier said than done, we know that pharmacists are facing lots of student loan debt. Some people have $200,000 of debt, some people maybe only have 20 or 30 thousand dollars of debt. Some people have lots of competing financial priorities, maybe family factors, other things that they’re trying to achieve, and others, maybe they have more income to work with each and every month. So, while it’s different for everyone, generally speaking the earlier you invest, and the more aggressively you invest, the longer the timeline you have for that money to grow. So, for many pharmacists, it’s going to be first taking advantage of some of the tax advantage retirement saving vehicles that they have available through their employer. These are things like 401ks, 401Bs, Roth 401Ks, health savings accounts. Really taking advantage of those as well as some IRA individual retirement arrangement types of accounts to really make sure they can aggressively save as early as they possibly can in the appropriate context with the rest of their financial goals.