Reply to Do you colleagues/friends talk about money? Ever surprised by what you hear?

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[quote=Anonymous][quote=Anonymous]I have a friend in his late 30s who has not saved anything for retirement.  He is a doctor and only recently started making a lot of money.  Before that he was working his way through med school, residency, and a fellowship.  He works for a small practice so he's not offered a 401k through work.  It seems as though he's been to some seminar that has taught him the basics and encouraged him to open a SEP IRA.  I really hope he takes the advice and does it sooner rather than later.

It also shocked me that he does understand how these savings vehicles really work.  He asked me - "Do those accounts earn interest?"  I think he's trying to learn and the sudden increase in his salary has made him pay attention, which is good.  But I worry he won't make it a priority and it will take another couple of years for him to fill out the necessary paperwork, open the account, etc.  [/quote]

If his fellowship(s) took him into his mid/late 30s, then he's not a regular old primary care MD -- he's likely a cardiologist, surgeon, some other high end specialist. I don't get it with those guys. If your salary is 500k -- can't you just set aside 50k per yr net in a brokerage account to be used for retirement, regardless of whether you do/don't have a 401k. I don't get why this is SO complicated for such highly paid doctors.[/quote]

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