The Anonymous Physician column provides physicians with a platform to discuss the challenges and joys of practicing medicine. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and uninhibited. This time, we asked several of our plan participants how they were planning to use their Physicians' Advantage Plan.

The issue: 

The flexibility of the PAP allows participants to align their distributions with their financial goals. For example, it can be used to fund a child’s education or wedding or to save for a second home. Many choose to use their plan as a source of supplemental retirement income. This comes as no surprise since saving enough for retirement can be a challenge for medical professionals, who are often limited in what they can contribute to traditional retirement plans.

The question:

How are you planning to use your Physicians’ Advantage Plan? 

The answers:

Radiologist
Age: 59

I want to use it as a supplemental retirement plan. I will work until age 65, leave practice, and work part time for a hospital until age 70. 

Family Medicine
Age: 55

I want to use it to pay off my home mortgage in preparation for retirement, but continue to contribute for at least 5 more years after as I plan on working to about age 72, but part time after age 65.  

Orthopedist 
Age: 41

I use my account to reduce current taxable income. Ultimately, the plan will be a resource to supplement my retirement income. Even though retirement is a long way off, the flexibility of the plan allows me to delay payouts.