Following a survey of 865 otolaryngologists, authors Neil O. Ward, MD, and Loring W. Pratt, MD, concluded that is it impossible to start financial planning too early (Archives of Otolaryngology, Vol. 125, March 1999). "The magic of compounding interest works on cash investment, not on best intentions," they write. One out of every six physicians responding to the survey indicated that he or she should have started saving earlier, contributed more, and/or maintained contributions to retirement plans more consistently.
Visit The American Savings Education Council for information and worksheets to help you anticipate your financial needs as you move into a new phase of your career. And if you haven't already selected a qualified professional to assist you, check out the Certified Financial Planner Board of Standards for a referral (www.cfp.net). If you are 50 years old or older, the AARP also offers referrals and information.
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