401k/403b in Residency

[oompaloompadoompadeedo]

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Is there any consensus or list on residency programs that offer retirement plans? Do most? Are any of them matching?

Trying to figure out financial future, by no means am I trying to pick a program on this basis.

Thank you.

 

[managedcarefin]

Is there any consensus or list on residency programs that offer retirement plans? Do most? Are any of them matching?

Trying to figure out financial future, by no means am I trying to pick a program on this basis.

Thank you.

401k is for profit and 403b is a nonprofit retirement account so it'll depend on the type of institution you're going to.

 

[sazerac]

Is there any consensus or list on residency programs that offer retirement plans? Do most? Are any of them matching?

Trying to figure out financial future, by no means am I trying to pick a program on this basis.

Thank you.

Retirement plans seemed pretty common. Matching funds seemed pretty rare.

In the corporate world I found contributions were often limited to 6% of salary. In residency many let you contribute 100% of your salary, if you are into that sort of thing. Maybe this is standard in the corporate world too now.

 

[libertyyne]

Most jobs I have had match up to a percent of your salary and you are free to put away more if you would like. So will match 50% of the first 6% =3% match if you put away 6%. Some places do 1:1 up to a certain limit. Some places will just give you 5%. Some of the physican practices have had some pretty baller retirement plans something along the lines of 20% , however this is rare, there was a radiology group providing that if you stayed on for 4 years to get vested.

Paying of loans is a smarter move since that is like a guaranteed return at your interest rate, however if you are recieving matching funds you should take advantage of the match.

 

[mvenus929]

I know of very few residency programs that match retirement funds.

 

[throwaway-peds2017]

This is not something I considered when applying to programs, but mine does have a (small) match. I was curious recently and looked at other programs I ranked highly and most of them either don't offer it or, when they do, residents are specifically excluded.