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I would have to say from personal experience that your statement is inaccurate for the following reasons. In the 60s and 70s, practicing physicians could tell the insurance company that they wanted to raise their "Profile", aka, what the insurance company pays you, and the insurance company would agree. So yearly pay increase from the insurer. Secondly, there were no limits on what you could put away in your qualified pension plan. You could put 100k into it if you liked. There have been limits on this now for decades. Its around 40k a year I think. These doctors retired quite well from a financial standpoint. This told to me by family friends and older retiring partners when I was a young attending.Would also like to add that the generation of docs that are retiring/at the end of their career are the first of almost any industry to be better off than their predecessors yet leave the field in worse shape for their future successors, and what you outlined in your post sums up why this is happening as well
