Kick start your savings plan

If you’re like many veterinarians, you have strong discipline in how you treat your patients and manage your practice and personal career. Considering patient needs and communicating the best course of treatment with your client requires not only extensive training, but also communication skills, planning and good decision making. It is often helpful to apply these same disciplines to your financial and retirement goals. 

Although it's never too late to begin planning for your financial security, getting an early start can give you a real boost toward reaching your financial goals.

The key to saving is to think of it as another basic expense in your budget. Don't look for savings in what's left over after spending; often there isn't any. Instead, make saving a habit. Treat your savings deposits like your rent or mortgage payments and put aside a set amount each month (or even each week). Over time, even small amounts can make a big difference.

In addition, the longer you are invested, the more you can potentially benefit from the power of compounding. Compounding occurs when investment earnings on your portfolio are reinvested and potentially produce more earnings potentially increasing the overall growth of your investment.

Invest for retirement

As a veterinarian and a hospital owner, one of the best ways to provide for your financial well-being is to establish an employer-sponsored retirement plan such as a 401(k) for your practice. These tax-advantaged plans allow you to make pre-tax contributions which saves you in taxes.

Additionally, taxes aren't owed on any 401(k) investment earnings until they're withdrawn at retirement, when you may be in a lower tax bracket.

What's more, Roth-style plans allow for after-tax contributions and tax-free withdrawals in retirement – when your tax bracket may be lower – provided certain eligibility requirements are met.

As you review this article, keep in mind there are many points to consider. You may want to evaluate your practice's unique needs and goals. For these reasons, it is generally advisable to speak with a retirement planning professional before making any decisions. The Members Retirement Program provided by Equitable is an AAHA alliance member and is here to aid veterinarians and their employees regarding retirement planning.

For additional information, please call Equitable at (800) 523-1125 or visit  to learn how you can start saving today! 

This article has been written for general information purposes only. This material does not constitute an offer or solicitation of any kind and is not intended, and should not be relied upon, as investment, tax, legal, or financial advice or services.

The Members Retirement Program is funded by a group variable annuity contract issued and distributed by AXA Equitable Life Insurance Company (AXA Equitable), NY, NY. Annuities have limitations and restrictions. For costs and complete details contact a Retirement Program Specialist. AXA Equitable and its affiliates do not provide tax or legal advice. You should consult with your attorney and/or tax advisor before purchasing a contract.

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