Andy Egwim recommends doctors save 15-20% of income for retirement, though some save 50% and others nothing. The rule works once you have an emergency fund and basic investing knowledge.
15–20% of income.
About 50% of income, sustained for seven years.
Number four is where it gets really quite interesting. Now you say to set aside 15 to 20% of your income to invest for your retirement. I mean, if you've got your emergency fund, you're learning how to invest, you understand what you're doing. We Recommend setting aside 15 to 20% of your income. Some people are stressed, they feel they're not investing enough. Some people are stressed, they feel they're investing too much. But having that sort of like heuristic 15 to 20% as a guide. And I've met a lot of doctors who have really high savings rate. I've seen, I think I had a meeting with an AE doctor in one of our money wise doctor sessions in the community. She was saving 50 of our income and she's been doing it for the last seven years. I said AIE consultant and wow, that's amazing. And I've met doctors who have absolutely no savings. Again.
