Accounting for doctors can be about long-term planning – many professionals have a good income, compared to the national average, but may still be failing to plan properly for retirement.
Recent research from financial services provider Wesleyan, focused on doctors, dentists, lawyers and teachers, revealed that professionals on average believe they will need almost £40,000 per year to maintain their lifestyle during retirement.
However, those surveyed said that their pension income is likely to average just over £14,000 – around a third of the amount they expect to need.
More than half will be working closely with property accountants as they near retirement, as they plan to use their property as an additional source of income.
But accounting for doctors, dentists and other professionals can be as much about putting right misconceptions as it is about increasing the size of pension pots.
Samantha Porter, sales and marketing director at Wesleyan Group, explains: “People often have a blind spot when it comes to planning for their retirement income.
“They also often over-estimate how much they will need once they stop working.”
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