Do doctors get pensions?

[anbuitachi]

Not exactly sure where to put this question. But do doctors working in hospitals generally get pensions after retiring [NY]? Nurses get a pension like up to 80%? of their salary based on age and yrs worked I believe [since in union].. but i have no idea what doctors get from hospitals??

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[gutonc]

Not exactly sure where to put this question. But do doctors working in hospitals generally get pensions after retiring [NY]? Nurses get a pension like up to 80%? of their salary based on age and yrs worked I believe [since in union].. but i have no idea what doctors get from hospitals??

F*** all.

Seriously.

If you are career at the VA (or HHC since you mentioned NY) you will likely get a pension of some sort after 20-30 years but otherwise you get whatever you put into your 401k/403b/ROTH/IRA/Offshore/Powerball +/- SS.

 

[Winged Scapula]

Nobody gives us nothing except what we put away and invested ourselves.

 

[PikminOC]

another good reason to be a midlevel..
unions..
protected meals..
shiftwork..

 

[dozitgetchahi]

Not exactly sure where to put this question. But do doctors working in hospitals generally get pensions after retiring [NY]? Nurses get a pension like up to 80%? of their salary based on age and yrs worked I believe [since in union].. but i have no idea what doctors get from hospitals??

Docs get nothing, but many nurses don't get anything either. Most nurses in this country are non-unionized...both my wife and mother are nurses, my wife doesn't get jack **** and my mother has some sort of plan she can buy into (like any other wage slave).

Most US nursing jobs are not the cush arrangements the unions have squeezed out in places like NYC.

 

[PikminOC]

right...but how much education..time..blood...sweat...tears ...have they put in???
in the end..what are they reponsible for???
and can they leave when their shift is over...
and do they get overtime pay when they go into overtime???

 

[dozitgetchahi]

I agree that they don't have to put nearly as much into the process as we do, but we (as any other worker in the US) should be focusing on how to save for retirement ourselves rather than trying to make someone else subsidize it.

 

[Raryn]

There's a few workplaces that offer physician pensions. Most involve the government (VA, prison system, military), but I know that the Kaiser system does as well.

For the vast, vast majority of physicians though, no go.

 

[PikminOC]

I agree that they don't have to put nearly as much into the process as we do, but we (as any other worker in the US) should be focusing on how to save for retirement ourselves rather than trying to make someone else subsidize it.

its not about getting others to subsidize it...
but it is annoying when other workers in the hospital are subsidized..
and the docs is not..

 

[anbuitachi]

oh thanks for the responses!

 

[PikminOC]

and dont forget all the social security we are paying for now ... wont be paid back when we retire... as that ponzi scheme will be bankrupt..

 

[LoudBark]

Nobody gives us nothing except what we put away and invested ourselves.

For most employed positions that is true.....however to say NOBODY is false.

Employed positions for some HMO's like Kaiser and Group Health, there is a pension if you work x number of years. They do put away x number of dollars for you a year that is not taken from your salary.

Also, as mentioned some government employed docs like a the VA or prison docs get a pension the same way other government employees do.

So....the vast majority of employed jobs don't have pensions......but a few do.

 

[Winged Scapula]

For most employed positions that is true.....however to say NOBODY is false.

Its called hyperbole, emphasis for effect.

 

[michaelrack]

F*** all.

but otherwise you get whatever you put into your 401k/403b/ROTH/IRA/Offshore/Powerball +/- SS.

A doc (in solo private practice) or physician group practice can create its own pension plan

 

[deleted87716]

Pension plans aren't a gift. Most pension plans are jointly funded by the employer and the employees themselves, not unlike employer matching funds in a 401K plan. Unlike 401K plans, most pension plans require that you work for the company a certain length of time before you're entitled to any money after you retire ("vesting.") If you quit or retire short of being vested, you may get nothing.

Also, companies can close, and pension plans can go bankrupt. So, it's not a good idea to bet the farm on a pension plan being solvent 20+ years down the road. Anything can happen.

Saving and investing the money yourself is the better option, IMO.

http://news.morningstar.com/classroom2/course.asp?docId=4437&page=2&CN=

http://www.ehow.com/how-does_4898035_pension-plans-work.html

 

[MOHS_01]

Pension plans aren't a gift. Most pension plans are jointly funded by the employer and the employees themselves, not unlike employer matching funds in a 401K plan. Unlike 401K plans, most pension plans require that you work for the company a certain length of time before you're entitled to any money after you retire ("vesting.") If you quit or retire short of being vested, you may get nothing.

Also, companies can close, and pension plans can go bankrupt. So, it's not a good idea to bet the farm on a pension plan being solvent 20+ years down the road. Anything can happen.

Saving and investing the money yourself is the better option, IMO.

http://news.morningstar.com/classroom2/course.asp?docId=4437&page=2&CN=

http://www.ehow.com/how-does_4898035_pension-plans-work.html

Word.

Physician employers largely make their money on physician labor -- shocking, I know. That means you are paying for the plan -- it's not provided "to" you, it's provided "by" you. Better still, while it represents deferred net earnings on your labor, you do not have ownership of it. Think about that for a moment.

Be careful what you wish for.

 

[docB]

There's a few workplaces that offer physician pensions. Most involve the government (VA, prison system, military), but I know that the Kaiser system does as well.

For the vast, vast majority of physicians though, no go.

This is correct. Outside of those situations there will be no "pension." Most doctors do invest in 401Ks, IRAs, annuities, etc. to fund their retirements.

Not exactly sure where to put this question. But do doctors working in hospitals generally get pensions after retiring [NY]? Nurses get a pension like up to 80%? of their salary based on age and yrs worked I believe [since in union].. but i have no idea what doctors get from hospitals??

I've said this frequently but it bears repeating:

The vast majority of doctors don't work for hospitals as employees. We bill patients for our services. We are privileged or credentialed to work in hospitals (if our specialty demands it) but for most of us we aren't paid by the hospitals. This fact is not fully appreciated by enough medical students and even residents.

 

[IWillChangeHC]

Great answers here.

Realize though there is risk even associated with pension plans as Blue Dog alluded to, which is why nothing substitutes smart personal finance habits: investing strategies such as diversification, concept of time value of money and a good asset allocation plan, minimizing tax exposure, , living within your means, etc.

A lot of these habits will substitute a pension plan later down the road.