Medical Resident-

While what you are saying makes sense today, this may not hold true in the future - especially with social security's future up in the air, the deficit, the war on terror and the endless bailout plans.

The best thing to do is establish a series of short term strategies that will ultimately become your long-term strategy.

As a resident, I think you are getting way ahead of yourself thinking about the distribution phase of financial planning.

At this point, your focus should really be to protect your income (with a high quality "Own-Occupation" disability policy, purchase term life insurance to protect your family as well as your ability to buy life insurance, establish a Roth IRA and contribute to a 403(b) plan and/or SEP plan for moonligting income, if any.

Additionally, if you are married and have children, you should see an attoney to draft a will, health care representative power of appointment, a durable power of attorney and a living will.

Hope this helps. If you want to discuss your situation in more detail, feel free to call or visit my website (www.physicianfinancialservices.com) where you can read many of my "Disability Insurance and Financial Planning Articles for Physicians". I think you will find them very informative.

Also what do you mean by personal pension plan?

Larry

Zip Code: 11050