Young GPs warned against high life
Twenty- and thirty-something GPs have been warned by the BMA against squandering their savings on fast cars, wine and fine ar
Dr Andrew Dearden, chair of the BMA pension committee, said that younger GPs should seek immediate advice from a financial adviser and consider setting up a private pension alongside their NHS scheme.
GPs should also weigh up their state pension entitlements and ensure that some assets they build can generate future income, he said.
Dr Dearden raised the issues at a BMA conference in Solihull last week on the future for young GPs in the profession. He told Pulse later: 'If you have £100,000 of art in your house it is nice, but it will not generate any income unless you sell it. The same thing applies if you own a Ferrari. I know some people who have bought wine as an investment, but then drunk it.'
'At 55 GPs should have the choice of whether to keep working if they want to – not of being forced to carry on working because they have to. If people start planning their pension at aged 55 it is 30 years too late.'
GPs earning £100,000 a year should be targeting pensions of at least half this figure, he added. Letting property is one way of generating cash, alongside ISAs or investments, Dr Dearden said.Dr Andrew DeardenDr Andrew Dearden Wine
I know some people who have bought wine as an investment, but then drunk it