Money Matters for Medical Trainees

Take and submit this short quiz to be enrolled in a financial literacy program designed by recent University of Utah Family Medicine Resident graduate, Sara Walker, MD. This program was created specifically for medical students and residents. Learn more about the program here. If you have additional questions, please contact UAFP.

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* 1. Based on a 4% annual withdrawl rate from your assets in retirement, to adequately save for retirement, how much should you have saved compared to your estimated annual expenses post-retirement?

10X annual expenses

20X annual expenses

15X annual expenses

25X annual expenses

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* 2. True or False: You will be taxed on loans forgiven under the PSLF program

True

False

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* 3. Answer this question based on the following scenario: Rose and Ron both want to save for retirement. Rose starts saving $250 per month at age 25. She increases it to $1000 per month at age $40. Ron doesn't save anything until age 40 when he starts saving $1000 per month. Based on compound interest, approximately how much extra per year will Rose have when she retires at age 65 compared to Ron?

$5000 per year

$10,000 per year

$25,000 per year

$55,000 per year

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* 4. True or False: To quality for PSLF, you must make 120 consecutive qualifying payments

True

False

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* 5. When purchasing disability insurance, which riders should you consider adding?

Own-occupation

Speciality-specific

Mental health

Future purchase

Residual disability

Inflation adjustment

None of the above

All of the above

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* 6. What percentage of discretionary income is your payment on a REPAYE loan?

15%

10%

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* 7. Name:

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* 8. Email address:

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* 9. I am a:

Medical student

Resident