Session Design Submission Review

Yes

• Communications
• CoSEF

During surgery residency training, there is no formal financial literacy training, leaving many trainees unprepared for managing their finances when they transition to their first job as attending physicians. This lack of training can result in difficulties in understanding compensation systems, assessing the time value of money, and navigating the financial burdens and debts of residency and medical training. Laden with large amounts of debt and positioned to earn high salaries, many residents have limited financial experience and knowledge but are expected to navigate a difficult landscape of financial decisions with little time to research in the midst of an 80 hour work week. Residents, program directors, medical students, junior faculty, and any other stakeholders in resident training and physicians’ well-being are invited to attend this session on Financial Literacy Advancement and Resource Management for Surgeons.

90-minute workshop

Yes

Yes

Analyze an attending pay stub to differentiate between pre-tax and post-tax deductions and assess their impact on take-home money

Recognize the principles of progressive taxation and evaluate its impact on various income levels

Compare and contrast common retirement accounts, including Roth IRA< traditional IRA, 401K, 403b, pensions, social security, and annuities to formulate an effective retirement strategy

Apply the concept of time value money to evaluate and prioritize financial decisions