MedPro Blog

Planning for Retirement as a Traveling Healthcare Professional

There are several different options you have to help save for retirement if you are a traveling healthcare professional.


This is a type of retirement account that is offered by employers to their employees. It allows employees to contribute money tax free into the account. That means, for example, if someone earns $60,000 in a year, and contributes $5,000 to his or her IRA, that person is paying taxes on only $55,000 of his income.

In addition, many employers also offer what are called “matching” contributions. For example, an employer may match every dollar you put in with a 25 cent contribution of their own. That may not sound like much, but that is a 25 percent return on your money, much better than you could with a bank or even in the stock market.

Another type of matching setup is where employers match the employee’s contribution up to a certain percentage. For example, the employer will match the employee’s contribution dollar for dollar up to four percent of the employee’s income.

By the way, travelers who work with MedPro Healthcare Staffing are eligible for a match with your 401(k) plan.

IRAs (Individual Retirement Accounts)

There are two different types of IRAs – the traditional account and the Roth IRA.

The contributions you make to a traditional IRA are tax deductible. You don’t pay a tax on them until you withdraw the money.

While the contributions to a Roth IRA are not tax deductible, you pay no tax on the money you withdraw from the account once you retire.

IRAs generally allow you to put your money into a broader array of investments than a 401(k), including stocks, bonds, mutual funds, ETFs, REITS, and others. With a 401(k) account, you are more limited in what you can invest in, generally what has been set up by your employer with an investment firm.

Which type of IRA you choose might depend on what you pay in taxes now. If your tax obligation is small to begin with, you may want to consider a Roth IRA, because the tax deduction for the traditional IRA won’t make much difference in your tax obligation.

MedPro is one of the top healthcare staffing agencies for traveling healthcare professionals. Whether you are a PT, OT, speech therapist, pharmacist, or nurse, and you want to travel, we can lend expert advice to help you land your next job and to plan your retirement. Give us a call today.