Many Americans have had to delay retirement and put off moving plans because their homes have lost value, although the trend has moderated recently:
“After several difficult years for the professional moving industry, it looks like we may end 2010 on the upswing,” said Linda Bauer Darr, AMSA [American Moving and Storage Assn.] president and CEO. “Although individual shipments were flat for October, they were up about five percent for the entire year.”
The tendency is to assume that these problems can be limited to “working Americans”, and not to more affluent Americans. Apparently, this is not the case.
ST LOUIS, April 18, 2011 /PRNewswire/ — As the economy perks up, it appears that rates of physician turnover rise with it. For the first time since 2008, physician turnover has increased, reminding medical groups of the delicate balance between physician supply and demand. According to the 6th annual Physician Retention Survey from Cejka Search and the American Medical Group Association (AMGA), in 2010 total turnover was 6.1 percent compared to 5.9 percent in 2009, and appears to track with reports of modest improvement in the U.S. economy.
The change also is consistent with anecdotal reports and findings in the 2008 survey that the worsening economy and plummeting home sales cause physicians to delay retirement and relocation – key drivers of recruitment and activity.
In spite of these modest signs of “improvement”, one investment counselor offers this warning to physicians:
The days of stashing a lot of wealth in a big home for asset protection purposes may be waning, too.
“The great big houses are less and less desirable,” Danford says. “There’s a glut of McMansions now, and that’s not where the value is going to be.”
The stereotypical picture of a physician is that they live in large homes, drive expensive cars and retire comfortably. It has however, gotten tougher to do all three.