Robert Wolfe is a seasoned financial advisor with a background in finance. Since 2021, he has served as managing director of Apollon Wealth Management in Greenville, South Carolina. In addition, Robert Brian Wolfe has extensive experience working with physicians.

Most medical practices offer a retirement plan for physicians, typically enabling multiple investment options. If you are a physician, you can try these investment options, as they can impact your financial future.

Medical news platform Healio.com considers two scenarios that can go wrong with the retirement plan's fund lineup. First, having too many investment options can be overwhelming. For instance, if the plan offers 10 large-cap value funds, you might find it challenging to decide which suits you best. This confusion can lead to decision paralysis, where you're unsure which fund to pick, potentially resulting in delayed or improper investment choices.

The second scenario is just as problematic. If the plan offers only a single investment fund or very few options, it severely limits your choices. Each individual has different financial goals, risk tolerance, and investment preferences. With just one option available, you may not find an investment that aligns well with your needs and comfort level.

Some businesses establish a fund lineup balance by combining a low-cost passive fund with a more expensive and actively managed fund that aims to outperform the market. This strategy can offer flexibility because you can choose the option that suits your risk appetite and investment preferences. Some individuals prefer a more hands-off approach with passive funds, while others might opt for the potential higher returns of actively managed funds.

Some practices also include target-date retirement funds in the plan's lineup. These funds automatically adjust your asset allocation based on your expected retirement dates. As you get closer to retirement, the fund becomes more conservative, reducing the risk of losing significant portions of your savings as you age.