Teresa Vigario, OD, has prioritized savings and paying down debt since she started college. Here’s how she says it helped her pay down $260,000 in student loan debt in seven years and plan for retirement with zero anxiety.
Dr. Vigario spoke to WO after responding to a poll asking eye care professionals about their retirement planning.
Dr. Vigario works at Union County Healthcare Associates in New Jersey where she has spent more than a decade specializing in diabetic eye exams, glaucoma management and macular degeneration cases. But she says it’s less important about the mode of practice you choose and more about the compromises you make along the way.
“I believe a comfortable retirement is attainable if we start planning in a timely fashion,” she says. “If you are savvy with finances or have a significant other who is, you can make these plans on your own. Often, however, it is necessary to involve a financial planner. Regardless, one should make a plan!”
LESSONS FROM HER CHILDHOOD
Dr. Vigario credits her financial savvy to lessons from her parents, who immigrated to the U.S. with “very little” before she was born. As the first in her family to graduate from high school, college and post-graduate studies, she learned the value of frugality early on.
“My parents taught me how to make a dollar out of fifty cents,” she says. Her father’s advice to “live below your means” has been a guiding principle in her life. Dr. Vigario has always prioritized saving, even when it meant sacrificing some personal enjoyment.
“When you’re working or balancing a family, you don’t always get to do the things you love,” she says, explaining that she hopes to travel more after retirement. “I started saving early. I took a gap year between college and optometry school to make money.” She also recognizes this is often the hardest time to save, as many are planning weddings, paying mortgages or raising children. “But putting away a dollar is better than nothing,” she says.
SET ATTAINABLE GOALS
Dr. Vigario encourages setting clear, achievable financial goals. She also highlights the importance of saving consistently, no matter your income level.
“It doesn’t matter if you make $5 a day or $500—put some amount of that away and don’t touch it,” she says. “Saving something is better than nothing, even if you’re in a tough financial situation.”
For those just starting out, she recommends prioritizing a high-yield savings account or a Roth IRA, which allows tax-free growth since taxes are paid upfront. “When you’re making more money, switch to a traditional 401(k),” she says.
CUSTOMIZED TO YOU
Dr. Vigario emphasizes that there is no one-size-fits-all approach to retirement planning. “Life is all about your pursuit of happiness,” she says. “Build your own plan depending on your life and situation.”
Her “super saver” mentality means she looks for deals whenever possible. “I don’t pay full price for anything,” she says, recommending loyalty programs and apps to save on everyday purchases. “Being a super saver doesn’t mean I can’t spend money; it means I choose carefully what I spend on. I’m not a lover of shoes or handbags, but I do spend money on experiences and seeing the world.”
START TODAY
Dr. Vigario’s advice to her colleagues is simple: start as early as possible. “You should be planning for retirement as soon as you start optometry school, if not before,” she says. “But the next best time to start planning is today.” She acknowledges that life circumstances such as medical emergencies or family obligations can disrupt plans, but having a financial safety net provides valuable security even in these situations.
“Even if you have a skeleton of a plan, it can help you start thinking about what will make you happiest in life and the mode of work you hope to end up in,” she says. “You will soon realize you can have it all. It’s not a cookie-cutter program, and everyone’s plan will be different and that’s OK.”
LOOKING AHEAD
When Dr. Vigario reaches retirement, she hopes to continue to work on her AI eye research, travel and spend time with family. Her ultimate goal is to inspire other eye care professionals to take control of their financial futures. By living below her means, setting realistic goals and planning early, she has created a roadmap for her own financial security.
