When Gregory Ippolito started his postdoc studying immunology and proto-oncogenes at the University of Texas at Austin, his financial outlook seemed relatively rosy. His salary came out of his advisor's NIH grant, meaning he was classified as a UT employee and able to participate in the school's retirement plan - including a match from the university - and discounted health coverage. His retirement savings grew, his health insurance covered his wife and their young daughter, and he was on track to meet his long term financial goals.

But after his second year in Austin, his financial outlook suddenly changed. Ippolito landed an individual postdoctoral fellowship from the National Cancer Institute. While his base salary increased, "I could no longer enter into an employer/employee relationship with the University of Texas, Austin," Ippolito says. This meant that he was dropped from the school's retirement program and had to pay full price for health coverage. As with many postdocs who secure their own funding, "there was a real penalty for winning an individual fellowship," says Ippolito.

He researched his options and crafted an alternate plan that could accommodate his new work finances and personal plans. His wife was pregnant with their second daughter, and they had decided to buy a home in Austin.

Since his retirement plan was cut, Ippolito opened an independent IRA to stay on track with his long-term savings. With help from his wife's income, the couple was able to save enough to buy the house they now live in with their two daughters.

Ippolito managed his financial woes well. But he represents just one type of situation scientists can encounter. Researchers from academia, industry, and government face financial challenges at different stages of their careers. The Scientist consulted income statistics, demographic data, and financial planning professionals to construct four realistic but hypothetical financial profiles. We then asked four certified financial planners with experience advising scientists to weigh in with money management suggestions for each scenario. Click on the case studies above and to the right to find out what they said.