Physicians tend to retire later than the general population, often retiring in their mid to late 60s or even early 70s. The rigorous training required, and high incomes make it easier for them to work longer.
Retirement rates for physicians have been declining over time; Many continue working at least part-time after the traditional retirement age. Reasons include:
- Financial considerations
- Enjoyment of the work
- Desire to maintain mental acuity
Financial planning is critical for physicians to be able to retire comfortably. Building up savings and investments is important given the high costs of medical education and later entry into the workforce. Pensions are less common nowadays.
Non-financial factors impact retirement decisions for physicians. Maintaining purpose, identity, social connections, and intellectual stimulation are important considerations. Many remain involved in teaching, administrative, research, or volunteer roles.
Transitioning into retirement requires adjustments for physicians. Finding new interests, maintaining social ties, passing on responsibilities, and dealing with the loss of identity as a practicing physician are common challenges.
Proper retirement and transition planning is advisable years in advance; This includes financial planning but also emotional and psychological preparation. Developing outside interests and relationships helps smooth the transition.
The key for physicians is starting retirement planning early, both financially and personally, to create the right environment for a satisfying retirement when the time comes.