Retirement Doesn’t Always Mean Leaving Medicine

by Renée Bacher •

Are You Ready to Retire?

Most physicians have retirement as an eventual goal, but how do you know if it’s time for you to  retire? Here are several signs that you might be ready.

Financial Signs

You have enough money to have the retirement you want. Not every physician needs an extravagant lifestyle.

You have a fund for unforeseen expenses. Emergencies can take a large chunk out of your savings.

You have a portfolio that’s diverse enough to protect your wealth, particularly with the volatile market.

You understand how Social Security will fit into your retirement income. You can get information directly from the Social Security website at www.ssa.gov.

You have a plan to afford healthcare—a vital consideration even for physicians, as a single uncovered medical incident can undo a lifetime of saving.

You’ve eliminated bad debt such as high-interest credit card balances. If not, check into debt restructuring services.

Emotional Signs

You can’t wait to retire, and you think about it every day at your practice.

You don’t enjoy work anymore. Consider whether heading in to work feels like a drag a majority of the time.

You feel like work is in the way of other pursuits like travel or family time.

You feel “left behind.” If seeing others who are the same age as you retiring bothers you, consider joining them. 

You and your partner are on the same page. Retirement is a large change that will affect your entire family.

In addition, although the standard retirement age is 65, many manage to retire early. Not only does it allow you more time, it may actually extend your life. A 2017 study from Health and Economics (doi:10.1002/hec.3493) that examined enforced early retirement among male Dutch civil servants found that the early retirement decreased the probability of death within five years by 2.6%.

Sources:

Stats on Physician Retirement

18%  Percentage of female physicians working in their 60s and beyond in 2020.*

38%  Percentage of male physicians working in their 60s and beyond in 2020.*

75,627  Number of licensed physicians working in their 70s in the United States and District of Columbia in 2010.*

120,510  Number of licensed physicians working in their 70s in the United States and District of Columbia in 2020.*

Major negative factors pushing otolaryngologists toward retirement: ‡

  • Health issues
  • The healthcare environment
  • Administrative and practice burdens
  • Burnout

Major positive factors pulling otolaryngologists toward retirement:‡

  • Wanted to enjoy other things
  • Desired more time with family
  • Wanted to pursue other work opportunities
  • 31%  Percentage of otolaryngologists who said “yes” when asked if they would retire tomorrow if they could.‡

100%  Percentage of otolaryngologists aged 40–49 with active plans to retire in the next two years‡

97%  Percentage of otolaryngologists aged 50–59 with active plans to retire in the next two years.‡

82%  Percentage of otolaryngologists aged 60–69 with active plans to retire in the next two years.‡

69%  Percentage of otolaryngologists aged 70–79 with active plans to retire in the next two years.‡

Sources:

  • *Federation of State Medical Boards Census of Licensed Physicians in the United States, 2020
  • ‡2022 AAO-HNS The 2022 Otolaryngology Workforce