The average middle-class American retires at age 62. Physicians, apparently, aren\u2019t average.<\/p>\n
Twenty percent of practicing clinical physicians in America are older than 65 \u2014 and another 22% are between 55 and 64<\/a>. More than half the survey respondents in Medscape\u2019s 2025 Retirement Report<\/a> said they don\u2019t expect to retire until their mid-60s or later.<\/p>\n One reason: For many physicians, practicing medicine isn\u2019t just a job.<\/p>\n \u201cNo group is perfect, but as a group we tend to be kind, caring, compassionate helpers,\u201d said Debra Atkisson, MD<\/a>, a psychiatrist who\u2019s also certified as an executive coach. \u201cWe embrace that identity as a calling and work very, very hard. We get on that treadmill, and before you know it, 25 years goes by.\u201d<\/p>\n That\u2019s why you should prepare for retirement, which you know \u2014 but you\u2019re busy. Listen to these doctors and other experts to help you avoid common missteps and make the most of your post-practice years.<\/p>\n Misstep #1: You think retirement means just not working.<\/p>\n After more than 20 years as a doctor in eastern Kentucky, Jack Piercy, MD, retired this past June at 49. \u201cThe way I think of it is, I\u2019m looking for Act Two. I\u2019ve always respected people who do one thing and then do something else,\u201d he said. \u201cI\u2019m not retiring to do nothing.\u201d<\/p>\n Piercy embraced a concept known as protirement: retiring so you can move on to something else you find fulfilling. Even if you wait until a more traditional retirement age, that may mean work of some kind. In medicine, that could mean teaching or locum tenens (filling in for others), or working in another field. Or you might plan to devote time to volunteering, expanding friendships you didn\u2019t have time for while in practice, seeing the world, or embracing a new challenge. Piercy, for instance, is writing a novel.<\/p>\n \u201cPhysicians\u2019 identity is so tightly attached to what they do, they have a hard time conceiving of doing anything else,\u201d said Peter S. Moskowitz, MD. He\u2019s well into his own protirement, as a career transition coach for physicians<\/a> in Palo Alto, California. \u201cOpen your mind and heart to the possibilities. You want to continue to grow and develop in the time you have after stepping away.\u201d<\/p>\n Misstep #2: You\u2019re blas\u00e9 about your finances.<\/p>\n The physicians in Medscape\u2019s Retirement Report estimated they\u2019d need around $4 million for retirement, double what most Americans aim for. The vast majority expressed confidence they\u2019d have enough money when the time came, but the average respondent older than 40 had amassed less than half that.<\/p>\n \u201cCertified financial planners used to say your plan should generate 80 to 100 percent of your current annual income,\u201d Moskowitz said. He thinks 90%-100% is a smarter goal, given the rising cost of homes, travel, and other expenses.<\/p>\n To reach a goal that large, it makes sense to start early \u2014 even from day one \u2014 and work with a certified financial planner. Piercy opted not to. \u201cThat might be my only regret, wishing I\u2019d sat down with somebody,\u201d he said. \u201cI probably could\u2019ve had more peace of mind, set things up a little better.\u201d<\/p>\n And look beyond your own financial needs, Atkisson suggested. \u201cPhysicians tend to be caretakers in general, and that\u2019s not just our patients. It includes our families. There can be a lot of financial dependency needs. You have to think about who depends on you.\u201d<\/p>\n Misstep #3: You don\u2019t honor your emotional connection to your patients.<\/p>\n If you\u2019ve been treating a patient for years, even decades, it makes sense that you\u2019d feel something for them.<\/p>\n \u201cFor the patient it can be devastating to lose their physician, but we don\u2019t often think about what it feels like for the physician to let go,\u201d said Michelle Pannor Silver, PhD, chair of the Department of Health and Society at the University of Toronto, Toronto, Ontario, Canada. She\u2019s published several papers<\/a> related to physician retirement. \u201cYou\u2019ve given so much over the years, maintained boundaries of course, but there\u2019s a human aspect. You derive a sense of self-worth from taking care of those patients, and relationships form. It leaves you with a gap when they\u2019re not in your life.\u201d<\/p>\n Advance planning as you approach retirement can help you and your patients. It gives you time to discuss their charts with the practitioner taking over your cases, so you can be confident they\u2019ll receive the same level of care. And you\u2019ll be able to talk through the transition with the people you treat. After your role changes, you may want to form a new kind of relationship, meeting for coffee or a shared interest.<\/p>\n Misstep #4: You don\u2019t prepare for your new identity.<\/p>\n