Average Retirement Age and Career Length
While the average retirement age for Americans is typically in the early-to-mid 60s, physicians often practice medicine for several additional years. A Medscape survey in 2023 found that most physicians aimed to retire in their mid-to-late 60s. Given the extensive educational requirements—including four years of undergraduate, four years of medical school, and three to seven years of residency—doctors don't begin their careers until their late 20s or early 30s. Assuming an entry into the workforce around age 30 and retiring around 65, the average medical career lasts between 31 and 36 years. However, this is just an average, and many factors can cause a doctor to retire earlier or continue working well into their 70s.
Influencing Factors Behind a Doctor's Retirement
A physician's decision to retire is a complex one, influenced by a combination of personal, professional, and financial considerations. Unlike some professions, there is no mandatory retirement age for doctors in the U.S., allowing for a great deal of flexibility.
Financial Preparedness and Goals
Financial readiness is a primary factor, with many physicians needing to save substantial amounts to offset student loan debt and achieve retirement goals. Surveys show doctors often aim for multi-million dollar savings and may delay retirement if they feel they haven't saved enough, contrasting with average U.S. worker savings.
The Impact of Burnout and Job Satisfaction
Burnout is a significant cause of early retirement, with a substantial percentage of medical groups reporting physicians leaving or retiring early due to it. Long hours and the emotional demands of the job contribute to burnout. Conversely, job satisfaction and a sense of purpose encourage some doctors to work longer.
Medical Specialty Differences
The physical and emotional demands of different specialties influence retirement timing. Specialties with higher physical strain, such as surgery, often see earlier retirement than less physically demanding fields like pathology or dermatology.
The Desire to Continue Contributing
Many experienced doctors delay retirement to continue contributing their expertise and mentoring younger colleagues. Often, they transition to part-time roles to maintain engagement and purpose without the full commitment.
Retiring by the Numbers: A Specialty Comparison
Retirement age varies by medical specialty, influenced by job demands. Below is a comparison of average retirement ages across various fields based on survey data:
| Specialty | Average Retirement Age | Key Factors Influencing Retirement |
|---|---|---|
| Surgery | 61 years | High physical demands, long hours, intense pressure. |
| OB/GYN | 64.5 years | Physically demanding, high-stress environment, demanding call schedules. |
| Oncology | 65 years | Emotionally challenging, high potential for burnout. |
| Cardiology | 66.5 years | Demanding, but can transition to less physically taxing roles. |
| Radiology | 66 years | Less physically strenuous, allowing for longer careers. |
| Primary Care | 67 years | Patient relationships, flexible options like telemedicine. |
| Pathology | 69 years | Low physical demands, often high career satisfaction. |
| Dermatology | 69 years | Low physical demands, procedural-based practice. |
The Shift Towards Gradual Retirement
A phased approach to retirement is increasingly common, involving reduced hours, part-time work, or contract roles. Telemedicine also offers avenues for continued practice with less burden. This allows physicians to stay engaged while achieving a better work-life balance.
What Doctors Plan to Do in Retirement
- Travel: Many plan to travel and pursue personal interests.
- Continued Practice: A significant number intend to work part-time for various reasons.
- Mentorship: Experienced doctors often mentor younger colleagues.
- Financial Management: Retirement allows time for managing investments.
Conclusion
While the average medical career is 31 to 36 years with retirement typically in the mid-to-late 60s, there's no single age when all doctors retire. Influencing factors include financial readiness, burnout, specialty demands, and the desire to contribute. The trend towards phased retirement provides flexibility for doctors transitioning out of full-time practice.
How to Prepare for Retirement as a Doctor
- Define your retirement roadmap: Create a personalized financial plan.
- Maximize tax-advantaged savings: Utilize plans like 401(k) and IRA options.
- Address student loan debt: Develop a strategy for outstanding loans.
- Consider tail insurance costs: Factor in this significant expense.
- Partner with a financial advisor: Work with an advisor specializing in medical professionals' needs.
- Diversify your investments: Balance your portfolio for long-term growth.
- Explore phased retirement options: Consider reducing hours or switching to part-time.
For more information on the physician workforce and related trends, see the AMA’s resources on career development.(https://www.ama-assn.org/practice-management/career-development/early-retirement-5-factors-physicians-should-evaluate)
