How Much Money Does a Doctor Need to Retire?

How much money does a doctor need to retire and enjoy a typical “doctor retirement”? Short answer: It depends.

Better answer: The number will vary from person to person depending on a wide variety of circumstances, but that shouldn’t stop us from coming up with an estimate for you.

Truthfully, the number doesn’t actually vary based on profession alone. A doctor has no inherently different retirement needs than anyone else. At the same time, it’s hard not to notice the fact that most doctors and other high-income individuals tend to spend more money than the average person, and thus will need more money to retire.

How Much Money Does a Doctor Need to Retire? 


$10 Million is a lot of money. Few physicians will ever be able to claim a net worth of $10 Million, let alone retirement savings of $10 Million. The vast majority of physicians will retire eventually with less than half of that.

Will You need $10 Million to Retire?

What does your life look like today? What creature comforts have become customary? How much do you spend in a year? Are you determined to maintain your current lifestyle indefinitely or do you expect some current expenses to go away?

Examine Your Current Lifestyle

Retirement life will not be the same. Any kids may be grown and out of the house. You may choose to downsize your home or move to a lower cost of living area. You’ll be able to drop disability and term life insurance.

Determine Your Anticipated Retirement Spending Needs