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Nobody wants to work until the end of their lives. In fact, most of us work to earn just enough to spend our golden years with the people we care about, doing things we value without a sense of time loss, and to explore our passionate, empathetic, and nurturing sides.
Yet physicians tend to retire much later than other people. While the average retirement age is 60, most physicians start closing up shop at 69, nearly a decade later.
A reason for this is that doctors start their careers later, which means that they continue working into their twilight years to make up for “lost time.”
But then, what is the perfect moment to hang up the good old white coat?
Many of you might believe discussing retirement in your careers is too soon. However, there are certain factors you should keep in mind for the eventuality, including a tentative time.
So today, let’s discuss retirement among physicians, what factors play into it, and how to know when you’re ready for it.
- Retirement And What It Entails For Physicians
- Factors That Affect Retirement
- The Right Time To Leave A Career
Retirement: Where’s Your Finish Line?
It takes years to become a doctor, from an undergraduate degree to medical school, and then a residency. By the time you start your medical career properly, you’re also likely due for a mid-life crisis.
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According to Forbes, around 75% of the healthcare workforce is going to retire by 2025. And the reason for younger doctors feel uneasy stepping into the shoes of these giants? Immense burnout.
Doctors often decide it’s okay to retire when the job has taken a toll on them and broken down their spirits into indistinguishable pulp. I’m not kidding too much with this one. All I see around me are dispassionate, tired individuals who once dreamed of leading scientific and medical advancements in their field and want to lead a quieter, financially secure life.
Medicine is a strenuous career, both physically and mentally. It saps us of energy faster than we can recover, and we don’t realize that until it’s almost too late.
During the initial years, we’re so obsessed with actively pursuing a career until we’re white-haired that we get to wear the salt and pepper sooner rather than later like some badge of honor.
So, how do you determine when you’re ready to quit? That depends on the individual making the decision, usually until practicing medicine doesn’t feel emotionally or financially rewarding.
When Should I Retire?
Many factors are involved in physicians’ retirement, including practical issues, such as finances and possible health risks on the job, and broader questions, such as whether doctors fulfilled the goals they set for themselves when starting their careers.
Let’s break down a few key questions you can ask yourself.
1. Do you have a retirement plan?
One of the first things you should do when considering retirement is to check your sheets. If you are eligible for a pension, that’s all good. Have you contributed to a 401(k) or 403(b)? What about IRA plans? Do you have a budget for retirement, and is it inflation adjusted?
And if you have invested in retirement plans, I sincerely hope you have a tax plan in place.
These assessments are necessary, especially if you enjoy a certain kind of lifestyle.
The real issue I’ve identified with physicians is that they’re perfectly capable of reaching financial independence. It’s retirement that’s tricky.
2. Living it up or toning it down?
Retirement is the reward many look forward to after a hard life of working. And with the lifestyle being a physician in the U.S. grants you, most people would prefer it to continue even after they stop working.
But a lavish lifestyle is often unsustainable or just plain undesirable. Some people just want to spend the rest of their years in a small town, surrounded by community; others want a fast life with all the glitter and gold. It’s up to you (and your savings!) to decide which retirement lifestyle works for you.
Some people continue with frugal lifestyles post-retirement only to discover they are enthroned upon a golden nest, and others often go back to work in some capacity because overspending or undersaving means confronting the real possibility of running out of money in retirement.
For those living in more expensive states like New York or Washington, it’s best to consider relocating to more affordable states that offer a less financially taxing lifestyle.
3. Debt-free or a ways to go?
Considering the average medical student has student loan debts between $100,000 – $300,000, you might want to consider retirement after your dues are paid. Debt also differs if you studied in or out of state.
Given that most medical students carry debt well into their 30s and even 40s, a smart, efficient, and sustainable debt repayment plan can save you from working into your 60s.
Debt can take years to pay off when interest comes into play, so it’s best to sort it out beforehand. And if you went into a mortgage while in debt, with a shiny new car to boot, perhaps right after an expensive wedding…
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4. Any health scares?
You’d be surprised how many doctors only pull the plug on their careers once they realize their health is on the line.
Many physicians continue working well into their retirement, only to stop abruptly when any health risks come up. If you’re at risk, it might be time to close up shop. At the same time, consider the benefits of any employer-sponsored health insurance that can save your back and your bank.
Read More: What Types of Insurance Does a Resident Physician Really Need?
5. What does the family think?
For most doctors, a big regret is not spending enough time with their families. But at the same time, you want to know they are financially secure.
Before retiring, it’s essential to discuss what your working years and retirement would look like with spouses, potential spouses, and even children. I’ve known many physicians who complain about alienation in their own families: always an outsider at family dinners, never remembering the names of your cousin’s kids or partner’s friends.
It’s not a good feeling, and at some point, it is too late to mitigate the isolating effects of medicine’s long hours.
6. Have You Fulfilled Your Purpose?
This one will vary from individual to individual, but it holds just as true as the other questions here. Being fulfilled with your career goes a long way in deciding when to end it.
It means you quit on your own terms, with no regrets and a positive outlook for the rest of your life. So, when you’re thinking of retirement, determine whether you achieved what you set out to do.
In case you haven’t achieved it, find a way to accomplish your goals before they haunt you forever. In many cases, physicians do form attachments to the fulfillment of treating patients. The nature of this career is to nurture. It’s not always about the income.
And as for purpose, life will be a lot easier if you find one outside of medicine. There’s no defeating man’s search for meaning – incidentally, a book that has stayed with me for a long time – so retiring with some vague notion of what your life might be won’t do.
Find a solid purpose to look forward to; do you want to become a travel vlogger or write a travelogue? Will you be working on the next New York Times bestseller? Will you spend your weekend with children and grandchildren, take art classes, or teach a few classes at your local community college for a change?
7. Staying on call for the sake of a career?
Medicine is an often thankless career. We know this when we take our oaths, and when we step down.
The sacrifices and selflessness required from physicians are endless. It’s easy to get trapped in a cycle where others always come first, even at the detriment of your own health.
It helps to consider retirement as a gradual process rather than suddenly deciding not to work. Instead of going cold turkey, try to gradually reduce your hours and duties to prepare for a life outside of medicine full-time.
I know it’s tough for physicians with decades under their belts to suddenly put down the scalpels and stethoscopes. Your career is a massive part of your life, with a separate schedule, social circle, and responsibilities. It’s hard going from a hundred to zero after spending a decade or two working 80 to 100 hours.
But that’s the thing, right? You have to call it in at some point. You can’t stay on that day shift or be a regular on-call forever. And everyone will have different limits as to when that time will come.
So it’s better to ask yourself what feels like your finishing line and what aligns with your needs.
35 thoughts on “Tapping Out: When Should Physicians Retire?”
The number of physicians planning retirement has skyrocketed in recent years and one can read the studies for the varying reasons. How an MD decides to take down the diplomas is varied and personal, and I appreciate everyone’s story. From financial pressures to burn out to simply losing that fast ball energy needed to care for people properly. What we don’t have are clearly defined options that help MDs at the cusp of retirement to make a decision. Work vs stopping is not a choice. It’s too abrupt.
Transition to retirement, similar to the American College of Surgeons support of Transition to Practice (for graduating residents, which never took hold for various reasons), would be ideal in assisting a subset of physicians who want to slow down but not stop completely – and would require institutional support from medical groups, specialty clinics, medical centers and government programs like FQHC’s and the VA. It would also help alleviate the projected physician shortage in the next decade; at least to soften the impact.
I’ve retired three times. Finally am completely done and very happy and content with my direction. It took three tries. Not an easy thing for a surgeon, but life is fulfilling and rich when the transition goes well. We all have something to contribute and give back to our communities. It just works out better if it is on our time and our choice. That feels good.
better than tapping out I strongly recommend doing what I did. take an extended break in between in order to readjust expectations and perceptions and remodel one’s approach to both career and personal purpose. I took 2 years off after enduring two of my first two years in employment. completely changed course, designed and developed my ideal practice. am 55 now and can’t imagine retiring. the day I don’t feel fulfilled however I will not bat an eye.
I was forced to stop working at 55 due to a severe accident that caused temporary paralysis, and after partial recovery, chronic pain. The irony is that I had already been contemplating retiring early because I was seeing peers who had amazing retirement fantasies but never realized their dreams because of illness (their own or their spouses’) – cancer, Parkinson’s, Alzheimer’s, MS, etc. Waiting too long to retire, they never had the chance to live out their retirement dreams.
I loved my clinical work and treasured my relationships with my patients. However, I hated fighting with insurance companies and the growing burden of defensive medicine and the constant schlog of medical bureaucracy. Technical innovation didn’t save me time – it ended up increasing the time I had to spend answering patient emails, and completing daily tasks so had become so much more complicated.
When I couldn’t return to work because of lingering chronic pain, I dearly missed the contact with my patients. However, I when I realized that never again would I have to fight with insurance companies or ever fill out another drug prior authorization application, if I could stand, I would have jumped for joy.
For those who don’t have interests outside of medicine, I understand the decision to continue working into your late 60s or 70s, but personally, I had many other interests in life that I had dreamed of pursuing later in life – traveling; learning new languages; playing music; creating art; taking classes in history, architecture, or something else totally new; etc.
I will always treasure my relationships with my patients and the many years I spent taking care of them, but I had always envisioned another stage in life after medicine when I could pursue my other passions. I was fortunate that medicine provided me an income that would allow me to do this later in life. However, I waited a little too long, was just plain unlucky with my accident, or both.
I am young enough that my chronic pain and motor function may improve enough for me to pursue these things at some point. I know that if my health improves, I am definitely not returning to medicine. I will gratefully accept the gift of recovery and take the opportunity to do the other things in life I’ve always wanted to do after medicine.
I suppose my message is two-fold:
1) Medicine has become so non-patient centered and full of non-clinical crap that it is no longer the medicine that I originally signed up for; and
2) If you have other interests in addition to medicine, make sure to give yourself the gift of doing those things. If your medical work doesn’t allow you to do those things while practicing medicine, consider a timeline when you can do those things while you are young enough to do them. As we age, the likelihood that we will develop an illness or have an accident increases, while the likelihood we can pursue our non-medical dreams decreases with each year.
I’m a 76 y/o retired orthopod. I worked as an employed physician for over half of my career, and I agree that corporate healthcare sucks. I was fond of saying that less than half of what I got paid was for doing orthopedics, and the rest was for putting up with corporate bullshit. Despite that, I loved my job.
For most of it, I did general orthopedics (a little bit of everything), but for the final 5 years I did just orthopedic trauma. When you get older, sometimes you just have to find a need and fill it. I was on call around the clock, usually 7 days on, 7 off, etc., but I was doing something I was good at. I felt thrice blessed, because I made a decent living doing something I truly enjoyed, and I was able to make some people’s lives better. I kept it up until I physically couldn’t do it anymore, and I’m proud of that. Finally retired at age 73. I never got rich, and now my wife and I live modestly but relatively comfortably. We enjoy the important stuff, mainly children and grandchildren. When all is said and done, I’m a happy guy.
I hate that corporate medicine is here to stay, but to those of you still making a go of it, I salute you. If it was easy, anybody could do it. Don’t ever forget what drew you to medicine in the first place. I don’t know who first said this, but it’s good advice: Be yourself, because those who matter won’t mind, and those who mind don’t matter.
And screw the oligarchs. May they burn in hell.
With love and respect to all of you.
right on brother, very similar to my career course.
Interesting topic for sure. Lots of range and good incites reviewed. I am 62, Physiatrist, now moving down to 3 days per week after >20 years. Did the usual 18 or more hours / day for 12 years, then dropped to about 10-12 hours per day. Computer entry has certainly dramatically enhanced my Burn Out the past few years and despite AI I do not see that improving soon. Also, not touched on in the above comments is the RVU system. Although I have really enjoyed what I do, the RVU system has dramatically reduced the financial incentives, while leaving risks the same. I have resisted my Financial Advisors recommendation to Retire for the past 3 years as I have continued to cone in on just doing the things I enjoyed the most. But now seems the time to cut down. It is time to visit kids, now living far from home, rekindle old outdoors interests I put aside for my career and family, and for my wife and I to do more world travel. But quitting all at once seems to abrupt. So fading to fewer days per week seems right for me. Good Luck to everyone out there interested in this topic
This is the last time I will read anything from or on your website.
The advertising pop ups are so numerous and almost all with motion. As fast as I close one two more pop up.]
The annoyance supersedes any pleasure from reading this article. And, by the way, there is nothing new here.
Congratulations on the success of your website.
Goodbye.
I retired five years ago at 85, 55 years as a psychiatrist.
Over the years I was in private practice in a group in a metropolitan area, then 21 years as a county psychiatrist in a rural area followed by more years in private practice. over the last few years I gradually went from three days a week to two. i gave my patients a years notice before finally letting go.
I enjoyed every minute of it, including the calls at night and having to be available virtually all the time in area where the next psychiatrist was at least 150 miles away.
My intention in giving a year’s notice was to find a replacement, which did not happen.
At 70 I am in great physical condition and still working part time, but at my own pace, and I love it.
I am now structuring work around my private interests, travel and family events and no more of the oppressive schedules dictated by an institution. Being in control of my own time and live made all the difference – all “burn-out” melted away! I had officially retired at 65 from a terrible academic hamster wheel with 110 hour work weeks, total sleep deprivation and a misogynist chair.
If shift and part time jobs would have been available when I was young and first started my career, I would have never chosen a full time position ever.
Retired at age 62. Had been the only attending in a 6 bed Pediatric ICU, with only the occasioal moon-lighters for on call-relief. Had no fellows, ony scared PL2 and3s. If the phone didn’t ring 3 times after midnight, it was a good night’s sleep. Made sure the finances worked and left. Do miss the team I worked with – usually 4-7 at each bedside on morning rounds but otherwise have had a enjoyable retirement. Volunteer in several social agencies and have become a (somewhat) proficient weaver – placemats, napkins, dish towels. Now almost aged 90 with a satisfactory life.
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I absolutely loved my years as a doctor. But I planned early (high savings rate) to have an ‘exit plan’ should I stop loving what I was doing. Plus, I knew I was putting so many other interests on hold. I was a serious athlete, I always wanted to learn the guitar, I wanted to travel more and learn languages, read the books I put aside because I was reading medical literature (primarily), pursue gardening that involved growing most of our fruit and vegetables, spend more time with friends and family, etc. Being a doctor did not allow for true pursuit and enjoyment of most of these endeavours due to such little time. So, when I financially could retire, I did (after a year wind down). I did this at 54 and I don’t miss being a physician one bit 3 years later. I am proud of my career, no regrets. And, I was in a traditionally low-paying field of medicine – just worked hard, saved a lot, lived within my means. The toughest part since retiring is not filling my days, it is answering inquiries of ‘what do you do?’ to new people I meet and to those who have known me for years, ‘what is your purpose now?’ In a field of high-achievers, when is enough enough?
I am an orthopedic surgeon who dreaded being on call – I was getting short and belligerent to the ER and others calling me in the middle of the night. At age 58, in an arrangement to stop taking call(the hospital said in – not so many words -“no call, no surgery privileges), I stopped doing surgery and became a nonoperative orthopedist. I’m now 65 and I can see myself working ’til 70. The ‘soft landing ‘ I chose allowed me to take the weight off my shoulders(of call) and rekindled the joy of seeing patients (and not having to fit them into a too-busy surgical schedule). Yes, my income was cut by more than one-half, but the gain in well-being and the lengthening of my career more than compensated.
Thank you! Your words lifted a small burden from my soul- I to dreaded, hated, being on call. Since residency and being deprived-again – of desperately needed sleep by constant drivel of unnecessary interruptions, it has affected relationships, jobs, family, and my sense of freedom- I always felt I was immoral or lowlife for expressing – or thinking it- ( gee, kinda like taxes, now that I think about it-).
To hear- another physician (!) Say those things out loud– it is comforting to know there are at least two of us who felt strongly about this to make drastic career changes. I can add it to the hospital attendance “ritual” I agonized over for a long time with similar peer relationships, many years ago. I can better justify not feeling guilty that these activities are more “enjoyed” by others and I (should be) entitled to seek mutually beneficial alternatives without judgement. AND, I can remove another item from my list of mental afflictions!
Your retirement sounds exactly the way I envision mine!
Love Dr. Gunderson’s account! Retirement is far too “digital”. I quit at 55 (7 yrs ago) due to medical issues. I am working 4 jobs now, own two companies, review for a journal, mentor young surgeons, do medicolegal work, and run a startup… I have earned a digital degree for programming, taught at a medical school… etc. I feel more fulfilled than I ever did as an 85hr/wk neurosurgeon. We are doing a disservice to future generations of MDs by “tapping out”. Our clinical wisdom needs to be put to use. I see too many brilliant young physicians who are desperate for wisdom and unprepared to deal with the humanity and common sense of medicine.
I “retired” AT 64 1/2 but filled in for vacations for several years. I also did several medical missions to the third world which was a life long desire. I then worked with habitat for humanity and now work extensively with our local food bank and find it very fulfilling. People who are bored in retirement just aren’t being open minded to a new phase in life.
A rural 67 year old physician called April 1999, asked me the only other rural physician to take over his practice. He died 1 month later of colon cancer. Mayo’s had focused on his aortic aneurysm and bladder cancer. No colon screening was done. He never traveled, rounded 7 days/week. The rare time this physician was out of town to Mayo’s and the residency covered, the patients stalled until he returned and would only take his advice.
How in the world was this going to work out? The first visits were full of patient tears, they insisted to be seen monthly like they had with this physician when I had suggested 3 months.
2 visits later we were giving dates for return 6 then 8 then 10 then 12 weeks later. The tears had stopped, they started engaging in managing their health instead of waiting for their monthly visit to discuss with their previous physician.
What this taught me was it is ok to leave a practice, even abruptly. The patients might be tearful/needy but they move on eventually.
Spend time with families, friends, exercise, travel while you can, etc. A nurse once told me when you are in a nursing home, it is family that shows up, not patients
The statement “According to Forbes, around 75% of the healthcare workforce is going to retire by 2025” must be a misprint or we really are in big trouble.
I am 78 years old and still working. The fortunate thing is that I never considered it going to “work” because I love being a physician. Burn out has never been part of my vocabulary. I retired from an active family practice at 66 and started doing Locum Tenens in rural emergency rooms rekindling the excitement and reward of medical practice. Currently down to 4-6 twelve our shifts a month with very few night shifts I consider myself “semi-retired”. So as long as the mental and physical capacities remain I’m not sure when I will hang it up. Lessons learned after a long career have been to leave the doctor at the office door and when you get home just be Steve. Doctor is what I do and not who I am. Working once a week allows me to have a rich and meaningful life outside of medicine so I’ll probably not be retiring just yet.
Glad to hear from someone who feels just like me. Love what I do, never once did I feel “burnt out”. Find something you love doing and someone dumb enough to pay you for doing it….. wish you all the best.
Nice article….. so true we doctor slow down as a result of illness or trauma. For me at 57 yrs old it was a serious car accident and Covid 19. Chronic pain took me out of ambulatory family medicine and now I work part time in Telehealth. I also teach FM residents and PI in clinical research trials part time. The part time gives me flexibility and choice. I agree some of us cannot stop completely but we can slow down and choose to do the parts of medicine we really love.
Two weeks on and two weeks off is a nice way to slide into retirement. My radiologist brother did it for three years and I’m going on two years tentatively planning on next summer being totally done at 66. However, I do get bored the second week off and miss doing procedures.
I retired my full-time job just before 66. My part-time job just before 70, when the hospital starting playing around with our malpractice insurance and then pay. I have had an opportunity to do various other things of interest, real estate, tutoring, math courses, paint furniture, etc. Today at 76, I have a small business helping people who lost their houses to auction, foreclosure, tax sales. I am still a real estate investor currently looking into building small houses. I never looked back!
I retired from full time work as an Orthopedist at 62 because being up all night when on ER call once a week was not sustainable. I worked part time for an additional 5 years. I loved my job but have never regretted slowing down and getting off that “train”. retiring at age 67 allowed me to take care of my ailing wife, spend time with my grand kids, play golf and rekindle my music career. Don’t wait too long!
I stopped practicing at 75. While I could have gone on longer at a reduced work week, I thought it wise to give myself some time to figure out who I was outside the mantle of medical responsibility and concern.
Hallelujah! I’m just a person again.
Great article. It would be great to talk about physicians having their career as their identity. If I am not a doctor who am I? That also delays retirement. The same thing happens with professional athletes and politicians. Also is some other professions like law .
I am 75 and still working. Fairly early in my career I attended a multi-year program to become proficient in medical management while at the same time practicing full-time as the chairman of anesthesiology at a large medical center and an participating as part of the governing body of a large anesthesia practice.
Continuing my education provided me with the background to help design and build a freestanding ambulatory surgery center in our community. I transitioned from the hospital setting to the ASC environment and continued to utilize my medical management knowledge to assume the medical director role at the ASC and eventually become the CEO/Administrator. Over time I began phasing out my clinical duties and transitioned 100% to administration.
Our surgery center was eventually purchased by the medical center where I previously was chairman of anesthesia. At age 75 I am currently working part-time to turnover risk management, quality improvement, management of our bundled payment program and other duties to the younger management team at the surgery center.
A physician who works to keep all options open and is able to take advantage of the educational opportunities out there, can work and enjoy a very long, extended and extremely enjoyable career path without burning out. I never forgot the advise from Dr. John Tinker, chairman of anesthesiology at the University of Iowa, who told all graduating residents to become involved when you leave the training program and be a valuable addition in the community when you leave the university. I found his advice to be invaluable.
Hi Dr Gunderson. I’m a retired anesthesiologist. 36 year career. Started at the ripe old age of 29 and retired at 65 1/2. Administrative work is an extremely valuable role for anesthesiologists in “after 65 years” and should be encouraged because (nearly) all of us accumulate a wealth of “wisdom” about the surgical arena during our “operating room” years. HOWEVER, I was disappointed that NONE of the comments about this article talked about the elephant in the room — diminished clinical performance! During my practicing years I can think of only 6 anesthesiologists who practiced “hands-on” anesthesia past the age of 68. Every single one of them demonstrated markedly diminished clinical performance, to the point that surgeons began scheduling “around” them, and two of them were given an ultimatum: “Retire or we will revoke your hospital privileges”. Anesthesia practice is unique, because it all happens in “real time”. There are no 70 year old military fighter pilots and 70 year old practicing anesthesiologists should be a rarity. We would be wise to adopt the show business mantra “always leave the stage while the audience is still applauding”. I did. (and I still get a massive wave of nostalgia every time I walk into a hospital). Ray Fowler MD.
I’ll work until my skills start to deteriorate, or when I’m 81.5, whichever comes first. Then I’ll expand my stringed instrument-making hobby, and travel more.
I just turned 65. I’m about to slow down from every day with call duties to every other week. The fidelity roboadvisor says at my current “burn” rate I can afford to retire. What keeps me going are the stats that say people die when they retire. Can anyone shed some light on that one?
I tapped out 2 months short of 65 because I was so tired that I was afraid I would make a mistake and hurt someone. I loved what I did, would have paid them to do it AND to my great surprise have not missed it one bit. There is so much to do that my days are full. I am blessed.
It can be a vastly different answer for many. At 75 I am stopping surgery and night call next month . I am still teaching and will focus on menopause and obesity; working part time for the next few years. I am fortunate to still love medicine but will continue to wind down over the next few years. The reduced workload will allow me more time to enjoy my other passions-travel, music, golf and my horse.
Great thoughts, thanks. Amazing you were able to practice for such a long time Dr. Gurdian!
Excellent article. Some great considerations
Terrific article. Colleagues and I have written an article in Education for Health in 2023 outlining similar issues for those in academic medicine (Greenberg et al) and imploring leadership to encourage research to develop a model for retirement