Physicians are far more likely to seek to delay retirement, and continue to work during their retirement years, according to a new study.1 Physicians plan to retire five years later than most - at age 68, compared with the national average retirement age of 63.
The majority of physicians say they want to continue working for the fulfillment they get from their careers, rather than the money. The top three reasons physicians say they want to work in later life include enjoying their medical practice (58%), the social aspects of their work (56%), and a desire to maintain their existing lifestyle (50%).
Many see age and experience as an asset in their field, rather than a liability. Almost all older physicians say they offer significant knowledge and experience for their patients and the medical field. 91% say they are very important to their patients and community, and 89% say they are highly competitive in the healthcare field.
Moreover, for physicians, retirement often does not mean the end of work. Half (51%) of surveyed physicians plan to continue working at least part-time after they retire.
Though 34% reported that they wished they had begun saving for retirement earlier, most physicians reported that they were financially prepared for retirement. 70% reported that they invested through employer retirements plans, such as 401(k)s or pension plans, and 62% reported working with a personal financial advisor.
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1. CompHealth, "Physicians Views on Retirement"
This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.