Are you 40-60 years old and you want to retire from medicine in 10 years?

If so, you are on the same page as ~40% of US physicians recently surveyed.

Here are some of the survey results:

When Physicians Aim To Retire From Medicine.

43% of physicians between the ages of 40-49y plan to retire in their 50’s.

41% of physicians between the ages of 50-59y plan to retire in their early 60’s.

Top Reasons Why Doctors Want To Retire At Their Targeted Age.

74% burnout from medicine.
68% expect to have enough saved to live comfortably.
61% would have time to pursue personal passions.
45% family deserves more of my time.

Top Reasons Physicians Want To Continue Working In Medicine Until Their Late 60’s.

63% have more to contribute as a physician.
35% medicine is my passion.
31% medicine is my identity.
36% don’t expect to have enough saved to retire earlier.

Demographic Characteristics Of The 1017 Physician Respondents.

Sex: 60% men.
Age: 16% 40-49y; 19% 50-59y; 36% 60-69y.
29+ different specialties.

If you want to retire 10 years from now, are you on track to making that a reality?

I’m not a retirement advisor, but the physicians I know who retire when they want to, do a few smart things in the decade preceding their retirement.

Here are 3 of those things.

1. Get a crystal-clear picture of your current financial situation.

What is your annual income, expenses, and savings rate?

What are your assets and liabilities?

Are you maximizing your retirement contributions?

Is your investment strategy aligned with your goals?

(Consider consulting a wealth advisor to review your investment strategy based on your risk tolerance and time horizon.)

2. Set retirement goals.

What’s your ideal retirement lifestyle?

What’s an estimate of the annual expenses to support it?

(Some expenses might increase during retirement (for example, healthcare and travel). Other expenses might decrease (for example, housing and taxes).

3. Evaluate your career longevity.

Do you want to continue to work full-time for the next 10 years, or do you plan to go part-time at some point?

Do you have a side-gig?

(Consider exploring opportunities for a side-gig to provide extra income and even continue beyond retirement.)

I would love to hear from you!

Are you planning to retire from clinical medicine in 10 years?

What are you doing to stay on track?