| Today about half of practicing physicians are age 55 or older. In the aftermath of COVID, many are asking, “When will I retire?”
Here are some key findings from the most recent Medscape Retirement Survey. You can sign up for a free Medscape account and view the full report.
- About 2 of 3 surveyed physician expect or hope to retire by their mid to late 60’s.
- Physicians in their 40’s hope to retire in their 50’s and early 60’s
- Physicians project that they will need $3.5 to $4.1 million for a comfortable retirement. (Average Americans think they need $1.3M.)
- Surveyed physicians report that have funded about 80% of their retirement.
- Male physicians are about 83% of the way to their goal of $4.1M; female physicians are about 61% of the way to their goal of $3.6M.
- Fifty five percent of physicians told Medscape that they pay for retirement planning services.
- Eighty percent of physicians who have an ownership stake in the practice did not factor in the proceeds from the sale of their practice equity in their progress towards their retirement..
- About half of physicians plan to draw social security benefits at 70.
- Three out of four doctors say that burnout plays the biggest role on their projected retirement age.
- Most physicians will retire in stages, with many expecting to work part time before full retirement.
- Two out of three physicians are confident that life in retirement will be rewarding.
- A minority of physicians plan to downsize their home or move to a new area in retirement.
- Physicians plan to spend time and money in retirement traveling (84%) and engaging in leisure activities (78%)
You can share the results of this survey with your physician prospects and clients. Here’s the conversation you might have. “According to the survey, most physicians plan to retire in stages, first cutting back to part time and then several years moving to full time retirement. How about you, Doctor? Where do you stand as compared to your colleagues?”
Hope that’s helpful! |
