Retirement planning for late-peaking oncology earners
Industry Buzz
The biggest ‘don’t’ is lifestyle inflation. When income increases rapidly, it is easy to scale spending to match it. Over time, that can make even very high earners feel financially constrained later in their careers.
—Amar Rewari, MD, MBA
Deciding when to retire can be challenging.
For oncologists, who may reach peak earning potential later in their careers, experts say it’s never too early to start making a financial plan.
“One of the unique features of oncology is that income often rises later in a physician’s career as they become partners, take on leadership roles, or develop subspecialty expertise,” says Amar Rewari, MD, Chief of Radiation Oncology at Luminis Health and an assistant professor at the Johns Hopkins University School of Medicine.
“Because of that trajectory, oncologists should focus on consistency rather than trying to time their peak earning years. What I often tell younger physicians is that the most important step is saving early and steadily, even during training and the early attending years, when income feels tight relative to debt," he says.
Dr. Rewari adds that physicians should prioritize the following: contribute the annual maximum to tax-advantaged retirement accounts; build diversified investments outside retirement funds; and avoid dramatically expanding lifestyle as income increases (aka, lifestyle creep). "The biggest mistake many high-income professionals make is assuming they will ‘catch up later.’ Even for physicians, time in the market matters more than peak income,” he says.
When are your peers planning to retire?
Medscape’s Oncologists and Retirement Report 2025 (which includes the most recently available data) found that 35% of surveyed oncologists planned to retire from medicine in their mid- to late 60s.[]
Dr. Rewari, who is also a former investment banker, says the best thing physicians can do is establish a savings plan early in their careers and diversify their assets.
“The biggest ‘do’ is to start early and automate saving. In my experience, physicians often delay financial planning while paying down loans or building a practice, but compounding works best over long periods. Another important step is diversification. Many physicians are heavily concentrated in their employer retirement plans or practice equity, so building assets outside of those structures helps protect against career or reimbursement changes,” he says.
“The biggest ‘don’t’ is lifestyle inflation. When income increases rapidly, it is easy to scale spending to match it. Over time, that can make even very high earners feel financially constrained later in their careers,” Dr. Rewari adds.
Finances are only one consideration
Medscape data show that 60% of surveyed oncologists expect to reach their target savings by retirement.[]But 62% of respondents reported feeling they still have more to contribute as a physician and hope to continue practicing until their mid-60s.
“Retirement decisions in oncology are rarely purely financial. Many physicians continue practicing longer because they find meaning in patient care, mentoring younger physicians, and contributing to their communities. Financially, physicians should consider the stability of their income sources, their retirement savings trajectory, potential healthcare costs, and whether they have ownership stakes in a practice that affect their exit timeline,” Dr. Rewari says.
Related: The financial reality of owning a private practice: What docs wish they knew before going independent“From a personal perspective, they should also think about how they want to spend their time after clinical work. In my experience, physicians who plan meaningful activities beyond medicine tend to transition more comfortably into retirement,” he adds.
Smart retirement strategies for oncologists:
Start saving early and stay consistent. Compounding over time has a greater impact than trying to maximize savings during peak earning years.
Don’t rely on late-career income. Higher earnings later in oncology careers can’t fully make up for delayed financial planning.
Avoid lifestyle inflation. Letting spending rise with income can undermine long-term financial security.