Retirement plans vary by physician specialty, according to MDLinx survey results

Previously, MDLinxconducted a physician survey on retirement, and reported that overall, most physician respondents had no desire to retire between the ages of 65 and 70 years (34.7%), and that the factors most likely to influence physicians’ desire to retire included too much paperwork and regulatory problems, financial security, health and family issues, and the requirement for too much CME and recertification.

MDLinx editors sought to break these results down by specialty, to get a clearer picture of the various groups of physicians and their plans and reasons for retirement. We found that although most physicians who responded were older, and in practice for over 25 years, retirement plans also varied by specialty, as did the reasons for retirement that were most important.

For example, most dermatologists did not plan on retiring between 65 and 70 years of age, while most nephrologists and rheumatologists did not plan on retiring at all. We broke down the results for you here:

Dermatologists: Among dermatologists (n=8), a full 87.5% had been in practice for more than 25 years, and 50.0% were aged 56 to 70 years. The majority (62.5%) reported that they did not plan to retire between the ages of 65 and 70 years, followed by 25% who said they did plan on retiring, and 12.5% who planned to retire before 65 years of age.

The reason for retirement cited by the most dermatologists (75.0%) was that they were tired of the paperwork and political, regulatory, and insurance situations. Health or family issues were cited by the remaining 12.5%, and financial security/no need to work by 12.5%.

Oncologists: Of the seven responding oncologists, 71.4% were aged 56 to 70 years, and 87.5% had been in practice over 25 years. Fifty percent reported that their retirement at age 65 to 70 years depended on circumstances, while 16.7% planned to retire at this time, 16.7% planned to retire before 65 years of age, and 16.7% had no plans to retire. Responses were split regarding the reason for retiring at this age, with 42.9% citing that they were tired of the paperwork and political, regulatory, and insurance situations; and 42.9% cited financial security. Finally, 14.3% reported that health or family issues would make them consider retirement at this age.

Ophthalmologists: Among the 15 respondents who were ophthalmologists, 73.3% were aged 56 to 70 years, and 86.7% had been in practice for over 25 years. In all, 33.3% intend to retire between 65 and 70 years old, 26.7% do not, 20.0% reported that it would depend on their circumstances at the time, and 20.0% reported that they planned to retire before the age of 65 years.

Reasons cited by ophthalmologists for retirement included being tired of paperwork and political, regulatory, and insurance situations (33.3%), followed by 46.7% who were financially secure and don’t need to work, 13.5% reported health or family issues, and 6.7% said they would never retire because they love their work.

Pediatricians: Of the 32 pediatrician responders, the majority (56.3%) were aged 56 to 70 years, with 78.1% being in practice over 25 years. A total of 34.4% planned to retire between 65 to 70 years, followed by 34.4% who did not, 18.8% before 65 years, and 12.5% maybe, depending on circumstances.

Most (37.5%) cited being tired of paperwork, political regulatory, and insurance situations as their reason for retirement; 31.3% cited financial security, 15.6% health or family issues, 12.5% said they would never retire, and 3.1% cited too much CME and recertification requirements to stay at the top of their field.

Obstetricians/Gynecologists: Of the 21 respondents specializing in Ob/Gyn, 66.7% were aged 56 to 70 years, and 85.7% had been in practice over 25 years. Respondents were squarely divided into four equal factions regarding their plans to retire: 25.0% reported that they want to retire between 65 and 70 years, 25% want to retire before 65 years, 25.0% said retirement will depend on their circumstances, and 25.0% did not want to retire.

Again, most (40.0%) were tired of the paperwork and political, regulatory, insurance situation, 30.0% cited financial stability, and 15.0% health or family issues as their reason for retirement. Also, 15.0% reported that they would never retire because they love their work.

Pulmonologists: Of the four pulmonologists who responded, 50% were aged 56 to 70 years, and all (100%) had been in practice for more than 25 years. In all, 50% planned to retire between 65 and 70 years, 25% did not plan to retire, and 25% responded “maybe,” depending on the circumstances. Reasons for retirement were evenly divided between being tired of paperwork and political, regulatory and insurance situation; health or family issues, too much CME and recertification required, an; and financial security, at 25% each.

Gastroenterologists: Of the three gastroenterologists who responded, all were aged 56 to 70 years, and 50% had been in practice for 25 years. One (33.3%) plan to retire between 65 and 70 years, one (33.3%) did not ever plan to retire, and one (33.3%) may retire then depending on the circumstances. Two of the three physicians (66.7%) were tired of the paperwork and the political regulatory insurance situations, and one reported no plans to ever retire.

Allergists: Among the four allergist respondents, only 25% were aged 56 to 70 years, unlike the rest of the specialties, and 50% were aged 41 to 55 years. One-half (50%) had been in practice for over 25 years. Three (75.0%) plan to retire between 65 and 70 years, while the remaining one (25%) does not plan to retire. Surprisingly, 100% of them cited that their reason for retirement was because they were tired of the paperwork and political, regulatory, and insurance situations.

Nephrologists: In all, 75% of the eight nephrologists were aged 55 to 70 years, and 42.9% did not plan to retire between the ages of 65 and 70 years, followed by 28.6% who did, 14.3% who may depending on the circumstances, and 14.3% who plan to retire before 65 years. A full 87.5% were in practice for over 25 years, and most (37.5%) reported that health or family issues are the reasons for seeking retirement, followed by 25.0% who cited that they were dissatisfied with the demand, paperwork and the political, regulatory, insurance situations, and 12.5% that they were financially secure and didn’t need to work. Finally, 25.0% reported that they do not plan on ever retiring.

Rheumatologists: Of the seven rheumatologists who responded, 71.4% were aged 56 to 70 years, and 71.4% had been in practice for over 25 years. Most were not sure whether they would retire (42.9%), depending on circumstances, while the remainder were evenly split between retiring (28.6%) and not retiring (28.6%). Most (57.1%) reported health or family issues as the reason to consider retirement, 28.6% cited paperwork, and 14.3% mentioned financial security.