The physician retirement timeline you never learned in training: What to do 10, 5, and 1 year out (and today)
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In our profession, where our expertise, duty, caring, and much hard work are expected and a part of our culture, ‘retirement’ sometimes has a negative connotation: the end of something meaningful and important, physical and mental aging, and [something] not universally considered a positive change.
—Jan Carney, MD, MPH, MACP, FRCP
Are you ready for retirement? Whether you’re mere months from retirement or a decade away, it pays to have a plan.
Younger physicians, take note: Even if retirement feels impossibly far away, some of the decisions that shape it (how much you save, what kind of career you build, and how financially dependent you become on practicing medicine) are being made much earlier than you may realize. Retirement planning can help build the flexibility to practice medicine on your own terms.
Here’s a roadmap of steps you can take at 10 years, 5 years, 1 year, and months out from retirement.
10 years until retirement
A decade out from retirement is a good time to assess where you are now and where you want to be.
Related: You’ll need this much money to retire“Ask yourself some questions. Look at your finances and trajectory. Are you considering possible future long-term care needs? Consider any debt you currently have and your plan for it," Jan Carney, MD, MPH, MACP, FRCP, president of the American College of Physicians, tells MDLinx. "Are you thinking about relocating geographically? Do you have interests outside of your work that you want to develop further? How about spending more time with social connections, whether family or friends?"
It is essential to make sure, at this point, that you are doing everything to promote your own physical and mental health and wellness, both in terms of clinical prevention (yes, for yourself), fitness, strength training, social connections, and more.
—Jan Carney, MD, MPH, MACP, FRCP, president of the American College of Physicians
She also adds that this is the time to directly confront the "dreaded R-word."
"In our profession, where our expertise, duty, caring, and much hard work are expected and a part of our culture, ‘retirement’ sometimes has a negative connotation: The end of something meaningful and important, physical and mental aging, and [something] not universally considered a positive change,” she says. “My suggestion is to think about this differently. Figure out … how you want to visualize your own career and life going forward—and future possibilities—in a positive, affirmative, and forward-thinking way. Think of this change as a process, and as an opportunity to do something you have previously wanted to [do] that is important to you."
For those who find that medicine takes up a large portion of their time, now can be a great time to develop interests outside of work.
“This is the time to start imagining retirement rather than simply calculating it. Certainly review savings, debt, insurance, and long-term financial goals with appropriate financial professionals. But also begin asking what you want your life to contain when medicine occupies less of it. Developing interests, relationships, and activities outside of work well before retirement can make the eventual transition much easier,” Amar Rewari, MD, chief of radiation oncology at Luminis Health and adjunct assistant professor at Johns Hopkins School of Medicine, tells MDLinx.
5 years until retirement
With 5 years to go until your planned retirement, it’s time to start making more firm plans.
“The plan should become more concrete. Think about whether you want a gradual reduction in clinical work, a leadership or teaching role, locum work, consulting, or a defined retirement date," Dr. Rewari says. "Professionally, this is also an opportunity to think about succession planning and mentorship,” Dr. Rewari says.
There can be tremendous satisfaction in intentionally preparing the next generation rather than simply walking away one day.
—Amar Rewari, MD
1 year until retirement
With 12 months until retirement, it’s time to start homing in on the finer details and get organized.
“Now the practical details matter. Physicians should work with their employer or practice on notice requirements, patient transitions, malpractice and tail coverage (when applicable), benefits, licensing, credentialing, and any ongoing professional responsibilities," Dr. Rewari says. "This is also a good time to deliberately start putting the structure of your post-retirement life onto the calendar rather than assuming it will naturally develop."
Related: 7 physician retirement myths, debunkedThe final months
The final months leading up to retirement can be busy, but remember to take time to appropriately acknowledge this milestone.
“Focus on closure and transition. Make sure patients and colleagues know how care and responsibilities will be transferred. Finish outstanding professional commitments. At the same time, give yourself permission to acknowledge the significance of the transition. Leaving a career after decades of practice is a major life event, even when it is completely voluntary and something you are excited about,” Dr. Rewari says.
For some, this may include a big celebration. For others, this may mark a period of personal reflection before taking the leap into what comes next.
“Plan a celebration that is right for you," Dr. Carney says. "Take a moment to consider what you are celebrating. There is much for physicians to be proud of, as our professional role is unique. Consider the history and ethics of our learned profession. Embrace what you have done to help patients, contribute in service to others and society, mentor students and/or colleagues, contribute to science and practice, or other aspects of your current work that you have (likely) taken for granted."
“Take a moment here to stop, reflect on the present, and continue to visualize future opportunities, whether professional, personal, or a combination. Then, do something that you have been looking forward to for the last 10 years,” Dr. Carney adds.