What are your retirement plans? MDLinx readers respond to survey

Retirement planning for physicians is an intensely personal decision, and depends greatly on a variety of factors. According to a recent survey conducted by MDLinx, however, a significant number of physicians have no desire to retire between the ages of 65 and 70 years, and those who do will continue to work in some capacity.

First, here’s a little background on the physicians who responded. The majority (65.5%) were aged 56 to 70 years, followed by 22.7% who were ≥ 71 years, 9.0% aged 41 to 55 years, and 2.7% aged 23 to 40 years. In addition, most had been in practice for over 25 years (82.3%), with 14.2% practicing for 11 to 25 years, and 3.5% who have been in practice for less than 10 years.

Reasons for becoming a physician ranged from a love of helping people to continuing a family tradition. Most respondents (41.3%) reported that the reason for becoming a physician was ”I love the feeling of helping and influencing people,” followed by:

• 32.1% responding, “I love science and how it can be applied to the human condition;
• 10.3% with “A life experience led me to medicine;”
• 9.1%, “It is a secure profession and provides a good living;” and
• 7.1%, “I come from a family of doctors. I never considered anything else.”

When queried as to whether they intend to retire between the ages of 65 and 70 years, the majority of respondents (34.7%) said “no,” followed closely by 30.6% who said “yes,” with 17.7% responding that they would retire before 65, and 16.9% “maybe, depends on my circumstances.”

Several comments came from physicians who had retired, but continued working in some capacity:

• “I did retire at age 67. However, I then served as CMO of a medical center for 6 years.”
• “I retired at 65 but continued part time per diem. I have worked at the same hospital for
• 44 years.”
• “Partially. Will retire from the paid job but will remain in private practice.”
• “I worked full time until 68. Now 72 I still miss working. Have gone back several times to fill in at last job. I feel I can still do general pulmonary but no interest in Critical Care.”
• “I'm retired as far as actual medical practice is concerned. However, I'm into educating laypersons and medical students/residents and keep myself updated on medical and surgical advances. Of course, internet is a great help in my endeavors. I hope to subscribe to MDLinx as long as I could! I've written a book soon after I retired with the help of available medical literature from internet to help doctors in training and those who needed education in a field that's new to countries in Asia.”
• “I would like to do something on a less intensive basis for the next few years. Urgent cares that I investigated want to overwork and underpay. Would like telemedicine but better pay.”
• “Am now 92 and still working part time. Some medical specialties (such as mine: psychiatry and psychoanalysis) are more readily continued in later life than others (surgery).”
• “If I'm healthy I would enjoy working past 70 with a minimal amount of clinic time, and switch my time towards researching.”
• “Work is my main social interaction at this time and I have transitioned to a much less physically taxing job.”
• "Retired 3 months now; will continue part time volunteer as well as pursuing some hobbies, travel, and spending more time with family and friends. There was no option at full time job to cut hours either you work or leave. I worked 35 years for NYCHHC."

Factors that could influence the consideration of retirement included too much paperwork and regulatory problems (39.40%), financial security (27.1%), health and family issues (20.3%), and too much CME and recertification required (1.6%).

Comments varied among respondents, with many focused on their health:

• “After 42 years of practicing medicine with rarely more than a day or two away from work, I found myself ill/unable to work; after 5 months away, I am back to work - happy as can be - but working part-time as I recover fully; I love what I do and want to consider working until I can no longer; money is not an issue.”
• “I did just retire at 78 years of age. Stopped seeing patients and went into management at 71 years because of concerns with cognition related to patient care. Mental function still basically good, but not as good as it was.”
• “I will consider retiring when my mind and body can no longer do justice to my work.”
• “I may retire this year as I feel I am losing my edge.”
• “Health issues will likely be the determining factor.”
• “Health or family issues might force me to change my mind. But my immediate boss is 90.”

Finally, a significant percentage (10.4%) responded that they will never retire:

• "I continued working for these reasons: To keep active. To help out in time of need. To earn a little money on the side. To keep abreast of what is happening in the hospital. My wife wants me out of the house."
• "Whenever I have good days, I don't see a real reason to retire. CME is not a problem, Actually, I enjoy learning (I am a lifelong student)."
• "I want to continue to work, but part-time and on my own terms, which may not be possible. If not, I would be forced to retire, since I do not think I could continue to withstand the pressure and downsides of the work environment ("it goes with the territory" model of practice)."
• I am fortunately in the situation that I could retire at any time. I will continue until the government makes it so I can no longer make a profit or they make it too miserable to continue."
• "Will work until I die."
• "I am currently 81 and working."

These results highlight the many different factors that come into play as physicians consider or implement their retirement. Paperwork, regulatory requirements, and financial stability were the most important factors, but age, health, and CME requirements also played a role, according to the respondents of this survey.