What are the Top Considerations for Physicians Thinking about Retirement?
Retirement can and should be a rich, joyful time in your life. Preparing for it wisely can help ensure the financial security needed to get the most out of this phase of life. AMA Insurance conducted research to learn how physicians prepare for this transition. The results might surprise you.
When the times comes to think about retirement, many physicians are reluctant to leave their careers behind. Some ease into retirement by finding part time of volunteer work, while others quit their professions entirely. Either way, preparation is key to successfully managing the transition to a retirement filled with family, relaxation, and meaningful experiences.
Here are some facts that illuminate the journey into retirement.
When do physicians retire?
Most physicians (60%) retire sometime between 60 – 70 years of age. Just 12% retire before 60, and 14% after 75. Some physicians in their 60s choose to work full time for another decade, but the AMA Insurance research suggests they should consider scaling down on their careers. Physicians who retire between 60-65 are most likely to be satisfied, and most likely to be ahead of schedule financially.
Do physicians work with a financial advisor?
Most physicians (72%) work with a financial advisor, and the research shows that working with an advisor can lead to a higher level of satisfaction in retirement. Even if you aren’t currently meeting with a financial advisor, investing some of your own time into learning about personal finance can deliver results in creating a more satisfactory retirement.
AMA Insurance is committed to providing physicians with the tools and resources needed to plan their retirement with financial stability. More than 1,000 retirees shared their advice for their colleagues still in practice in the AMA Insurance Report. You can download it here.
To read the full article and see the infographic, visit the AMA Career Development page.