Being a doctor is more than just a career, it’s a lifestyle. When you’ve been in a routine for 20, 30, sometimes even 40 years, it’s only natural that your work becomes a large part of who you are — your meaning and purpose in life. Research shows that 30 percent of doctors are 60 years old or over, with the average age of a practicing physician being 51 as of 2020. While the 60-year mark is often a benchmark for retirement for many, that’s not the case when it comes to physicians, partially because they start their careers later than the average working professional, but also because disassociating themselves from a long, rewarding career can cause a serious identity crisis.

 

 

Because of this, the thought of retirement can feel overwhelming and daunting, rather than exciting and liberating. Retirement is a major life transition that comes with drastic changes, both emotionally and financially. So how do you know when it’s the right time to retire, and how can you best prepare yourself for the next chapter?

Research shows that people tend to base their retirement plans around their finances, rather than their psychological state. It all boils down to making sure you are financially secure enough to forego a steady paycheck, while still being able to live a comfortable, fulfilling life. But many people who base their decision to retire solely on their financial stability, find that when the time comes, they end up feeling bored, lonely, and without a purpose. Working with a financial advisor can help you prepare for your retirement well ahead of time, by devising an effective retirement plan based on your long-term goals. With that taken care of, you can eliminate the financial factor from the decision-making process, so you can focus on the timing that feels right for you, without a financial burden in the back of your mind.

Money aside, there are many other factors that should be taken into consideration when timing your retirement. For many, it’s centered around their family life — spending more time with grandchildren or loved ones. For most, they want to retire while they are still healthy and mobile so that they are able to pursue activities and dreams they were unable to commit to during their career. Maybe it’s time to move to your favourite golf course in Florida or travel the world.

The reality is, there’s no one-size-fits-all solution when it comes to saying goodbye to a career you love. In fact, many physicians continue to pursue medicine after retirement, in a new capacity such as volunteering, teaching, and consulting. It’s important to know that retirement doesn’t have to mean closing the door on a huge chapter of your life. Keep your options open, listen to your mind and body, and most importantly, work with your team to get your finances in order so they don’t have an influence on this life-altering decision.

Need more advice on planning your retirement plan? Contact one of our experts here.

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest.