Articles related to RETIREMENT

The pandemic has caused doctors stress, financial loss, and other issues, (approximately 8% of doctors (representing about 16,000 practices) closed their doors in 2020), but physician dissatisfaction with the profession has been an issue for years. According to a 2018 survey, 54% of those polled were thinking about retiring in the next five years (including 30% of those under 50). Why? What are the primary reasons that so many doctors want to retire?

From the American Red Cross to volunteering overseas, there are plenty of feel-good “enlistments” out there for the practicing or retired physician, which can help ward off boredom and burnout while adding the benefit of perhaps learning a new skill or meeting new people. Whether your goals are short-term or you’re in for the long haul, here are nine opportunities to help humanity and feel good about the part you’re playing in the world.

Only about half of doctors in America identify themselves as “millionaires.” Like the rest of us, many physicians need to invest their money to grow it and build a retirement fund. And, increasingly, doctors are following the lead of the super-rich and investing in art. One-percenters are increasingly putting their money into art, which offers superior returns to the stock market averages with less risk and stress. Over time, the price of art tends to move in one direction — upwards — whereas stock prices can gyrate wildly and are prone to extreme volatility.

Your identity as a physician is tough to get away from when you step away from the profession. Still, retirement is a unique opportunity that can take you in a completely different direction or provide new opportunities in medicine. From part-time locum tenens work to medical editing or writing, here are some ideas if you’re thinking about how you can still contribute to the profession after retirement.

In this KevinMD.com podcast/article, the nurse practitioner sums up their current feelings in the last words of the piece: “If I leave now, I still deal with this for months, plus all of my patient’s grief and feelings of betrayal. If I stay, maybe it will get better. It could hardly get worse. But in the end, I don’t want to lose myself either, and at some point, there has to be a line that is too far. It is just hard to know what that is anymore.”

Saving for retirement can be overwhelming with so many individual factors at play. You’ve worked hard your whole life, so why can’t you enjoy the fruits of your labor when you’re finished practicing? This article presents many things to consider when planning your financial future and details some benchmarks and metrics that will help you get on track to enjoy the golden years without worry.