Did you know most physicians retire after age 65? According to 2021 data from the Center for Retirement Research at Boston College, the average retirement age for men is 65, and for women, it is 62. Based on survey data from the AMA Insurance Agency Inc., 58% of physicians retire after age 65.
Why do physicians retire later? How does retirement age differ by medical specialty? We’re taking a look at these questions and more below.
What factors influence physician retirement age?
Physician retirement age is influenced by a multitude of factors, including:
Personal preferences and lifestyle choices – For many physicians, the decision to retire is intertwined with their values and desired lifestyle. Factors such as work-life balance, family obligations, and the pursuit of hobbies play a significant role in determining the timing of retirement.
Financial considerations and retirement savings – Physicians often assess their financial preparedness, including debt burden, investments, and retirement plans, to determine when they can comfortably retire. Pension plans, retirement benefits, and social security also factor into this equation, shaping retirement decisions.
Physical and mental health – The demanding nature of the profession, coupled with occupational hazards and stress, can impact both physical and mental well-being. Burnout, in particular, has emerged as a significant concern for physicians. Additionally, cognitive decline, depression, and anxiety may influence retirement planning, as physicians consider their ability to continue practicing safely and effectively.
Changing healthcare landscape and technological advancements – Physicians must adapt to evolving healthcare practices and technological innovations, such as electronic health records and telemedicine. Staying updated with medical advancements may be a consideration for some physicians, influencing their decision to retire or continue practicing.
When do physicians aim to retire?
Medscape asked physicians when they aim to retire from medicine. Almost two-thirds of physicians aimed to retire by their mid- to late 60s. Male doctors were more likely to plan to practice into their 70s (31%), when compared to female doctors (15%).
Physician retirement age by specialty
According to data from the Association of American Medical Colleges, the specialties with the highest percentages of physicians over age 55 were pulmonary disease, preventive medicine, anatomic/clinical pathology, and cardiovascular disease. Those with the lowest percentages of physicians over 55 were sports medicine, pediatric anesthesiology, interventional cardiology, and internal medicine/pediatrics.
| Specialty | Share of active physicians younger than 55 | Share of active physicians 55 and older |
|---|---|---|
| All Specialties | 53.3% | 46.7% |
| Pulmonary Disease | 7.6% | 92.4% |
| Preventive Medicine | 28.6% | 71.4% |
| Anatomic/Clinical Pathology | 29.1% | 70.9% |
| Cardiovascular Disease | 35.1% | 64.9% |
| Thoracic Surgery | 37.3% | 62.7% |
| Psychiatry | 38.4% | 61.6% |
| Orthopedic Surgery | 39.4% | 60.6% |
| Neurology | 40.7% | 59.3% |
| Plastic Surgery | 43.0% | 57.0% |
| Anesthesiology | 43.1% | 56.9% |
| Radiology & Diagnostic Radiology | 43.6% | 56.4% |
| Ophthalmology | 46.4% | 53.6% |
| Urology | 46.7% | 53.3% |
| Physical Medicine and Rehabilitation | 48.1% | 51.9% |
| General Surgery | 49.0% | 51.0% |
| Gastroenterology | 49.2% | 50.8% |
| Otolaryngology | 49.2% | 50.8% |
| Allergy and Immunology | 49.4% | 50.6% |
| Family Medicine/General Practice | 51.0% | 49.0% |
| Neurological Surgery | 51.0% | 49.0% |
| Internal Medicine | 51.2% | 48.8% |
| Obstetrics and Gynecology | 52.0% | 48.0% |
| Pediatrics | 52.3% | 47.7% |
| Radiation Oncology | 53.7% | 46.3% |
| Child and Adolescent Psychiatry | 54.4% | 45.6% |
| Rheumatology | 54.7% | 45.3% |
| Dermatology | 55.2% | 44.8% |
| Hematology and Oncology | 55.4% | 44.6% |
| Neonatal-Perinatal Medicine | 55.4% | 44.6% |
| Vascular Surgery | 55.6% | 44.4% |
| Infectious Disease | 56.8% | 43.2% |
| Endocrinology, Diabetes, and Metabolism | 58.4% | 41.6% |
| Nephrology | 60.2% | 39.8% |
| Pediatric Cardiology | 62.3% | 37.7% |
| Geriatric Medicine | 62.4% | 37.6% |
| Emergency Medicine | 64.0% | 36.0% |
| Pediatric Hematology/Oncology | 66.8% | 33.2% |
| Pain Medicine and Pain Management | 68.0% | 32.0% |
| Neuroradiology | 73.1% | 26.9% |
| Pediatric Critical Care Medicine | 73.1% | 26.9% |
| Vascular and Interventional Radiology | 73.8% | 26.2% |
| Clinical Cardiac Electrophysiology | 73.9% | 26.1% |
| Critical Care Medicine | 76.3% | 23.7% |
| Sports Medicine (Orthopedic Surgery) | 79.3% | 20.7% |
| Internal Medicine/Pediatrics | 83.3% | 16.7% |
| Interventional Cardiology | 83.9% | 16.1% |
| Pediatric Anesthesiology (Anesthesiology) | 89.4% | 10.6% |
| Sports Medicine | 91.0% | 9.0% |
Why do physicians want to retire?
When asked why they want to retire at their targeted age, responses varied, according to a Medscape survey:
- 74% – Burnout from medicine
- 68% – Expect to have enough saved to live comfortably
- 61% – Would have more time to pursue personal passions
- 45% – Family deserves more of my time
- 13% – My own health concerns
For physicians who aimed to retire in their 40s and 50s, burnout was their biggest motivator for retirement.
Why do physicians want to work longer?
Physicians who want to retire in their late 60s or later had many reasons for their extended career:
- 63% – Have more to contribute as a physician
- 35% – Medicine is my passion
- 31% – Medicine is my identity
- 26% – Don’t expect to have enough saved to retire earlier
- 25% – Nothing interests me like medicine
- 23% – Concern for well-being of my patients
Preparing for retirement
Whether early in your career or just a few years away from retiring, planning and setting goals for your retirement can help you feel confident when the time comes. Here are some factors to consider:
- Financial preparation: Do you have enough saved to afford your lifestyle?
- Part-time work: Would easing into retirement be a better option for you?
- Retirement plans: What hobbies, travel or volunteer work do you plan to fill your time with?
Retirement resources for physicians
The best time to retire is a decision based on your needs and goals. For more information about retirement and other doctor topics, visit our Resources page or check out one of our curated picks below:
