6 questions to ask yourself when you’re thinking about retiring from medicine

How do you tidy up a career lasting more than three decades? Is ‘now’ the right time to hang up your stethoscope? Knowing when to retire involves many decisions, including financial, emotional and spiritual factors. After all, medicine for many is a calling, not just a profession.

I exited stage left (retired) on June 30th. When I initially considered my retirement, I experienced many conflicting emotions—am I just retiring because I am burned out from the daily grind of 9-5 in medicine, or is it my current situation that I am done with? Am I done with medicine for good? Do I keep my license active so I can serve my community or the global community? What about physician liability insurance? Will my finances last the distance? Finally, how do I resolve the fact that my identity is related to the title of “doctor”?

Many who have “failed” at retirement say it’s because they felt bored or missed the structure.  Having spent careers focused on the needs of others, they’re feeling lost or guilty with the freedom to focus on themselves. Many find some form of “practice” or consulting work to keep active. Others practice long past their “best by” date, not keeping up with current medical knowledge and making avoidable mistakes.

I have been grappling with the question “When is the best time to retire to set yourself up for success?” After much soul-searching, I found that asking myself the following six questions brought me much-needed clarity regarding my retirement plans. Answering these questions for yourself can help you determine when the best time bow out of medicine. It’s often recommended that we be sure to create a retirement plan before it happens—using these questions below is a great way to decide whether you have the plan you’d like, or need to create it.

Does the career of medicine bring you joy each day?

It is important to be clear that you are evaluating the profession of medicine, not just your daily practice of medicine, which may be causing burnout stress with administrative burdens of EMR and managing staff. If the answer is yes … “but” …  then evaluate your situation in medicine.

There are many ways to exit the day-to-day practice of medicine but still contribute. Online consulting, global service and free clinic volunteering are all examples of how you can work in this way. Bonus, they may bring back the spark of why you chose medicine in the first place.

Have I set myself up for success?

Doctors are notoriously bad at having hobbies. Many have deferred having outside interests because “too busy” has been the mantra since residency. It is as if donning the white coat means all other interests are boxed up forever. The one thing I have learned in speaking with others about retirement is that learning needs to continue regardless of employment status. Whether it is traveling, learning a new skill or becoming an expert artisan, it is best to try out your chosen hobbies before the actual date of retirement and set yourself up for a successful transition. This includes those bucket list items that you have not yet achieved.

Personally, I love to learn about new cultures, so travel is a passion as well as a hobby. When not able to travel I enjoy pottery, quilting, making hot glass beads, and anything else I can do with my hands. Many doctors, like my husband for example, take a deep dive into one thing only: His passion is being a chocolatier and knowing all there is to know about single-source chocolate. Pick hobbies that best suit your needs for mental engagement and physical activity.

Am I ready for an emotional shift in identity?

This one is often the hardest transition. It involves the hanging up of the metaphoric cape of medicine. If you like to ride in on a white horse and save the day, then retirement is going to be a challenge for you.

In his book “Stop Physician Burnout: What to Do When Working Harder Isn’t Working,” author Dike Drummond, MD, talks about the five flavors of physicians: The workaholic, the superhero, emotion-free, the lone ranger and the perfectionist. The workaholic, for example, will feel lost without a day filled with demands, while the perfectionist will need to channel these energies into a new passion. Becoming an expert pâtissier, for example, may be the way they find peace in retirement.

Whatever professional identity you associate with, start experimenting with hobbies well before you retire to find a new one for post-retirement. For me, I have always sought out creative pursuits to help me cope with the intensity of medicine. I started with glass bead work at my local college because staring into hot glass is mesmerizing for me. If you enjoy the mental puzzle aspect of medicine, find a mentally stimulating hobby such as studying Civil War history. In reality, you can never really get rid of that part of your identity tied to medicine, but you can come to terms with it, shake hands and say, “Thank you for your service.”

Am I healthy enough to enjoy my chosen activities?

As is true in all things, timing is essential. Most physicians retire between ages 60-70, with a wide range based on specific specialty. Some push retirement into their 80s, and a few stoic individuals practice into their 90s.If you have ignored your health because of the grind of practice, it is imperative to include working on your health in your retirement plan. If your retirement plans include hiking in the Andes mountains or taking up surfing, look into your current health and time your retirement for optimal success.

I know I personally want to be sure I have the stamina to enjoy my retirement before the check engine lights begin to flash on my dashboard. Currently, like many others my age, knee arthritis is a literal pain for me. Retiring has allowed me to focus more on staying healthy for the remainder of my years. While hiking the Andes is not on my bucket list, playing with my grandchild is, and I want to make sure I stay healthy and strong enough to do so.

Am I financially ready for retirement?

Many physicians have planned for retirement since graduation from medical school, while others have a “spend as you go” philosophy. It is no secret that debt burdens from medical education have risen dramatically over the past 40 years. Financial preparedness needs to be considered in the retirement age equation, including total debt, investments, pensions and 401K status. Knowing if you have ‘enough’ for the remainder of your lifespan can be tricky, and often depends on your needs, goals and preferred lifestyle. Having a trusted financial advisor can be the best way to be sure you are managing your post- retirement funds in the best way possible.

What 5 words will define my retirement?

I borrowed this from a friend who said to me, “Six months before you retire you need to come up with five words that will define your retirement.” She recommended checking in with these five words regularly to see if you are “making good” on your retirement promise. For me, these words are service, family, creativity, exploration and learning. Like an affirmation, these words will help you structure your day, week, month and year to achieve the maximum benefit for all.

Final farewell

Although not the only items on your checklist for preparing for retirement, answering these questions will put you on a confident path to get started and know if you are ready for that final exit. Don’t wait until the last minute to figure out the details—make sure you’ve set yourself up for the ultimate success. See you on the flip side!

Related reading:

Denouement: How life evolves after you retire from medicine

After retiring from medicine, keeping up (for the fun of it)