As a physician, retiring can be an emotional transition because it brings about a significant change in lifestyle, identity and financial security. As you approach retirement, it's important to consider some of the top concerns that retiring physicians often face.
One of the biggest concerns for retiring physicians is financial security. You may wonder if you’ve saved enough money to sustain your lifestyle in retirement. Developing a financial plan can give you an idea of the income and resources to fund retirement and live comfortably when the paychecks stop.
Loss of Identity
As a physician, you have dedicated many years of your life to your profession, and it's understandable that you may feel a sense of loss when you retire. Finding new hobbies or activities may give you a sense of purpose and fulfillment outside of work.
Retiring physicians may feel socially isolated, especially if they no longer have the same level of interaction with colleagues and patients. To combat this, consider joining a community group, volunteering or trying new hobbies that will allow you to interact with others.
Health Care Coverage
The availability and cost of health care coverage is often a concern for physicians, especially if they are not yet eligible for Medicare. It's important to explore your options before and after age 65 to ensure that you have the coverage you need.
Estate planning is an important consideration for all retirees, but it can be especially important for physicians. You may want to ensure that your assets are distributed according to your wishes and that your family members are provided for after your death.
Retiring physicians may need to find new ways to stay active and engaged in their communities. Consider taking up a new sport, volunteering or pursuing a creative hobby.
Retiring from a career as a physician can be an emotional transition, and it's common to struggle with finding a new sense of purpose or meaning in life. Consider exploring new opportunities for personal and professional growth, such as taking classes or mentoring young physicians.
Retire to something rather than retiring from something.
For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.
Mark Ziety, CFP®, AIF®
WisMed Financial, Inc. part of the Wisconsin Medical Society.
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