Physicians are putting off retirement

The sluggish economy and increasing work flexibility are keeping more physicians in practice.
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Mar 12, 2009
By dvm360.com staff

If you’re nearing retirement age but don’t have the financial stability to even think about retirement, don’t fret. Many of your human medicine counterparts are in the same boat, and they’re continuing to practice as a result.

According to the 2008 Physician Retention Survey from the American Medical Group Association and medical job search company Cejka Search, medical groups saw a 6.1 percent turnover rate in 2008, down from 6.7 percent in 2006. The study also found that 62 percent of respondents believe physicians are delaying retirement due to the economy.

Almost three-quarters of the medical groups surveyed offer pre-retirement physicians reduced hours. Forty-nine percent found that part-time options enable physicians to delay retirement, while 48 percent said that part-time hours encourage physicians to stay while meeting family or personal needs.

So if you’re mentally ready to retire but the economy just doesn’t cooperate, consider working part-time hours. You’ll have more time to spend with your family, and you can gradually ease your way out of practice and into a relaxing retirement.