Physicians are putting off retirement

Physicians are putting off retirement

The sluggish economy and increasing work flexibility are keeping more physicians in practice.
source-image
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.

Hot topics on dvm360

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.

The war between shelters, veterinarians needs to end

Despite practitioners’ legitimate gripes, they’re hurting themselves.

Making it work: Cavanaugh Pet Hospital dedicates itself to a positive, productive shelter relationship

Watch "Moustakas" benefit from Cavanaugh Pet Hospital's partnership with Furry Kids Refuge.

Ebola-exposed dog's first test for the virus is negative

Bentley will continue to be treated with an abundance of caution for the remainder of his quarantine, while his owner has been declared 'virus-free.'