While many physicians retire after the age of 60, about 12 percent retire before the age of 60, according to a May 26 report from the American Medical Association. Research by the AMA Insurance Agency found that physicians who retire earlier are the most likely to be dissatisfied with retirement.
Here are five things physicians should ask themselves when they are considering retirement, according to the AMA:
1. Are you still happy practicing medicine? Don't retire too early if practice is still fulfilling and physicians love what they do.
2. Will you have enough health insurance? If physicians want to retire before Medicare eligibility, they need to make sure their finances are stable enough to cover insurance.
3. How do you see your retirement lifestyle? Upon retirement, physicians have to take into consideration how far funds will stretch for several decades if they want to maintain their current lifestyle.
4. Have you consulted an adviser? Speak with a vetted financial professional who can provide future planning services.
5. Will you volunteer or work part-time? Physicians can start gradually cutting back on work hours as they head into retirement to figure out what they will do in place of work.