Physicians believe that they need an average of $3.9 million saved to afford retirement, according to Medscape's 2023 "Physicians Eye Retirement Report," published Dec. 14.
That number far outpaces a June 2023 survey from Northwestern Mutual showing that most Amreicans estimate needing $1.3 million.
The average physician surveyed by Medscape currently has $3 million in savings, showing that the majority of physicians are well on their way to being able to afford retirement.
Most physicians (48%) do not plan to begin withdrawing from their Social Security benefits until they turn 70. Additionally, 28% of physicians plan to downsize their homes post-retirement to save money.