Here are more than 40 key statistics on physician retirement, according to Medscape's "Physicians Eye Retirement 2023 Report." The report surveyed 1,017 physicians across more than 29 specialities between May 4 and June 15.
When physicians are aiming to retire from medicine:
In their mid- to late 60s:
All physicians: 28%
Men: 38%
Women: 29%
In their 70s:
All physicians: 25%
Men: 31%
Women: 15%
In their early 60s:
All physicians: 19%
Men: 19%
Women: 24%
In their 50s:
All physicians: 16%
Men: 12%
Women: 21%
In their 40s:
All physicians: 2%
Men: 1%
Women: 2%
Why physicians hope to work into their late 60s and beyond:
- They have more to contribute as a physician: 63%
- Medicine is their passion: 35%
- Medicine is their identity: 31%
- They don't expect to save enough to retire sooner: 26%
- Nothing interests them like medicine: 25%
- Concern for patient well-being: 23%
Why physicians want to retire by their target age:
- Burnout from medicine: 74% of physicians
- Expect to have enough saved to live comfortably: 68%
- Would have time to pursue personal passions: 61%
- Family deserves more time: 45%
- Personal health concerns: 13%
- Other: 3%
How much money physicians have saved for retirement:
- All physicians: $3 million
- Men: $3.4 million
- Women: $2.2 million
How much money physicians think is needed for a comfortable retirement:
- All physicians: $3.9 million
- Men: $4.1 million
- Women: $3.6 million
The retirement goals for physicians outside of medicine:
- Traveling: 84% of physicians
- Leisure activities: 78%
- Dining out: 28%
- Charitable contributions: 27%
- Financial gifting to family: 27%
- Investments: 21%
- Second home: 17%
- Other: 7%
The retirement goals for physicians looking to stay current on medicine in retirement:
- Tracking new medical developments: 55%
- Reading medical journals: 47%
- Participating in medical societies: 25%
