After decades of service to their patients and communities, even the most dedicated physicians reach a point when they start thinking about winding down their careers. For some, physician retirement is a welcome change, filled with the promise of rest and renewal — a reward after a lifetime of service. For others, however, the idea of retirement brings fear and uncertainty. In a physician retirement survey from Jackson Physician Search, concern about having enough money in retirement was the most commonly cited fear (53%). Other common fears were boredom (39%) and losing their sense of purpose (44%).
According to a new Jackson Physician Search and LocumTenens.com report, “Is Medicine Still a Calling? Exploring Physician Attitudes About Purpose in Medicine,” Baby Boomers are the most likely to report a strong sense of calling, or purpose, in their work. They are also most likely to strongly agree that being a physician is an integral part of their identity. This may explain why so many physicians of that generation continue to work past retirement age. According to the most recent physician workforce data from the Association of American Medical Colleges, nearly one in four (23.4%) practicing physicians are over 65 years old.
The fact that many Baby Boomers are still practicing is undoubtedly helpful in relation to the physician shortage, but what options do this group have as they approach the end of their careers? How can they stay engaged and contribute even as they transition to retirement?
Physician Retirement Trends: A New Path to Retirement
As Vice President of Recruitment for Jackson Physician Search, I frequently speak with physicians nearing the end of their careers who aren’t ready to retire fully. In the aforementioned retirement research, only 12% of respondents said they planned to stop working completely post-retirement. So what are the other 88% planning to do? Fortunately, there are various options for retired physicians who want to continue working and supplement their retirement income. Keep reading for eight opportunities for retired physicians to remain active in the industry as they transition to retirement.
Part-Time Physician Work
Perhaps the most obvious way to ease into retirement is by scaling back your hours and patient load. In a 2023 Jackson Physician Search survey, nearly half of physicians said this was how they planned to transition to retirement. Not every employer can accommodate this request, but if you are willing to look elsewhere, there are organizations that recognize a part-time physician is better than no physician at all.
Telemedicine
The pandemic led to an increased adoption of telemedicine. However, five years later, patients and providers alike still appreciate the ease of access. For physicians scaling back, seeing patients via telehealth one day a week may be a good place to start. If you find yourself enjoying those days, ask about incorporating more.
Mentorship
According to the aforementioned joint report, Baby Boomers are more likely to report a strong sense of calling and the highest levels of passion for their work. They are also most likely to say they would do it all over again and encourage a young person to pursue medicine. Their relative positivity toward the profession makes this group ideal teachers and mentors for early-career physicians. Whether teaching classes at a medical school or leading a mentorship program with a healthcare organization, retired physicians willing to share their expertise with the next generation will continue to impact patient care long after they retire.
Locum Tenens
Locum Tenens jobs allow retired physicians to fill in for physicians of their same specialty on a short-term basis, often in rural or underserved areas. Physicians set parameters for location, duration, and practice setting to ensure assignments align with their preferences and schedules. This option allows retired physicians to keep their skills sharp while supplementing their income. It can also provide an opportunity to travel.
Medical Consulting
Retired physicians possess a wealth of knowledge and experience that can be invaluable to healthcare organizations, pharmaceutical companies, insurance firms, and startups. Many retired physicians transition into medical consulting roles, offering expertise in clinical practices, healthcare policy, research, and product development. Consulting allows retired physicians to leverage their knowledge in a flexible and intellectually stimulating environment, often on a part-time or project basis.
Volunteer Work
A desire to give back to their communities and make a difference in others’ lives drives many retired physicians. Volunteer opportunities abound in various healthcare settings, including free clinics, community health centers, disaster relief organizations, and international medical missions. Retired physicians can use their skills and experience to provide medical care to underserved populations, participate in health education initiatives, or mentor aspiring healthcare professionals.
Medical Writing
Retired physicians with strong communication skills can explore opportunities in medical writing and editing. From academic journals and textbooks to healthcare websites and patient education materials, there is a demand for professionals who can translate complex medical concepts into accessible content. Retired physicians can contribute articles, research papers, book chapters, or edit medical manuscripts, providing valuable insights and ensuring accuracy and clarity in medical literature.
Health Advocacy and Policy:
Retired physicians passionate about healthcare reform and advocacy can lend their voices to various organizations and initiatives. Whether advocating for patient rights, shaping healthcare policy, or promoting public health initiatives, retired physicians bring credibility and firsthand experience. Opportunities for involvement include joining advocacy groups, serving on advisory boards, or participating in public speaking engagements and media interviews.
Retirement doesn’t have to mark the end of a physician’s professional journey. Instead, it opens the door to new opportunities for continued growth, contribution, and fulfillment.
Are you a physician approaching retirement and wondering what’s next? The recruitment team at Jackson Physician Search is eager to learn more about your goals and help you find your next step. Reach out today.
Have more questions about physician retirement?
Explore articles, whitepapers, and infographics designed to guide physicians through the many physician retirement considerations.
