For most physicians, being a doctor isn’t just a job — it’s an identity. How do you stop being who you are? While the financial aspects of retirement planning are relatively straightforward, the psychological transition is far more complex and often overlooked until it’s too late.
Many physicians don’t consider the emotional reality of retirement until after they’ve left practice, only to find themselves adrift without the daily meaning, purpose, and connection medicine provided. But with some advance planning and even a little daydreaming, you can design a retirement that’s not just financially secure but deeply fulfilling.
Remember Who You Are and What You Value
Medicine is among the rarefied professions that come with a calling, like the clergy or teaching, and is therefore something that is deeply ingrained in one’s sense of self. When combined with the extensive education, training, long hours, and social stature that come with the job, there may not have been much room for outside interests while practicing medicine. Retirement opens a lot of space in a physician’s life. If you’re not prepared, it can feel empty. This concern isn’t unfounded. In a Jackson Physician Search survey, 39 percent of physicians cited boredom as a leading fear about retirement.
Dedicate some time to thinking about what you love to do, what you wish you had more time for, or even about what brought you joy as a younger person: being outdoors, reading, playing with animals, etc. These interests are most closely tied to your authentic self. Take note of them: in a journal, on your Notes app, with your partner or family, and begin to pursue them, either as a mental exercise or by dipping your toe in a new hobby or volunteer opportunity.
Set Retirement Goals — Early
This is where the daydreaming comes in. How do you imagine spending your ideal retirement? Where do you see yourself living? What have you delayed doing or seeing because you’ve been too busy?
Being intentional about your retirement plans early will help ensure your retirement is rich and full — and that you have the financial resources available to do them. Sit down with your spouse and sketch some plans or even write a mission statement for your retirement so you are aligned on your goals and pursue them with purpose.
You can also get yourself geographically situated to take full advantage of those plans before retirement — potentially with the help of an employer-sponsored relocation package. If your goal is to spend time with family, you may consider taking a pre-retirement job closer to them. The same is true if you’d like to retire to a warmer climate or spend your days perfecting your golf swing. Want to see the world? Ensuring you’re near a major international airport closest to where you want to visit can make a world of difference on a travel itinerary.
Ready to make your move? Our recruitment consultants can help you find the ideal post to launch your journey toward retirement.
Start the Retirement Conversation Years in Advance
With nearly half of the physician workforce approaching or above traditional retirement age amid an already critical labor shortage, healthcare administrators are struggling to maintain staffing levels. This means two things for retirees. Administrators will be more open to creative working arrangements to keep physicians working longer, and they need plenty of time to plan for your departure — preferably one to three years.
Potential arrangements for retiring physicians to negotiate include part-time work, elimination of on-call hours, formal mentorship opportunities, shifting hours to non-clinical work, and retention bonuses.
Consider a Hybrid Retirement Plan
Hybrid work schedules aren’t just for the nine-to-five crowd: telemedicine allows for part-time, work-from-anywhere hours, and robust demand for locum tenens gives retired physicians the option to participate in the gig economy, choosing their own hours and assignments on a day-to-day basis.
It’s understandable that it might be difficult to walk away from such a rewarding career that is a big part of not only your life, but who you are. Fortunately, retirement doesn’t have to be an all-in proposition. Nearly one in three physicians plan to continue working, and advances in technology paired with a growing physician shortage mean there are ample opportunities to continue providing care and/or diagnostic support on a part-time basis. This is also a great option for physicians who need more time to build their nest egg while beginning to enjoy some of the benefits of retirement.
Retire from Medicine, Return to You
Medicine is a calling — and that’s precisely why stepping away can feel like you’re leaving a lot more than a job behind. Your identity as a physician brought meaning, challenge, and daily purpose. But retirement isn’t about losing that identity; it’s about expanding it. With thoughtful planning, you can discover parts of yourself that medicine left dormant. You’ll always be a doctor. Retirement can remind you that you were always so much more.
Whether you’re years away from retirement or actively planning your transition, Jackson Physician Search can help you find opportunities that align with your next chapter — from pre-retirement positions closer to family or anything else you love. Reach out today to tell us what you are looking for, or start your online physician job search now.
