Not long ago, physician retirement followed a fairly predictable arc. A doctor practiced full-time into their early- or mid-60s, gave notice or sold off their share of the practice, handed off their patients, and stepped away from clinical medicine altogether.
That model still exists, but it no longer seems to be the norm. In fact, the only “norm” in physician retirement today is that there isn’t one.
In my conversations with physicians across the country, I’ve realized physician retirement today is less likely to be marked by a single point in time and more likely to be a multi-year transition. Economic forces, workforce shortages, evolving care models, and shifting personal priorities have fundamentally changed how and when physicians choose to wind down their careers.
Here are the most significant ways physician retirement has changed over the past decade, and what today’s physicians should understand as they plan their next chapter.
Retirement Is No Longer Binary
Ten years ago, most physicians viewed retirement as an “on/off” switch. You were either practicing medicine or you weren’t. Today, retirement more often resembles a dimmer switch.
Physicians are increasingly choosing:
- Reduced clinical responsibilities
- Phased retirement arrangements
- Job-sharing or part-time roles
- Locum tenens work as a bridge to full retirement
- Transitional roles in teaching, mentorship, leadership, or consulting
Many physicians want to continue practicing — but on different terms. They want fewer nights and weekends, more control over their schedules, and work that fits their energy and priorities rather than the other way around.
Jackson Physician Search’s 2023 Physician Retirement Survey called out this trend. At that time, just 12% of physicians said they intended to set a retirement date and fully retire, instead they planned to work part-time or contract elsewhere. That same study found administrators typically assumed a retiring physician wanted a complete departure from medicine. In my observations, this has changed. Health systems, facing persistent physician shortages, are more aware of physicians’ wants as they relate to retirement and are more open to flexible arrangements than they were a decade ago.
Financial and Workforce Dynamics Increasingly Complex
Physician retirement planning has always involved careful financial consideration, but today’s calculations are more nuanced. Economic uncertainty, longer lifespans, and concerns about retirement savings have caused many physicians to delay full retirement. In the aforementioned physician retirement survey, 38% of physicians reported that economic concerns delayed their retirement plans. As a result, the most recent AAMC workforce data shows nearly one in four (23.4%) practicing physicians in the U.S. is 65 or older.
The industry knows a wave of retirements is coming, and organizations are more willing to:
- Customize roles for late-career physicians
- Reduce productivity expectations
- Offer flexible schedules and limited call
- Create mentorship, teaching, or oversight roles
Ten years ago, physicians approaching retirement age worried about being perceived as less desirable. Today, many organizations see seasoned physicians as stabilizing forces — particularly in communities struggling to recruit and retain younger doctors. That shift has given physicians approaching retirement more leverage, not less.
Identity and Purpose Now Play a Larger Role
Historically, retirement planning focused heavily on finances and logistics. Today, physicians are giving greater weight to questions of identity, meaning, and fulfillment. After decades of practice, medicine is not just a career; it is a core part of who many physicians are. Walking away entirely can feel disorienting.
In a recent Jackson Physician Search and LocumTenens.com report, “Is Medicine Still a Calling? Exploring Physician Attitudes About Purpose in Medicine,” 90% of physicians and APPs reported feeling a sense of “calling” or purpose when they began their careers. Among all respondents, Baby Boomers were the most likely to report a “strong” sense of calling (76%) and the highest levels of passion for their work (39% are “very passionate”).
The oldest physicians feel a strong sense of purpose, and they are intentionally designing retirement transitions that preserve their professional identity and allow them to maintain connections with patients and colleagues. This might mean teaching, mentoring, medical leadership, volunteer work, or part-time clinical care. Retirement is no longer about stepping away from medicine — it’s about reshaping one’s relationship to it.
Geography and Lifestyle Matter More Than Ever
Ten years ago, most physicians retired in the same location where they practiced. Today, lifestyle considerations play a much larger role. Late-career physicians increasingly want to retire closer to family or near the coast/mountains/lake. Some strategically choose a town with a lower cost of living.
Geographical options abound, which has fueled growth in locum assignments and flexible rural or community-based roles for older physicians. Retirement planning now often includes geographic mobility that simply wasn’t as common in the past.
What This Means for Physicians Planning Retirement
The most important takeaway is this: physician retirement is no longer one-size-fits-all. The physicians who navigate this transition most successfully are intentional in their retirement planning. They start thinking about retirement earlier (often 5–10 years out) and seek advice not just from financial planners, but from trusted career advisors. They remain open to nontraditional roles and schedules. These physicians view retirement as a process, not an event. They are proactive, flexible, and informed about the current market, so they can confidently make decisions about the future.
You Have Options
After years of working with physicians at every career stage, one thing is clear: retirement today offers far more choices than it did a decade ago. If you are within several years of retirement, now is the time to explore what your ideal transition looks like. The landscape has changed, and for many physicians, that change represents opportunity rather than limitation.
At Jackson Physician Search, our role is not just to fill jobs — but to help physicians think strategically about their careers, including how they wind them down. Reach out to our recruitment team today to start a discussion about your next steps.
About Tara Osseck
With over 15 years of experience in the healthcare industry, Regional Vice President of Recruiting Tara Osseck specializes in matching healthcare organizations with physicians who are a strong cultural and professional fit. Her healthcare career began as a physician liaison. It quickly expanded to include physician recruitment, strategic planning, and business development, working for various hospitals throughout Memphis, Tennessee, and St. Louis, Missouri. Based in St. Louis, Osseck leads the firm’s Midwest Division, placing providers across the Midwest and Upper Midwest. She earned a bachelor’s degree from Truman State University and a master’s degree in healthcare administration and management from the University of Memphis.
