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When and why physicians retire

When and why physicians retire

The average age of retirement is usually around 65 years of age for physicians, but the average age of retirement for the general population is about 63 years old. There are multiple reasons why doctors tend to work a few years longer than the public. There are many factors that need to be considered before retiring and it may be very difficult for physicians to know when they should retire. Continue reading and we’ll discuss some of the details why.

Reasons why physicians retire later

  1. Feeling of financially security is a reason why physicians wait to retire. The overall average salary ranges for doctors are well over $200,000 annually. This high wage may influence how much they need to save before reaching a sense of feeling financially secure.
  2. Doctors invest a significant amount of time for their school and additional training. Medical school is an added 4 years after undergraduate. Then completing a residency is required and may take another few years to complete. If providers want to specialize in a specific area, then more years of fellowship may be required.
  3. Due to the recent years, we all have hard of a shortage in physicians. The ones who are working are choosing to work longer to combat patients not receiving the care they need.
  4. Physicians enjoy and love their work. They enter their profession with the want and desire to help and serve patients. They like the interactions with their peers, staff, and patients. Many physicians may fear that they will even be bored once they retire from their work.
  5. Doctors are unsure of when and how to retire. Doctors spend mostly all their time taking care of their patients. They sometimes have limited amounts of time in their days to spend with their families. Event if a physician is near retirement, the time required to plan and think about their retirement is slim. This often leaves doctors not knowing how to handle their patient records.

How can My Retired Doctor help?

Our team at My Retired Doctor can help doctors with their retirement. We specialize in a variety of services. Our expertise include: record storage, scanning and converting records to an electronic version, proper disposal of medical documents, appropriate release of health information, and ordering of medical records. You can finally retire as a physician with ease. Let us help you with the tedious task of managing your records while you focus on other things for your retirement. Give us a call at 877-328-2343 today!