Every practicing physician has thought about retirement, particularly in this unprecedented Covid era. Between 2017 and 2021, there has been a 9% drop in psychological well being{1}. In fact, 49% of working Canadian MDs had “high levels of emotional exhaustion” on the Maslach Burnout Inventory, up 24% from 2017{1}.
The average age of Canadian MDs in 2021 was 49.2 years old (51.7 males, 46.1 females){2}. There is no significant difference in the specialty of the physician when it comes to retirement age{3}. Since the median age of retirement is 65 years old3, many of us would be in the “pre-contemplation”, “contemplation” or “preparation” stage (to borrow terminology from the five stages of quitting smoking). While retirement provides more time for leisure activities and personal development, there can be a significant impact on your financial situation, professional identity, and overall well-being. Here are some key factors to consider if you are contemplating retirement:
1. Financial readiness: The average Canadian will live another 18.8 years if they retire at 65{4}, but to be on the safe side, most experts will suggest planning on having enough money for travel, education, and leisure to reach 100 years old. You need to evaluate your retirement savings, insurance coverage, and any other sources of income such as social security and pensions. A financial advisor can gauge your situation and create a retirement plan to aligns with your needs and goals. They can also help with tax-planning and a logical strategy to liquidate investments to fund your day-to-day life. A lawyer can assist with estate planning to ensure that your children and grandchildren are taken care of long-term.
