10 things to know about physician retirement — 59% of physicians report declining career satisfaction

Physicians are retiring later, according to a CompHealth survey.

Here are 10 survey findings:

1. The majority of those polled want to retire at 68 years old. In the U.S., the average retirement age is 63.

2. Respondents most commonly cited three reasons for working beyond 65 — enjoying their practice, work's social aspect and to maintain their lifestyle.

3. Thirty-eight percent of those polled have concerns over staying competitive in healthcare if they work past full retirement age. Thirty-seven percent cited concerns over declining personal health.

4. More than half (59 percent) said their overall career satisfaction has declined since they first entered the medical field.

5. Despite the decrease, 82 percent said they are either satisfied or completely satisfied with their career.

6. Regarding what they wish they would have done differently, 44 percent said have a better work/life balance and 34 percent said start saving for retirement earlier.

7. Eighty-three percent have taken measures to prepare for retirement and 70 percent use employer retirement services.  

8. Sixty-two percent have a personal financial advisor.

9. Among specialists, 78 percent of radiologists are excited about the prospect full retirement, compared to 53 percent of surgical specialists.

10. Ninety-one percent of those polled reported feeling useful in their practice.

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