Female physicians and physicians under 40 plan to retire at an earlier age than their male and senior counterparts, according to Medscape’s 2025 “Ambitions for Life After Practicing: Medscape Physicians and Retirement Report,” published May 2.
Medscape surveyed 7,322 practicing physicians in the U.S. for the annual report. Physicians across more than 29 specialties participated in the online survey between October 3, 2024, and Jan. 15.
Here are nine things to know from the report:
1. Around 14% of female physicians plan to retire in their 50s, while 28% plan to retire in their early 60s, compared to 10% and 21% of men, respectively. Just 16% of female physicians plan to retire in their 70s, compared to 25% of men.
2. Around 18% of physicians who are currently under 40 plan to retire in their 50s, while 34% plan to retire in their early 60s, compared to 11% and 30% of physicians currently between 50 and 59, respectively. Just 10% of physicians under 40 plan to retire in their 70s, compared to 42% of physicians between 60 and 69.
3. The main reason physicians anticipate not retiring earlier is that they believe they still have more to offer as a physician (62%). Around 45% anticipate putting off retirement because they believe they do not have enough money saved.
4. While a 2024 Northwestern Mutual survey determined the average American needs $1.46 million for a comfortable retirement, on average, physicians expect to need $4.15 million.
5. On average, physicians currently have $1.63 million saved for retirement.
6. About 82% of physicians are at least somewhat confident that their funds will outlast retirement age. Around 40% are somewhat confident, while 27% are very confident and 15% are extremely confident.
7. Over half of physicians (53%) expect to spend less than they currently do in their retirement years.
8. The majority of physicians (83%) plan to spend their time in retirement traveling, followed by doing leisurely activities (75%).
9. Around half of physicians (51%) currently receive professional retirement planning advice.
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