What is the average retirement age for doctors by speciality?
Retirement age is a crucial topic within the medical profession. For doctors, the decision to retire goes beyond financial independence; it involves weighing patient needs, personal health, and professional fulfilment. With increasing doctor shortages and longer average lifespans, retirement in the medical field is changing, prompting discussions about when and how doctors should step back from their demanding roles.
We surveyed over 1,600 Sermo doctors to get an accurate picture of how doctors feel about this topic. While some emphasise that retirement age should be an individual decision, others propose regular capability assessments to ensure safety. Many in the medical community argue for part-time work options, which balance senior doctors’ expertise with manageable workloads while combating doctor shortages.
Trends on retirement age in the medical field
Historically, compulsory retirement ages prevailed in professions like aviation and public safety. Yet, in the US, laws passed in 1986 prohibited compulsory retirement ages for most industries, including medicine. Internationally, however, countries like Japan and Germany have statutory retirement ages for doctors.
The debate is further fuelled by research showing mean cognitive ability declines by about 20% between ages 40 and 75. Still, many older doctors maintain top-notch skills, which highlights how age does not equate to capability. One doctor on Sermo commented, “Retirement should be a personal decision. Many older doctors maintain excellent skills, and it doesn’t seem fair to push them out in a time when healthcare already faces doctor shortages.”
Retirement trends among doctors have shifted dramatically over the past two decades due to growing healthcare demands, professional burnout, and economic pressures. A Sermo survey found nearly 30% of US doctors are over the age of 65, and about 44% of them continue patient care. Conversely, the COVID-19 pandemic accelerated early retirement for many doctors due to high stress, while others turned to part-time telemedicine roles as an alternative to full retirement. One doctor pointed out on Sermo, “Part-time work humanises the profession. With reduced hours, doctors nearing retirement can extend their years in practice and continue to contribute without burning out.”
Changes in policy, such as incentives for later retirement or penalties tied to early withdrawal of retirement savings, also influence retirement trends. Some specialities with severe staff shortages are seeing older doctors delaying retirement for the sake of patient care continuity (14%). An overwhelming 51% of surveyed Sermo members reported that their enjoyment of the profession is the primary reason they delay retirement.
Average retirement age by speciality
Retirement age varies by speciality due to physical demands, burnout frequency, and overall job satisfaction. According to a Sermo survey, 45% of doctors wish to retire before age 65. Over the next 15 years, it is estimated that two out of every five doctors will reach the age of 65 or older.
Also, there is much debate among doctors on the appropriate retirement age. One US paediatrician on Sermo stated, “I am 65 years old. I think I have another 5 years left in me before I retire. I don’t believe I have lost any of my clinical abilities. In fact, I believe that all my experience has made me a better Doctor and that younger Doctors have a lot more to learn. I am board certified numerous times and feel it would be insulting for me to be forced to prove myself because of my age”.
Conversely, an ENT doctor from the UK discussed on Sermo, “I think compulsory retirement is useful, it enables hospitals to hire new staff and keeps the workforce young and robust. I have no objection to hiring retirees back as locum staff to fill gaps or do clinics. I don’t think any surgeon should be operating past 70yr old.”
Here’s how average retirement ages compare across specialities:
Specialities and average retirement ages
- Primary Care – 67 years
- Cardiology – 66.5 years
- Radiology – 66 years
- Anaesthesiology – 66 years
- Oncology – 65 years
- OB/GYN – 64.5 years
- Surgery – 61 years
- Pathology – 69 years
- Dermatology – 69 years
Older-specialist doctors often continue practising due to their profound experience, enduring patient relationships, and sometimes, gaps in the workforce.
doctor retirement plans and options
A surprising 55% of doctors surveyed don’t have savings or don’t know how much they have. Preparation is key when approaching retirement age in the medical field. From financial stability to determining post-retirement contributions (like mentoring or locum tenens work), careful planning ensures a smoother transition.
First, you must decide whether you will keep your medical license active, go straight into retirement, or reduce hours gradually, and whether or not to consult a financial adviser to assess your financial status. As one Sermo member noted, “Experienced doctors still have so much to offer, but burnout is real. Sometimes, reducing hours instead of retiring completely is the ideal path.” It’s no surprise then, that 77% of Sermo members reported an increase in part-time doctors in their medical community.
Here are some key strategies for doctors considering retirement:
1. Save about one-fifth of what you make
Given that attending doctors begin earning later in life, financial advisors often recommend saving 20% of your salary during your working years. Generally, you want to invest this in safe, low-risk returns such as high-yield savings accounts and target date index funds. This approach builds sufficient retirement wealth without reducing post-retirement lifestyle quality.
2. Traditional 401(k) plans (USA) or workplace pension plans or SIPPs (UK)
Employer-sponsored 401(k) plans in the US, the equivalent of which would be employer pension plans in the UK, often provide matching contributions, helping doctors build tax-deferred retirement savings. Solo 401(k)s or SIPPs in the UK work well for doctors in private practice.
3. Pensions, IRAs (US), ISAs (UK) and other options
Explore additional retirement accounts, such as Roth IRAs or SEP IRAs in the US, and stocks and shares ISAs in the UK, for further tax advantages. Doctors in nonprofit settings may also benefit from other employer pension plans like 403(b) plans in the US. Consulting doctor-friendly financial advisors can help identify the best blend of options for maximum returns.
4. Consult or work locum tenens
For doctors who are unsure about full retirement, consulting and locum tenens provide part-time flexibility while maintaining additional income and clinical involvement. This work model reduces stress and allows doctors to serve areas in need without long-term commitments.
Benefits and challenges of older doctors in the workforce
Older doctors provide enormous value to both ageing patients and younger doctors, but they also face unique challenges. Here’s a breakdown of the benefits and concerns tied to senior doctors staying in practice.
Benefits
- Experience & expertise – decades of practice add unparalleled clinical judgement and skill.
- Mentorship – older doctors play an invaluable role in mentoring younger colleagues.
- Patient trust – long-standing relationships with patients lead to better outcomes and patient satisfaction.
- Workforce support – with increasing doctor shortages, experienced doctors help fill critical gaps in care.
- Financial stability – continued work provides additional income and supports national healthcare needs.
Challenges
- Burnout and Fatigue – Years of long hours can take a toll, impacting productivity and satisfaction.
- Cognitive & Physical Decline – While not universal, ageing can affect decision-making speed and physical stamina, particularly in physically demanding specialities like surgery.
- Technological Adaptation – Older doctors may find it challenging to adapt to rapidly evolving healthcare technology.
A Sermo member voiced concerns about technology, saying, “Staying up-to-date on technology is tough, but I make it a priority through continuous education—that helps me continue practising confidently.”
- Limited career growth for younger doctors – extended work by older doctors can delay succession planning and restrict opportunities for junior doctors.
- Legal & ethical concerns – balancing safety and clinical competency in the absence of compulsory retirement can be a delicate issue.
Conclusion
Retiring as a doctor requires more than achieving financial independence; it involves professional, ethical, and personal considerations. While retirement trends vary across specialities, there’s a shared recognition of older doctors’ invaluable contributions to the workforce.
Whether it’s financial planning, transitioning to part-time work, or exploring locum tenens positions, retiring doctors have myriad options to chart personalised paths. For senior doctors wrestling with the decision, engaging with the Sermo community can provide peer advice and resources.
If you’re nearing retirement and want collaborative support, join Sermo today to explore doctor-first solutions and decide if retirement is right for you.
People also ask
The average retirement age for doctors varies but is generally around 65. However, many factors influence this decision, including personal health, financial stability, and career satisfaction. Some doctors choose to continue working beyond this age, often transitioning to part-time roles.
Yes, many doctors continue to work into their 70s, particularly in non-physically demanding specialities or administrative and teaching roles. The decision often depends on the doctor’s ability to maintain their skills and competencies and their personal and professional goals.
About 60% of doctors retire with a net worth between $1 million and $5 million, depending on factors such as speciality, years of practice, geographic location, and financial habits. Doctors who plan and invest wisely tend to retire with greater financial security.
Doctors’ assistants typically retire between the ages of 60 and 65, depending on their financial readiness, career preferences, and health status. PAs may also choose to reduce their hours or shift to roles with less physical demand as they approach retirement.
