What is the average retirement age for doctors by specialty?
Retirement age is a crucial topic within the medical profession. For physicians, the decision to retire goes beyond financial independence; it involves weighing patient needs, personal health, and professional fulfillment. With increasing physician 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 physicians to get an accurate picture of how physicians feel about this topic. While some emphasize 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 physicians’ expertise with manageable workloads while combating physician shortages.
Trends on retirement age in the medical field
Historically, mandatory retirement ages prevailed in professions like aviation and public safety. Yet, in the U.S., laws passed in 1986 prohibited mandatory retirement ages for most industries, including medicine. Internationally, however, countries like Japan and Germany have statutory retirement ages for physicians.
The debate is further fueled by research showing mean cognitive ability declines by about 20% between ages 40 and 75. Still, many older physicians maintain top-notch skills, which highlights how age does not equate to capability. One physician 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 physicians 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 U.S. physicians are over the age of 65, and about 44% of them continue patient care. Conversely, the COVID-19 pandemic accelerated early retirement for many physicians due to high stress, while others turned to part-time telemedicine roles as an alternative to full retirement. One physician pointed out on Sermo, “Part-time work humanizes 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 specialties with severe staff shortages are seeing older physicians 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 specialty
Retirement age varies by specialty due to physical demands, burnout frequency, and overall job satisfaction. According to a Sermo survey, 45% of physicians wish to retire before age 65. Over the next 15 years, it is estimated that two out of every five physicians will reach the age of 65 or older.
Also, there is much debate among physicians on the appropriate retirement age. One US pediatrician 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 physician from the UK discussed on Sermo, “I think mandatory 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 specialties:
Specialties and average retirement ages
- Primary Care – 67 years
- Cardiology – 66.5 years
- Radiology – 66 years
- Anesthesiology – 66 years
- Oncology – 65 years
- OB/GYN – 64.5 years
- Surgery – 61 years
- Pathology – 69 years
- Dermatology – 69 years
Older-specialist physicians often continue practicing due to their profound experience, enduring patient relationships, and sometimes, gaps in the workforce.
Physician retirement plans and options
A surprising 55% of physicians 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 physicians in their medical community.
Here are some key strategies for physicians considering retirement:
1. Save about one-fifth of what you make
Given that attending physicians 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
Employer-sponsored 401(k) plans often provide matching contributions, helping physicians build tax-deferred retirement savings. Solo 401(k)s work well for physicians in private practice.
3. Pensions, IRAs, and other options
Explore additional retirement accounts, such as Roth IRAs or SEP IRAs, for further tax advantages. Physicians in nonprofit settings may also benefit from 403(b) plans. Consulting physician-friendly financial advisors can help identify the best blend of options for maximum returns.
4. Consult or work locum tenens
For doctors 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 physicians in the workforce
Older physicians provide enormous value to both aging patients and younger doctors, but they also face unique challenges. Here’s a breakdown of the benefits and concerns tied to senior physicians staying in practice.
Benefits
- Experience & expertise – decades of practice add unparalleled clinical judgment 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 physician 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, aging can affect decision-making speed and physical stamina, particularly in physically demanding specialties 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 practicing confidently.”
- Limited career growth for younger physicians – extended work by older physicians can delay succession planning and restrict opportunities for junior doctors.
- Legal & ethical concerns – balancing safety and clinical competency in the absence of mandatory retirement can be a delicate issue.
Conclusion
Retiring as a physician requires more than achieving financial independence; it involves professional, ethical, and personal considerations. While retirement trends vary across specialties, there’s a shared recognition of older physicians’ 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 personalized paths. For senior physicians 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 physician-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 physicians 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 specialties or administrative and teaching roles. The decision often depends on the physician’s ability to maintain their skills and competencies and their personal and professional goals.
About 60% of physicians retire with a net worth between $1 million and $5 million, depending on factors such as specialty, years of practice, geographic location, and financial habits. Physicians who plan and invest wisely tend to retire with greater financial security.
Physician 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.
