Financial Preparedness, Physician Lifestyle, Retirement, US Physicians Research

Top Considerations Ahead of Retirement: A Guide for Physicians

January 15, 2019

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8 Characteristics Physicians Getting Ready to Retire Share

In this special feature of our 2018 Report on Retired Physicians’ Financial Preparedness, we offer data and insights specifically for physicians who are planning to retire in the next few years. 

AMA Insurance Agency, Inc., a subsidiary of the American Medical Association, surveyed more than 700 physicians over the age of 60 who are still practicing medicine. About one-third of this group said they were planning to retire in the next two years.

In analyzing this group against the two-thirds of physicians who said they plan to continue practicing longer, we found eight factors that characterize those who are getting ready to retire. Our guide shares the data around these eight characteristics, which provide benchmarks as physicians look ahead to their own transition to retirement. 

Expert Insights and Advice from Successfully Retired Physicians

This report also offers expert insights from independent financial advisor Marti Mason, who has nearly four decades of experience advising physicians and other individual clients. Ms. Mason is CEO of Taylor Wealth Solutions, a member of the AMA Insurance Physicians Financial Partners program since 2010.

Ms. Mason looks at questions about knowing how much money you need to retire, understanding how financially supporting others fits with your retirement plans and setting realistic expectations.

Also highlighted in this special feature is sage advice from successfully retired physicians, ranging from financially preparing for retirement to mentally and logistically planning for the transition to this new phase.

According to physicians on the other side of practice, retirement is a rich time of life worth planning for. We trust this special feature will be a useful tool for you as you work on your retirement plans.

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Pamela Moy

President and General Manager

AMA Insurance

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J. Michael Hegwood

Assistance Vice President

Brokerage Marketing

AMA Insurance

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