Nearly 70% of doctors in their 40s want to retire in their 50s or 60s

Around 2 in 3 physicians expect or hope to retire from medicine by their mid- or late 60s, according to Medscape’s retirement report released in December 2023. Roughly 28% of hospitalists expressed a desire to retire even earlier, in their 50s.

To create the report, Medscape surveyed 1,017 practicing physicians in the U.S. across 29-plus specialties. Below are some highlights from the report.

Nearly 70% of physicians in their 40s want to retire in their 50s or early 60s, compared to doctors overall (19%).
Physicians placed a higher price tag on retirement than the typical American employee. On average, men stated that $4.1 million would provide a comfortable retirement, with women stating $3.6 million. Overall, the average for physicians was $3.9 million.
At these levels, physicians have typically funded about 77% of their desired amount. About three-quarters of the men surveyed believed they would meet their goals by retirement, while only 58% of women agreed, and 32% of all were unsure.
Nearly half of doctors told Medscape that they plan to wait until their 70^th birthday to begin drawing Social Security benefits. Social Security payments max out at age 70. About 27% plan to start withdrawing funds before age 65.
Reasons behind physicians’ planned age of retirement include wanting more family time (45%), desiring time to pursue other passions (61%) and when they expect to reach their monetary goals (68%), with burnout being the most commonly cited reason (74%).