What Age Should Physicians Retire?

(The photo with this article is the view I have as I write this from a timeshare resort in Escondido, California. I couldn’t travel as much if I was still working.)

I’m a physician who retired from medicine early, based on most people’s thinking. But at what age is retirement early? The Social Security department made an arbitrary designation when they made age 65 the retirement age for their program. Does that number really mean anything to a professional who loves what they do? Or to anyone who is feeling burned out in their job? Age 65 only means you become eligible for Medicare.

When I read comments about the timing of my retirement, I begin to think that “early” means at a younger age than the reader decided to retire. Every reader has their own interpretation of what early means.

Too many physicians behave like online trolls or bullies when they hear of someone who retired before they did. This behavior is very unbecoming of a professional in any field, but especially in medicine. 

This attitude is prevalent when driving on the freeway. Many people take the stand that those who drive faster than they drive are maniacs and those who drive slower than they drive are idiots. They think the speed they drive is the best speed and anyone who deviates from that speed is not just in error, but out of their mind. 

Maybe we should all use Dr. Michael DeBakey as the yard stick for retirement. He practiced medicine until his death at age 99. That means everyone who retires from medicine at age 65 wasted a spot in medical school that could have been used by someone who was really serious about practicing medicine. They quit 34 years too early, which is a career in itself.

Here is a small representative sample of comments pointed at me for having the audacity to retire at age 54 after devoting only 23 years practicing medicine, not counting the years spent in training. I also share my comments about their comments. To balance them out, I included comments from people who were happy for me.

Comments from those who don’t like that I retired before them

You and the medical profession are better off with you retired. You probably should not have chosen medicine as a profession. Strong words from someone who has never met me. The tens of thousands of patients I treated would probably disagree.

I really dislike these types of articles when a physician feels superior because he/she retired early, like it was his goal! I could retire easily tomorrow (I am 60) but I don’t want to. I’ve never felt superior to anyone who chose to retire later than I or earlier than I. I wonder what this doctor’s real beef is.

This is a person who retired from medicine at age 54. Why waste a medical education on a person like that when what he wanted to become was a real estate manager? No, I have wanted to become a physician since I was a kid, that’s why I put in 13 years of training to become a physician. I chose to invest my retirement savings in real estate and mutual funds.

Why does XX keep subjecting us to the wisdom of ex (I don’t call them retired)-doctors who left unfinished medical careers but try to rationalize it by presuming to lavish us (who had FULL medical careers) with THEIR expertise?……. My advice, if you go to medical school, just practice medicine till you’re old. After reading this comment I looked up this person to see what kind of physician he is. I found out that he left medicine early and became a lawyer. Then later left his law practice to go back into medicine. Maybe he should have followed his own advice and spent his whole career in medicine. What is a “FULL medical career”? I doubt it is one interrupted to become a lawyer.

If you had 20 wonderful years in practice, why did you retire? Interesting comment. This person must think that you only retire if you don’t like medicine. One could change the 20 in this statement to any number. Why ever retire if you like what you are doing?  I wanted to do some other things with my life before I was too old to do them.

This is obnoxious. I’m sorry. I work really hard for not a lot of pay for a physician because I believe in what I do. I hope I can retire at 65, in 7 years. I hope I can help my parents financially. I hope we can travel a month a year. Am I a lesser person than he? The difference between us is not how hard we worked, how much we liked our job, or how much we earned. You certainly are not a lesser person than me. You simply did not save as much money along the way. You can’t HOPE these things come to pass, you must plan for them.  I spent substantially less money than I earned every year starting my first year of residency. The difference is only in the size of nest egg we have saved. My choice was to spend less money during my working years so I would have more money to spend during my non-working years. 

Many doctors are still practicing medicine well over age 65. It doesn’t sound like he particularly enjoyed medicine if he retired at 54. He probably chose the wrong profession. No, I chose the right profession, as I loved medicine and it was the career I wanted to do since I was a kid. I, however, have other interests besides medicine… music, travel, and helping physicians with their personal finance to name a few. I went into medicine to help people, and I retired to help a different group of people.

Comments from others who were happy for me

Not all the people who make comments on my articles are unset by my retirement. Some commenters are truly happy for me or want to use my example as a path for them to follow. 

Most realize I used my income differently than other people. Not everyone is willing to live on 50% of their income; save and give away the rest. Most of the people that contact me for help with their finances are spending all their income. Some spend even more than their income as is evident by the amount of debt they carry. Consumer debt is the ultimate measure of spending more than you earn. If you owe money on a credit card, or make payments on a car, you are spending more than you earn.

This is seriously the most toxic industry. You guys need to get a grip and just learn to be happy for your peers when they retire. If you didn’t learn to manage money or retire early, that’s on you. Stop whining about it and do better.

Congratulations. Life is beautiful on the other side. So much more to explore than an operating room!

Admire do not hate, I wish I had half the financial savvy and vision.

Planning like you did is essential for a comfortable retirement. Kudos.

Love it Dr. Fawcett. Well done.

I’ve always loved my job. But now four grandchildren later, financially very comfortable by the grace of my husband following all the guidelines set by Dr. Fawcett (over 40+years), I can identify with Dr. Fawcett.

Well done, your story is much like my own. Grew up poor, but with both parents, enlisted in military at 18, GI bill for under grad, Airforce scholarship for medical school, married to my best friend for 47 years, studied investing and began early. Retired at age 61. Now have time to devote to other interests, reading, woodworking, improving my bridge game, etc. I believe a great deal of your good fortune is because of the decisions you have made along the way when opportunities or challenges presented. Thank you for your service to our country!

You have done well! My congratulations to you and your family.

The time for toxicity in medicine is over. Anyone who judges another physician for their own personal choices is the one who should be vilified.

Thank you for sharing this.

Good day Dr. Fawcett, I was simply overwhelmed by your post. To a large degree I felt like I could have written it. I stepped away from Neonatology at 58. I recently turned 69. Though I was both proud and pleased to have practiced medicine for so many wonderful years, the last eleven have been the absolute best. My wife and I have been blessed with continued good health and keen minds. I still “work” every day, a morning run, then either a trip to the gym or a round on the golf course, then the best gift of all… I/we get to decide what we want to do with each and every day. Your comments are simply spot on. Congratulations and Thank You.

I would not judge anyone, one way or the other about their retirement. This is an awesome profession and it’s not the length of time that makes it better or worse. It’s the passion, professionalism and the way others benefit.

Good article. Make sure you take your BP medication regularly and keep enjoying life with your grandkids. I hope I can reach a similar outcome in the future.

Amazing. Glad life is good.

Well said. You have nothing left to prove and can walk away with your head held high.

I’m happy for this surgeon.

Great story to go with a great philosophy. There certainly IS life after medicine.

Congratulations on your retirement. Clearly it was the right choice for you and your family and your lifestyle.

And you will always be able to describe yourself (Cory) as a Surgeon and physician, with your ongoing career still ministering to the needs of other physicians.

This is chapter 2 of your life and an opportunity to do something else you want to accomplish and enjoy. This time around, there is no pressure or competition.

Congrats on your retirement! I retired from my internal medicine practice at the age of 63.

I applaud your decision to make medicine your career and field of service and not your raison d’etre and your entire life.

Well done! You are a smart doctor to have planned well and achieved your goal!

Very inspiring article!!

Well done, there is more to life than medicine. You made a difference to others and that’s all that matters.

I retired at 68…awesome…still have some “youth” to enjoy. There is another world out there besides doctoring.

Congratulations to you. It’s never too early to retire.

I think most who vilify you for “wasting your medical education” are simply jealous.

Comments from those who think I could only retire because I had something special/lucky happen to me

There is also a set of comments from people who think the only reason I was able to retire before them is because something extraordinary happened to me and that special thing did not happen to them. 

This is not the case. I did not inherit a bunch of money, win the lottery or strike it rich buying bitcoin or any other lucky investment. I also did not come from a wealthy family. I simply avoided consumer debt, worked to keep my student loans low and then paid them off quickly, and lived on 50% of my income so that my savings and giving rates would be high. Saving a high percentage of income makes a huge difference in outcome. 

I also did not have a high income, despite being a surgeon. I lived in a depressed area and took a lot of time off to spend with my family every year. I rarely meet a physician who shared their income information with me that earned less per year than I did. I also have lived in the same house since 1997 and am still married to my one and only wife. 

Here are some of their comments with my responses.

Remember that pediatrician that retired at 54? Oh, that’s right none ever have. I am just starting to save for retirement at similar age.  It isn’t that you make too little money. The issue is you only started saving in your 50s while I started saving during my first year of residency. Yes, there are pediatricians who retire in their 50s. They also started saving money early.

Yes, some physicians prefer to run a string of rentals, Section 8 housing, car washes, Airbnb, etc. It is a matter of choices if they want to deal with broken plumbing, stopped toilets, crackheads, etc. Big headaches in my opinion. This physician speaks as if it makes a difference what one invests in. The biggest factor is the amount of money you invest, not what you invest it in. Those headaches you speak of only are present if you feel you need to manage the investments personally. You make the investment and let others manage the business.

Most of these retired early folks are deep into rental properties. So it’s generally more of a change of career than retirement in the traditional sense. This is completely wrong thinking. I own rental properties, but I spend about as much time with them as I do with my mutual funds: close to zero. That is not a career change. If rental properties seem like a second job, you are doing it wrong.

Funny article. A man who is supposed to be a financial expert owns a timeshare. Yes I do own a timeshare, and I think every physician should own a timeshare. Most people who complain about their timeshare either are the wrong kind of owner or have never learned how to use it, since it didn’t come with instructions. I wrote a user’s guide for Timeshares to help timeshare owners get the most from their timeshare. I own one week of a timeshare and am able to trade it for 7-8 weeks each year for a cost of about $600 per week of vacation. My five-star timeshares costs less to stay in than vacationing in a Motel 6 and comes with lots of amenities. If you wish to save a lot of money on vacations, you should own a timeshare. 

It would be great to hear how early retirement worked out for MDs who don’t earn money by writing books on how to make money. I live entirely on my retirement savings, which I developed before I ever wrote a book. I don’t make any significant income selling books. The books have given me a purpose during my retirement, not an income.

So basically, be a surgeon and buy an apartment complex. I guess this leaves me out as a pediatrician, sigh. You got the message wrong. Be a physician, live on less than you earn, save the difference, avoid debt, and start this when you get your first job. Since I bought most of my apartments with no money down, even a pediatrician who doesn’t save money can do that. 

In my experience you can’t put enough away in 20 years to retire and travel and pay private health insurance and have kids at home and tithe. It took me until my 37th year in practice to retire……So this guy had extra income and he’s not completely clear about it. No, I didn’t have significant extra income outside of my retirement investments. I suspect this commenter took a different path with his personal finance than I. He chose to spend all his income. When you do that, it takes a long time to save up enough to retire. Too much house, too many cars, and expensive vacations can result in a late or no retirement. When I was in high school a doctor once told my father at a reunion, “If a physician isn’t financially set for life after being in practice for ten years: He blew it.” 

Your income as a surgeon is not available to those of us in primary care, though we work just as hard as you did. All physicians work hard. Hard work doesn’t build a bank account. Living on less than you earn and saving the difference builds a bank account. Every specialty can do that. Even the lowest paid physicians earn much more than the average American so have the opportunity to save. 

The problem Cory is that I like to fly first class, I drink expensive tequila, and I don’t know Jack about real estate investing. Guess I’ll just work until I’m 70. You might have to work a lot longer than that if you keep spending all the money you earn. 

He forgot to acknowledge good fortune, opportunity and luck as part of reaching his goals. A lot of people think I have wealth because I was lucky. Here was one of my comments to the luck issue: Yes I had good fortune in my life. I was fortunate to be born in the United States. I was fortunate to have both a mother and a father who loved me. I was fortunate to not have a “serious” health issue, but my wife and I have both had health issues. My wife had breast cancer, and I had heart issues. We’ve both been under a surgeon’s knife. I was fortunate to find a wife who was thrifty and faithful, and we have been married for 36 years. I was fortunate to have a high IQ. I was fortunate to apply for and receive a Navy scholarship and not have to go into big debt for medical school. I was fortunate to learn about real estate investing from my grandparents and later follow in their footsteps. I did have a lot of good fortune in my life, and I am very thankful for it.

Basically, you retired TO something, not just FROM the practice of medicine, and this is the key to a successful second act. You were also fortunate and wise enough to keep a portion of your life outside of medicine intact.

Comments about when physicians should retire

There are also many people who stated their thoughts of when the right time to retire might be. Here are some of their comments. 

When you have enough and are tired of practicing.

If retirement means to stop doing what you love or what gives you purpose, then never retire: you will be miserable. But, if retirement means moving into a new exciting phase of life that enhances your purpose and happiness, go for it.

No one has the right to impose their opinions on when a physician should retire. It is a personal matter.

There is a numeric age and a physiologic age. There are many in other professions who are active well into senility.

I retired when work was more hassle than fun.

It’s better to retire a year too early than a day too late; it’s later than you think.

Age is not a determinant, mental ability is.

Whenever I can afford to!

I retired because I HAD to. Had I not retired, I’d most certainly be dead today.

“Physician” is not my identity; it is my vocation.

You have to ask yourself two questions before retiring, do I HAVE enough and have I HAD enough.

At whatever age fits you personally. Medicine as a business takes a toll.

Any age is acceptable. It’s when you realize its time and you’ve met your financial goals.

It’s when you see fit. Even though we may not start our career until 30, most of us were working on “being a doctor” in high school. Getting the best grades, extracurricular activities, studying in college when others were partying. Our pursuit starts very early so let it end when you want it to end.

I think your knowledge is very important to society and took a long time to get so for me 70 is the earliest anyone should be thinking. Cut back if you like, change your hours, or modify it, but don’t stop.

I think as physicians we have invested a lot of our youth into what we do, therefore it’s not like joining a union job at say 21 years old or even a junior executive job. By the time we are beginning our work life most of us are 30 years old. Thats 10 years later than most of our university friends who retire at 65.

I don’t know anyone who, at the end of their life, was thinking “I wish I worked a little bit more.” I think balancing the quality of life and the amount of work is the key to avoiding regrets. I plan to work as long as I enjoy doing what I do and not a day more.

I say, I managed to retire at 63 and I consider it an accomplishment, not a moral defect. If you want to see patients until you die, or until someone realizes you shouldn’t be practicing anymore – good for you. I would never criticize or try to talk you out of it. Please give the same courtesy to those of us who chose a different path.

Naturally I agree that we should leave when it feels right to us, as long as we can still practice competently.

Some physicians don’t have hobbies other than medicine. They can never retire.

Every physician has to decide for himself, unless he is no longer able to fulfill his responsibilities.

There is no “acceptable” age. It’s an individual choice based on finances, whether your practice is professionally rewarding, you enjoy your work, and health issues.

If you define self-worth as being a physician, never retire.

No right or wrong time.

I support anyone who quits while he/she still has it. If he/she doesn’t want to treat patients anymore, they shouldn’t. Nobody hurt. It’s quitting too late that is a problem.

It’s whatever is acceptable to you.

Only retire if you find something better to do. Recliners can be deadly.

It doesn’t matter if you retire after 10 years or never.

What an absurd question … This is a personal decision.

Acceptable? To whom? When it is acceptable to me then I will. I didn’t know I needed to get pre-approval from someone.

I would say any time you can afford it and can no longer stand to practice. This idea that there is a contract with society and because medical education is subsidized you “owe” a number of years no longer applies.

A General Surgeon or any physician who dedicated so many years of their life to their intense education and then active practice is hardly a “poster”.

Personally, I consider that if the average person gets out of college at 22 years old and works 40 hours per week for 50 weeks per year, this is 2000 hours. And if they do that for 37 years and retire, they have worked 74,000 hours in their career by the time they reach 59 years old (the age at which the IRS allows them to start withdrawing from their retirement plans). For us, after college, there is medical school, internship, and residency (my residency had no limits on the hours). Few of us have 40-hour per week jobs after residency. So, we not only get a head start on the hours at the beginning of our career, we also advance toward that average total hours faster than the average person. You can probably do the math on your own career and come up with pretty good approximation of the age you will be when you arrive at that 74,000-hour point for your career. But regardless of what anyone else has done in any other career, I don’t think there is anyone more qualified than each of us is to determine for ourselves the total number of years that each of us should practice.

I hope you enjoyed this collection of comments that I’ve received over the years since I retired. I’m sure many of you have a few of your own to add.