Preserving your legacy: Navigating identity, finances and fulfillment in retirement
Preserving your legacy: Navigating identity, finances and fulfillment in retirement
Wednesday, March 13, 2024
by Scott Humphreys, MD, CPHP medical director
Most of us look forward to retirement as a reward for a successful career. But as physicians, we have considerations that may not be obvious.
Physicians tend to retire later than other professionals. The average physician retires at 69 years old. This may be because we start working and earning later than our non-physician peers. It could also be that we find our work more fulfilling or the need for our work more pressing.
The most common unanticipated consequence of retirement I see at Colorado Physician Health Program (CPHP) is a doctor’s loss of identity. Being a physician is who we are! I often say we have one of the few careers we change our name for. I am married to a pediatrician, and I have come to accept that she is a minor celebrity – recognized when we go shopping, out to eat, and during graduation season, of course. Our position and responsibilities to our communities solidify how we think of ourselves.
Finances are another uncertainty. Not starting our careers until our early thirties puts us behind in savings. We miss out on at least one “doubling time.” Also, many physicians planned to use the equity in their practice as a retirement account. For many, this was a devastating blow. I have seen many terrific doctors singularly focused on giving great care that they ignore their own financial needs.
So, what can we do to minimize the negative effects of this transition? We need to anticipate. We need to think about what gives meaning to our lives and how this will look in the next chapter. We won’t miss the EHRs and the bureaucratic red tape that has become ubiquitous in medicine. But most miss the collegiality, the mental stimulation and the respect. It is time for these to take on a new shape.
Think about the meaning of your years of retirement. What do you want to achieve, contribute, and what do you want your legacy to be?
You’re likely to be spending much more time with your significant other. It might be a great time to see a couple’s therapist for a tune up. There is probably no greater correlation to one’s happiness in these years than the health of your primary relationship.
Maintain multi-generational relationships, especially with your colleagues who are still practicing.
Access activities that are mentally stimulating. For most of us “Wordle” is not going to be enough. Get involved with some charity organizations, take a class in something that has always interested you, travel, or learn a new hobby.
These can and should be wonderful years that you have earned. But you must take control and do some planning in order to navigate this next chapter. Enjoy!