Retire or Rewire?

Physician burnout is a real thing. You know it. I know it. I saw some data recently that is a factor in conversations I have with clients frequently on the topic of retire or maybe rewire instead. This is a quick 2-minute read.

 Background:

• The confusing world that is financial advising likes to tell everyone the “perfect” retirement is 65.
• Retirement is then dressing in linen fabrics and walking along the beach with kids, grandkids and Labradoodles. At least according to the ads.
• This sounds great, for some people. But retirement is still a new concept and what if you wanted a different type of retirement?
• Many of my physician clients would rather have a different type of retirement. One that can only be described as a rewired one.

 Rewired Retirement:

• Some characteristics of a rewired retirement include shifting from your current role to one that may be less demanding and/or more rewarding.
• This could still be in medicine or it could shift to a totally different profession, like selling peanuts at a local baseball stadium.
• It can easily involve making this shift well before age 65, but continuing to “work” in some capacity past age 65 by choice.

 Some Data:

• Over the last 20 years, the labor participation rate for older Americans has risen.
• Last month, 13% of retired Americans worked because they needed the money.
• A 2014 study revealed 80% of semi-retired Americans worked because they wanted to.
• Working after retirement is more common with people who fall into higher socio-economic groups. Most say they continue to work for reasons other than money.
• Reasons include structure, health (physical and mental) and most important – socialization with others.
• 40% of people 65 and older who are working were previously retired.

 Conclusion:

• My point with all of this is retirement is still a new concept (been around roughly 100 years) and you get to decide how you define your retirement.
• It could easily be on par with what my industry promotes such as walks on the beach with family.
• Or it could be rewiring at age 55 and continuing to do something meaningful and maybe a bit rewarding for the next 15 years.
• The nice thing about being a physician is you have many choices of what you may want your retirement to look like. Now its yours to define.