Physician Retirement Planning by Specialty

Key Takeaways

• Average Physician Retirement Age: 65-68 years old

• Surgeon Retirement: Often 60-65 due to physical demands

• Retirement Savings Target: $5-10 million for most physicians

• Annual Savings Rate: 20-30% of gross income recommended

• Key Factor: Physicians start late but can catch up with high savings rates

When Do Physicians Retire?

Physician retirement age varies dramatically by specialty, practice setting, and personal circumstances. While the average American retires at 62, physicians typically work longer—both because they enjoy their work and because they start earning attending salaries later.

The Physician Retirement Math

Physicians face a unique retirement planning challenge: they start late but earn well. Here's how the math works:

Typical Physician Timeline

• Age 22-26: Medical school (accumulating debt)

• Age 26-29: Residency ($60,000-$75,000 salary)

• Age 29-32: Fellowship (if applicable)

• Age 30-35: First attending position (finally earning real money)

• Age 60-70: Retirement

This means physicians have only 25-35 years of high earning compared to other professionals who might have 40+ years.

Savings Target Calculation

The 25x rule suggests you need 25 times your annual expenses saved for retirement. For physicians:

Retirement Planning for Surgical Specialties

Surgeons face earlier retirement due to physical demands but often have higher incomes to compensate.

Orthopedic Surgery

Average Income: $600,000-$800,000
Typical Retirement: 62-65
Key Considerations:

• Physical demands of surgery limit career length

• High income allows aggressive savings

• Many transition to consulting, expert witness work, or administration

• Joint replacement surgeons may have longer careers than spine surgeons

Neurosurgery

Average Income: $700,000-$900,000
Typical Retirement: 60-63
Key Considerations:

• Among the shortest surgical careers

• Fine motor skill demands are unforgiving

• Highest earning potential allows fastest wealth accumulation

• Many transition to spine consulting or academic roles

Interventional Cardiology

Average Income: $550,000-$700,000
Typical Retirement: 62-65
Key Considerations:

• Cumulative radiation exposure is a concern

• Can transition to non-interventional cardiology

• Strong demand allows part-time opportunities

General Surgery

Average Income: $400,000-$500,000
Typical Retirement: 63-67
Key Considerations:

• Physical demands moderate but persistent

• Call burden may drive earlier retirement

• Can transition to wound care, locums, or teaching

Retirement Planning for Primary Care

Primary care physicians often work longer but earn less, requiring different strategies.

Family Medicine

Average Income: $235,000-$280,000
Typical Retirement: 65-70
Key Considerations:

• Lower income requires higher savings rate

• PSLF is often optimal for student loans

• Can easily reduce to part-time

• Telemedicine expands late-career options

Internal Medicine

Average Income: $260,000-$320,000
Typical Retirement: 65-70
Key Considerations:

• Hospitalists may have earlier burnout than outpatient physicians

• Subspecialization (GI, cards) dramatically changes income trajectory

• Cognitive work allows longer careers

Pediatrics

Average Income: $225,000-$270,000
Typical Retirement: 65-70
Key Considerations:

• Among the lowest physician incomes

• PSLF particularly valuable

• High job satisfaction may delay retirement

• Subspecialization significantly increases income

Retirement Planning for Lifestyle Specialties

Dermatology

Average Income: $450,000-$550,000
Typical Retirement: 65-70
Key Considerations:

• Excellent work-life balance throughout career

• High income with low physical demands

• Cosmetic procedures can continue indefinitely

• Easy to transition to part-time

Psychiatry

Average Income: $280,000-$350,000
Typical Retirement: 68-72
Key Considerations:

• Cognitive work with minimal physical demands

• Telemedicine-friendly specialty

• High demand allows flexible schedules

• Many psychiatrists work into their 70s

Radiology

Average Income: $420,000-$520,000
Typical Retirement: 65-70
Key Considerations:

• Teleradiology enables work from anywhere

• Can easily reduce hours gradually

• Night and weekend shifts can be reduced with seniority

• AI concerns may affect late-career opportunities

Emergency Medicine: The Early Retirement Specialty

Emergency medicine deserves special attention for retirement planning.

Average Income: $320,000-$400,000
Typical Retirement: 55-62

Why EM Physicians Retire Early

• Night shifts: Become increasingly difficult with age

• Physical demands: Standing, procedures, and high-stress situations

• Burnout: Among the highest rates of any specialty

• No gradual transition: Difficult to go part-time due to shift structure

EM Retirement Planning Strategies

• Save aggressively (30%+ of income) from the start

• Plan for a shorter career (25-30 years)

• Consider urgent care or telemedicine as transition roles

• Healthcare administrative roles as second career

• Coast FIRE: Accumulate enough that part-time work covers expenses

Retirement Savings Strategies by Income Level

High-Income Physicians ($500,000+)

Orthopedic surgeons, cardiologists, and gastroenterologists:

• Max all retirement accounts: 401(k) + Backdoor Roth + Mega Backdoor Roth = $76,000+/year

• Substantial taxable investing: $100,000-$200,000+/year

• Can reach $5-10 million in 15-20 years

• Consider early retirement or part-time transition at 55-60

Mid-Income Physicians ($300,000-$500,000)

Anesthesiologists, radiologists, emergency physicians:

• Max 401(k) and Backdoor Roth: $30,000+/year

• Add Mega Backdoor Roth if available

• Taxable investing: $30,000-$80,000/year

• Target retirement at 60-65

Lower-Income Physicians ($200,000-$300,000)

Family medicine, pediatrics, internal medicine:

• Prioritize 401(k) and Backdoor Roth: $30,000/year

• PSLF often the best student loan strategy

• More modest lifestyle required for adequate savings

• Plan for working to 65-70

• Consider moonlighting for additional savings

The Glide Path: Transitioning to Retirement

Few physicians retire abruptly. Most follow a "glide path" to retirement:

Phase 1: Full-Time Practice (Age 35-55)

• Maximum earning years

• Aggressive wealth accumulation

• May take call and work weekends

Phase 2: Reduced Clinical Load (Age 55-65)

• Drop call responsibilities

• Reduce to 4 days/week or 0.8 FTE

• May shift to outpatient-only

• Begin drawing on taxable investments

Phase 3: Part-Time or Locums (Age 60-70)

• Work 1-2 days/week or periodic locums

• Supplement Social Security and investments

• Maintain clinical skills and social connection

• Teaching or precepting roles

Phase 4: Full Retirement (Age 65-75)

• Draw from retirement accounts

• Social Security optimization

• May do volunteer medicine, medical missions

Frequently Asked Questions

Can physicians retire at 50?

Yes, with aggressive savings. A physician who saves $150,000-$200,000 annually for 15-20 years can accumulate $4-6 million, enough for early retirement. However, healthcare costs before Medicare eligibility (65) are a significant consideration.

What percentage of income should physicians save for retirement?

Most financial advisors recommend physicians save 20-30% of gross income for retirement. Those with shorter expected careers (surgeons, EM) should aim for the higher end.

Should physicians hire a financial advisor?

Many physicians benefit from professional advice, especially for complex situations. Look for fee-only fiduciary advisors who specialize in physicians. Avoid advisors who charge 1%+ of assets under management—this can cost millions over a career.

Your Retirement Planning Action Items

1. Calculate your number: Determine your retirement savings target (25x annual expenses)

2. Know your specialty timeline: Understand when colleagues in your specialty typically retire

3. Maximize tax-advantaged accounts: Backdoor Roth and Mega Backdoor Roth

4. Track your progress: Calculate your net worth quarterly

5. Protect your income: Ensure adequate disability insurance

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Compare your salary to peers to ensure you're on track:

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• Orthopedic Surgery Salary

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• Emergency Medicine Salary

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor for personalized retirement planning.

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• Physician Financial Planning: A Step-by-Step Guide

• How to Do a Backdoor Roth IRA for Physicians in 2026

• Mega Backdoor Roth: The Ultimate Guide