Money Meets Medicine with Dr Jimmy Turner and Dr Lisha Taylor
Money Meets Medicine with Dr Jimmy Turner and Dr Lisha Taylor
The Physician Philosopher, LLC
Is it wrong for doctors to retire early?
40 minutes Posted Apr 11, 2023 at 10:00 pm.
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Show notes

When it comes to doctors retiring early because of F.I.R.E. (financial independence retire early), there’s an inevitable argument made against it and why it’s ethically wrong for physicians to do.

That argument says unless you practice medicine until the day you die, it's unacceptable.

Whether it’s citing a physician shortage that doesn’t really exist or feeling as though doctors shouldn’t retire early because we’re doing something good for society, some feel like we should give of our time, skills, and talents as long as possible, discounting the sacrifices that doctors have already made up until this point. 

They don’t realize that a 30 year career is actually 40 based on the amount of hours most physicians work in a week.

But… Why even have this conversation? Are doctors actually retiring early? 

Doximity’s 2021 study found that 21.8% of physicians considered early retirement due to overwork. Around 25% of women physicians considered early retirement, and 40% of medical groups saw doctors retire early from their medical group.

These numbers are not small. So let’s explore some of the possibilities around F.I.R.E. for physicians that can make life feel more liveable and enjoyable again. 

Disability Insurance for Docs: 

Looking to increase your financial literacy?  Check out Medical Degree Financial University → MDFU.Co

2021 Doximity Early Compensation Report