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Related Experiment Videos

Planning for retirement from medicine: a mixed-methods study.

Michelle Pannor Silver1, Laura K Easty1

  • 1Institute of Health Policy, Management and Evaluation (Pannor Silver, Easty); Department of Health Studies/Anthropology (Pannor Silver), University of Toronto, Toronto, Ont.

CMAJ Open
|April 13, 2017
PubMed
Summary

Many academic physicians are dissatisfied with retirement planning, facing barriers like poor financial management and rigid structures. Facilitating gradual retirement and offering resources can enhance planning for physicians.

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Area of Science:

  • Medical Education
  • Gerontology
  • Physician Workforce Studies

Background:

  • Inadequate retirement planning among physicians carries significant personal and social consequences.
  • Academic physicians' satisfaction with retirement planning requires further investigation.
  • Identifying obstacles and facilitators is crucial for improving physician retirement preparation.

Purpose of the Study:

  • To evaluate academic physicians' satisfaction with their retirement planning.
  • To identify key obstacles hindering effective retirement planning.
  • To determine factors that can facilitate improved retirement planning.

Main Methods:

  • A sequential mixed-methods research design was employed.
  • Data were collected via focus groups, an internet-based survey, and in-depth interviews.

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  • Thematic analysis was used to analyze qualitative data, complemented by survey result examination.

    • Main Results:

    • Only 10% of surveyed physicians were very satisfied with retirement planning; 89.5% preferred gradual retirement.
    • Major barriers included poor financial management, institutional rigidity, and professional norms.
    • Facilitators identified were financial planning resources, later-career transition support, mentorship, and retiree recognition.

    Conclusions:

    • Addressing barriers requires flexible retirement options and ongoing financial planning discussions.
    • Medical institutions should develop innovative models for later-career transitions and recognize experienced physicians.
    • Fostering a culture that honors retirees and supports intergenerational collaboration is essential.