Physicians are being forced to delay retirement, mainly due to depletion of their personal savings and/or the inability to build their personal savings as quickly as anticipated, and are pursuing a variety of options to supplement their income, according to a survey by physician staffing firm Jackson & Coker.
Twenty-five percent of respondents find locum tenens, or part-time, assignments most appealing. Twenty-two percent reported no changes to their retirement plans, and 21 percent plan to continue their current pace in their current role for longer. Sixteen percent plan to seek a new position in same field, while 14 percent are considering leaving medicine to try something new.
“This is a tough time to be a physician,” said Sandy Garrett, president of Jackson & Coker. “Not only are they facing the coming effects of healthcare reform, which is placing considerable challenges on their ability to effectively practice medicine and maintain a viable medical practice. The economy has severely impacted their ability to save and retire.”
Part-time work is an attractive option for many physicians seeking supplemental income while semi-retired, she said.
“In addition to providing an ongoing income source, part-time assignments allow physicians to bring their experience and skills to hospitals and communities where physician access can be a challenge,” Garrett said.
To view the survey, which includes additional information, click here.