Recession causes reevaluation of physicians' retirement plans

The recession has walloped the personal finances of millions, including physicians, who are being forced to rethink their retirement plans, says a survey by physician recruitment firm, Jackson & Coker.

Jackson & Coker’s survey of 522 physicians found that 52 percent of them who, prior to the recession, had been planning on retiring within six years, have changed those plans.

[See also: Physician turnover rate on the rise.]

“This is a tough time to be a physician,” Jackson & Coker President, Sandy Garrett, said in a statement about the survey. “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.”

Devalued assets, the continued economic uncertainty, governmental cutbacks and a general lack of confidence are fueling physicians’ thinking about their retirement planning, the survey noted.

“I will never be able to retire,” said one survey respondent, “with cutbacks coming in Social Security and Medicare it only makes sense to continue working forever.”

“The current leadership in this country is unable and unwilling to do the correct actions to save our country,” wrote another. “Instead, their policies will lead to significant depreciation of the dollar and thus destroy the value of my retirement plan. When combined with the coming inflation and the devaluation of a physician, my best plan is to find (a) profession (or) job that has little government control. The profession of medicine has been under attack from politicians for over 30 years and with passage of Obama-care they have finally put a fork in it. The physicians in this country have no leadership to stand up for their rights and for the rights of their patients.”

Those changing their retirement plans are considering a number of work options. Twenty-five percent said they will work part time or will work locum tenens, while 21 percent said they would continue doing what they are doing currently. Sixteen percent said they would seek a different position in the same field and 14 percent said they would try something new.