Physician Retirement: Planning for Changing Healthcare in Canada
This decade is set to welcome millions of baby boomers into retirement, shifting the working landscape, and that means there’s going to be a change for the future of healthcare in Canada.
Although planning for retirement happens in every profession, physician retirement planning has an additional consideration – patient care. The physician and patient relationship is one that can span years, generations even – many MDs often provide care for multiple generations within the same family, adding another layer to the decision-making and retirement planning process.
These current realities, paired with busy work schedules, can make planning for the financial future a balancing act for physicians. In fact, it’s been reported that only one third of those surveyed in the MD Physician Retirement Readiness study actually had well articulated plans and goals set for retirement. While physicians are often required to spend their time thinking about the wellbeing of others, it’s just as important they don’t forget to focus the lens on themselves and plan for their own future.
Not sure where to begin? Here are two key considerations that can set you up for a seamless transition towards your future retirement while making sure your practice and patients are left in safe hands.
Planning for the Future Starts Early
Retirement requires financial planning, however, personal finance for doctors can be a tricky subject. Right from the jump, the cost of medical school often puts doctors into debt. Plus, the time it takes to acquire a medical degree, or a specialty in medicine, takes even more earning potential away from doctors than their peers receive.
Fortunately, there are many avenues to financial security, even if you’re already well into your career. For starters, robo advisors like Wealthsimple provide a convenient way to invest. For physicians looking for a more hands-on approach to their portfolio, finding a trusted financial advisor can help guide you through the process of investing and saving.
A financial advisor can also help you determine the best course of action to pay off any debt you have while still tucking away a portion of your income for retirement, keeping your finances healthy. After determining your financial goals, budgeting software like Mint can be a great tool to monitor your spending and saving goals. By getting a head start on retirement planning, you can ensure your financial future is bright.
Explore Semi-Retirement with the Click of a Button
It’s no secret that a physician's top priority is patient care. But what happens to patients when their MD retires? In recent years, an increasing number of physicians are exploring semi-retirement as a stepping stone on their path towards hanging up their stethoscope for good. This offers more opportunity to enjoy doing what you love and provide care for your patients while also giving you flexibility, with many physicians today looking to fill gaps while other physicians are away.
With semi-retirement, physicians can stretch retirement into phases, and not only continue to save for the future, but make arrangements for their patients by finding available physicians to provide care, enabling them to enjoy a healthy work-life balance. In gradually transferring patients to colleagues, physicians can monitor the transition and be available to provide medical opinions. Cherry Health is an industry leading platform that helps you connect with fellow professionals who are looking to help provide this coverage in your practice.
A Healthy Start to Retirement
Cherry Health’s mission is to revolutionize management in healthcare. With our seamless platform, we empower physicians to semi-retire with ease by enabling them to find care for their patients and collaborate with top physicians in the field throughout the transition. In working with locums, physicians can ensure they are transitioning out of their patient panels and having as much or as little work as they like, tapering back their locum schedule with ease to make the final phase of their career flexible. By accessing a pool of qualified physicians who are looking to provide your patients with the care they are accustomed to, you can dedicate more time to planning for your retirement and rest assured that your patients are in good hands. These flexible working options can help you find the right fit for your working life while allowing you to step into retirement with ease.
Planning for the future can be overwhelming, but it doesn’t have to be. By taking charge of your future through financial planning and scaling back patient care through semi-retirement, you can fully enjoy your golden years!
Start the journey and download the app today to connect with your medical community.