“Why Give Up Something That Works So Well?”: Retirement Expectations Among Academic Physicians

Silver, Michelle Pannor; Pang, Nelson; Williams, Sarah A.

doi:10.1080/03601277.2014.970419

Cited by 19 publications

(22 citation statements)

References 24 publications

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“…Qualitative studies [9, 18, 22–29] were found to be methodologically strong, with credible results deemed relevant to practice. The majority of quantitative studies had adequate sample representativeness (76% of studies), had justified and satisfactory sample size (89% of studies), used appropriate statistical tests (59% of studies), and collected primary data by self-reported survey methods (91% of studies).…”

Section: Resultsmentioning

confidence: 99%

A systematic review of physician retirement planning

et al. 2016

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BackgroundPhysician retirement planning and timing have important implications for patients, hospitals, and healthcare systems. Unplanned early or late physician retirement can have dire consequences in terms of both patient safety and human resource allocations. This systematic review examined existing evidence on the timing and process of retirement of physicians. Four questions were addressed: (1) When do physicians retire? (2) Why do some physicians retire early? (3) Why do some physicians delay their retirement? (4) What strategies facilitate physician retention and/or retirement planning?MethodsEnglish-language studies were searched in electronic databases MEDLINE, Web of Science, Scopus, CINAHL, AgeLine, Embase, HealthSTAR, ASSA, and PsycINFO, from inception up to and including March 2016. Included studies were peer-reviewed primary journal articles with quantitative and/or qualitative analyses of physicians’ plans for, and opinions about, retirement. Three reviewers independently assessed each study for methodological quality using the Newcastle-Ottawa Scale for quantitative studies and Critical Appraisal Tool for qualitative studies, and a fourth reviewer resolved inconsistencies.ResultsIn all, 65 studies were included and analyzed, of which the majority were cross-sectional in design. Qualitative studies were found to be methodologically strong, with credible results deemed relevant to practice. The majority of quantitative studies had adequate sample representativeness, had justified and satisfactory sample size, used appropriate statistical tests, and collected primary data by self-reported survey methods.Physicians commonly reported retiring between 60 and 69 years of age. Excessive workload and burnout were frequently cited reasons for early retirement. Ongoing financial obligations delayed retirement, while strategies to mitigate career dissatisfaction, workplace frustration, and workload pressure supported continuing practice.ConclusionsKnowledge of when physicians plan to retire and how they can transition out of practice has been shown to aid succession planning. Healthcare organizations might consider promoting retirement mentorship programs, resource toolkits, education sessions, and guidance around financial planning for physicians throughout their careers, as well as creating post-retirement opportunities that maintain institutional ties through teaching, mentoring, and peer support.

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Section: Resultsmentioning

confidence: 99%

A systematic review of physician retirement planning

et al. 2016

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“…Future studies should account for multiple interrelating factors such as gender, changes over time, and spousal retirement to further enhance our understanding of physicians' adjustment to retirement. [13][14][15][16]. Understanding the needs of physicians and factors that support their successful adjustment to late career transitions is a critical area for study.…”

Section: Discussionmentioning

confidence: 99%

Life after Medicine: A Systematic Review of Studies of Physicians’ Adjustment to Retirement

Silver¹

2016

Arch Community Med Public Health

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Background: A physician's decision to retire has personal and social consequences. While there has been growing interest in how individuals adjust to retirement, less is known about physicians' adjustment to retirement. Objectives:To identify and examine: 1) factors that influence how well physicians adjust to retirement; 2) reasons physicians give for retiring; and 3) advice physicians give for a successful adjustment to retirement. Methods:A systematic review of the literature was performed by searching Medline, Web of Science, Scopus, CINAHL, Ageline, Embase, Health star, ASSA, and PsycINFO databases for peerreviewed studies published with quantitative and/or qualitative analyses of physicians' adjustment to, satisfaction with, and/or quality of life in retirement. Two independent reviewers performed data abstraction, a quality assessment and an additional reviewer resolved inconsistencies. Content analysis was used to identify and stratify information from selected studies into themes and subthemes.Results: Based on analyses of 12 articles that met the eligibility criteria, it is evident that retirement from medicine was seen as a generally favorable phenomenon. Financial security, favorable health, engagement in activities, and psychosocial well-being were identified as key factors relevant to physician retirement adjustment. Findings suggest that physicians' retirement transitions could be eased by a greater focus on financial planning, implementation of strategies to encourage the development of outside interests, and institutional retirement planning that honors the physician and takes place mid-career or well in advance of retirement. Conclusions:Advance planning to ensure that physicians have a strong financial situation, good health, engagement in activities outside of medicine, and positive psychosocial dynamics are likely to enhance adjustment to retirement for physicians. Future studies should account for multiple interrelating factors such as gender, changes over time, and spousal retirement to further enhance our understanding of physicians' adjustment to retirement. [13][14][15][16]. Understanding the needs of physicians and factors that support their successful adjustment to late career transitions is a critical area for study.For many older workers, retirement comes as a welcome respite at the end of a lifetime of toil, while for others it is a fearful time of unknowns where one's identity and standing in the world are called into question and eventually re-made into something new and not necessarily welcomed. As increasing life expectancies extend the amount of time people spend in retirement to as many as three or four decades, retirement itself becomes a life stage with considerable importance and opportunity for growth and personal development. Medicine is an all-consuming and demanding profession. Physicians enter into medicine after lengthy training and are required to treat individuals at their most vulnerable state. After decades of practice and dedication to patients, physicia...

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“…Financial issues contributing to a physician's early retirement included: increasing costs of retaining a practice, malpractice costs and other economic pressures, [15,39,43,45,53] insufficient financial remuneration and, pension security [42,50,54,55]. Several studies noted that physicians working in institutions or in countries where the policy landscape changed considerably were more inclined to retire because of perceptions around doctoring regulations and poor work satisfaction as a result of circumstances arising from the delivery of care [19].…”

Section: Reasons For Retiring Earlymentioning

confidence: 99%

“…Physician retirement planning can create challenges when retirement or death inevitably occurs, because hospitals and medical institutions often find it difficult to replace experienced, older physicians and to facilitate knowledge transfer [17]. The career progression of a growing pool of younger physicians waiting in the wings for professional opportunities can also be impeded without individual physician and institutional hospital succession plans in place [18,19].…”

Section: Introductionmentioning

confidence: 99%

A Systematic Review of Physician Retirement Planning

Silver¹,

Hamilton²,

Biswass³

et al. 2017

Health Syst Policy Res

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IntroductionWhile Japan, parts of Europe and many low-and middleincome countries face concerns about physician shortages, [1][2][3] the physician workforce has been stable or increasing in other regions such as North America and the United Kingdom [4][5][6][7]. Among regions of growth and stability, the momentum of increasing physician supply has largely been driven by the sizable and growing number of physicians who have remained in or re-entered active practice beyond the traditional timing and retirement age of 65 [8,9]. Across OECD countries, nearly onethird of all practicing doctors were on average over 55 years of age (OECD, 2015). In Japan, the percentage of physicians 60 years and older are expected to increase from 20% in 2010 to 36% in 2035, suggesting that if remained unchanged current strategies may insufficiently address future demand for healthcare [10,11].Along with these demographic shifts are rising concerns that an older physician workforce will be faced with increasing cognitive impairment and associated dementia, as well as, physician burnout and deterioration of physical health potentially producing increased medical errors which put patients and quality of care at risk [12]. Physician retirement can also have a potentially negative impact on patient care as discontinuities in patient care can have implications for patient safety [13] and be particularly difficult for older patients who may be experiencing multiple losses [14].The abolition of mandatory retirement in the US has encouraged many physicians to extend their medical careers, while in Japan legislative exemptions to the physician profession have supported physicians in accumulating many decades of experience over the course of their working lives generating greater unpredictability of later career transitions [15,16]. Physician retirement planning A Systematic Review of Physician Retirement Planning AbstractBackground: This systematic review identified empirical studies to elaborate on the understudied aspect of retirement timing related to physician's preparation and engagement with the retirement planning process. Four questions were addressed: 1) When do physicians retire? 2) Why do some physicians retire early? 3) Why do some physicians delay their retirement? 4) What are some strategies that facilitate physician retention and/or retirement planning? Methods and Findings:English-language studies were searched in electronic databases through June 2015 to meet the following inclusion criteria: peerreviewed primary journal articles, published with quantitative or qualitative analyses of planning and opinions about physician retirement. Three independent reviewers assessed each study for methodological quality and a third reviewer resolved inconsistencies. In total, 60 studies meet the inclusion criteria and were analyzed. Representative sampling was used in 75% of studies, however most did not control for confounding variables. The majority were methodologically strong. Physicians commonly reported retiring between 60 and 69 year...

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“Why Give Up Something That Works So Well?”: Retirement Expectations Among Academic Physicians

Cited by 19 publications

References 24 publications

A systematic review of physician retirement planning

A systematic review of physician retirement planning

Life after Medicine: A Systematic Review of Studies of Physicians’ Adjustment to Retirement

A Systematic Review of Physician Retirement Planning

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