Many physicians across all specialties have had to delay their retirement plans because of the recession starting in 2008. Unfortunately yesterday's news regarding the significant drop in the Dow doesn't show positive signs of the economy recovering, thus further delaying physician's retirement.
According to a survey released last week by Jackson & Coker, the number one reason why physicians are delaying retirement is the recession of 2008-2009, which wreaked havoc on their investment portfolios and net worth.
Of 522 physicians who completed the online survey, 52% said their retirement plans had changed since the onset of the recession. Of this group, which included physicians of all ages, 70% said they planned to work longer so they could make up for the downturn's pernicious effects on their investments.
The story is much the same for a subset of physicians who, just before the recession, had planned to hang up their stethoscope within 6 years, according to the Jackson & Coker survey. Fifty-five percent of them are postponing retirement on account of shrunken nest eggs. Another 4% who are working longer cite family or personal reasons, and 2% blame healthcare reform.
Read the full article in Medscape, or click here:
http://www.medscape.com/viewarticle/747711
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