As I write this, I am standing at the exit door of medicine. In fact, by the time this post is published, I will have worked my last shift. And although I am not retiring from the workplace and have spent the previous four years or so creating my encore as a financial planner, it still feels momentous, and even a little anxiety-provoking.
A Changing Identity
Ever since I was in elementary school, I have worked toward becoming a physician. At that stage, it was for no other reason than I had some teachers who thought I was smart and that this was what I should do. There were no other physicians in my family at the time. As I progressed through my secondary education years, my interests gravitated toward the sciences, and human biology was the most fascinating of those. So, I continued down the path and never got sidetracked.
Now, at age 58, three decades after successfully accomplishing that goal, I am hanging up the figurative white coat for the last time. And even as I write it, it feels strange. I have been “Dr. Jepson” for a very long time—over half of my life. It is part of me. The education, skillset, experiences, and relationships that accompany that title have shaped me into who I am.
As I have approached my own final shift and have spoken with others who are in a similar stage of life, I have discovered that some questions and anxieties are very common, maybe even universal, among those who have had high-impact careers.
Will I be different now? Does my value decrease as a “retired physician?” Does it change how I view myself? Can I still call myself a physician? Will I get the same degree of satisfaction from my life? How will I spend my time? What is going to fill my cup? What will get me out of bed each morning?
Retirement Planning Isn’t All About Money
Stepping away from a high-impact career is a major transition in life, even if you have planned and looked forward to it for a long time. And even if you are financially prepared.
I heard some great advice many years ago. It was at about the time when I was seeing the writing on the wall for me, when the physical and mental demands of emergency medicine had taken enough of a toll that I knew I couldn’t and didn’t want to do it forever. The advice was, “Retire into something, not away from something.”
There is great wisdom in that statement. Why? Because if you just leave without a plan, the anxieties that I mentioned above are compounded. Suddenly, you go from high impact to nothing. For the personality types that were attracted to medicine in the first place, nothing feels. . . well, empty.
You may really enjoy golfing, biking, gardening, or any number of hobbies. Your hobbies may have been a great way to recharge your battery, a mental distraction, a way to blow off steam. But when you have all the time in the world to do them, will they have the same impact? You may find that golfing all day, 4-5 days a week, isn’t as great as you thought it would be.
More information here:
I’ve Been Semi-Retired for a Quarter Decade: Do We Have Enough Money? Am I Bored? Are We Happy?
My Second Shift Plan
I am a planner by nature. I have always created plans and backup plans for myself, probably somewhat compulsively. I can’t imagine waking up with nothing to do for an extended period. I don’t think I would enjoy that. I would become bored very quickly. My wife would probably kick me out of the house.
I knew that I needed to have a plan before I retired. It took me several years to pull the trigger on creating the plan, even when I felt like my time was drawing near. What I knew:
- I wanted to stay productive.
- I wanted to keep making some money if I could, even if it wasn’t “doctor money.” Doing so would kick another “anxiety can” down the road a little bit—the mental challenge of becoming a net spender instead of a net saver.
- I decided I wanted to do something completely different than medicine and not just switch to a non-clinical role. Why? It felt more exciting and refreshing.
I did some soul-searching. What do I enjoy? What would I like to learn more about? What gets me out of bed in the morning now that medicine isn’t doing that for me? How can I stay productive? How do I still make an impact?
For me, the answer was personal finances and investing. When I figured that out, I dove right into the transition. I chose a path that led me to a master’s degree in finance, a Certified Financial Planner designation, a Chartered Special Needs Consultant designation, and a job with Targeted Wealth Solutions as a financial planner, which I now do full-time.
I also enjoy the financial education side, and I have created a blog, written guest articles on various sites, and just started a podcast, interviewing and learning from others about their own retirement transitions. It’s called The Second Shift, and you can find it where you find your favorite podcasts.
It has been a very proactive transition. I’m keeping busy. I enjoy what I am doing. I love helping clients achieve their financial goals and overcome their challenges. It was the right move for me.
I’ll Always Identify as a Physician
As I activated the strategic plan for my second shift, I slowly faded the number of shifts that I worked in the emergency department. Luckily, the shift work of EM and a flexible group allowed me to do that. And now I am down to a total of four more shifts (as I write this).
As I wound down my hours in medicine, my financial practice has grown and now keeps me plenty busy. And yet, when someone asks what I do, I still lead out with “I’m an emergency medicine physician . . . and now I’m a financial planner.”
Why is that? I suppose that being a doctor will always be the largest part of my career identity. It is what I did for the longest. It is where I made my biggest impact. To answer one of my own questions—can I still call myself a physician?—I think the answer is yes. I will always be a physician, even if I am retired from the profession. It is a noble calling—a respected role in the community—and it has provided well for my family and me.
But more importantly, it has shaped me, guided me, and helped me become who I am. The qualities and skills that I have learned over the decades as a doctor are applicable and valuable in so many other areas of life, including in my own second-shift transition as a financial planner. What I do now feels natural because I have been counseling people, albeit on a completely different topic, for my entire career. And I can empathize completely with how my physician clients approach their life challenges, anxieties, triumphs, and goals–because I’ve lived it.
When the time is right for you to face your second shift (or if you have already passed through it), please realize that your impact does not have to end. It is merely a reallocation of those personal resources that you have built over a lifetime that make you who you are.
More information here:
Real Life Examples of How WCIers Live, Worry, and Withdraw Money in Retirement
My Retirement Advice
My advice is this:
- Continue to learn: Keep your mind stimulated. You got to where you are as a physician by studying and being curious. Don’t stop when you are done, even if it is on a completely different subject and you aren’t motivated by getting a job. Now is the time to expand your interests.
- Keep making an impact: There are so many ways to do this that it would be hard to create a list. The point is, throughout your life, people have looked up to you and have been influenced by you. That doesn't have to end, although it will look different. Volunteer. Be a mentor. Or get paid to be a consultant.
- Focus on relationships: Money is not the source of happiness, although it’s nice to have. Happiness is not even found entirely in “purpose,” although that provides a framework. The true source is in relationships. Cultivate them. Stop neglecting them if you have. Create new ones.
- Invest in your health: Nothing can derail your retirement faster than poor health. Often, it is unavoidable, but there is plenty that you can do to prolong your active days. Prioritize it.
- Plan your days: They don’t have to be full. Downtime is great. Flexibility is powerful. But don’t waste your golden years on Netflix.
- Don’t forget the financial planning: This post was not about financial planning; that being said, it takes a lot of planning to successfully navigate your distribution phase of life. Mistakes can be costly, and you don’t have the time to make up for them. Do your homework or engage a financial planner who can help you.
The Bottom Line
Several major transition points in our lives have an oversized impact: finishing school, starting a career, getting married, having kids. Retirement is one of those. It is natural to feel some trepidation along with the anticipation and excitement of regaining total control of that time for yourself.
As I stand at this crossroad on my personal journey, I look back and feel thankful. I’m thankful for the challenges. I’m thankful for the wins and the losses. I’m thankful for my patients—those who taught me tolerance but especially those who expressed their gratitude with a simple, “Thank you for being here, doctor,” in the face of their own heartaches. I’m thankful for my colleagues, team members, and friends. I’m thankful for my family who have supported me along the way. I’m looking forward to the next chapter, and the one after that.
It is the new challenges, experiences, triumphs, and failures that will make this next phase equally, if not even more, rewarding.
How have you navigated your own retirement? Did you plan it out way in advance? Did you find something else that could “get you out of bed in the morning?” How's it going?