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Now on the back half of my useful work life, the questions of when and how to transition into the “post-primary career” phase grow more prominent daily. These are questions that have been explored in depth here in the WCI universe, and they come with real, definable, and debatable parameters. But the answers are also imbued with deeply personal and even socially impactful reasoning, which is fuzzier. All this assumes we are all referring to the same general concept: note that I used the term “post-primary career” in lieu of the more common “retirement.” We might have very different ideas of what these years look like. But is there a common, concise framework through which we can assess readiness and planning?

In the following paragraphs, I will share my approach to these questions. I will advocate for defining this period of our lives and examining readiness, and I will pose equally important but less clear-cut considerations. I like a checklist, and I prefer to analyze questions through useful metrics. As much as possible, I will incorporate data and the input of minds that are much more experienced and wiser than my own. Along the way, I will challenge common wisdom with the goal of proving applicability to us in our own situation. Finally, I encourage your feedback so that we might all learn and strengthen these important decisions.

Defining Retirement

Retirement is a squirrely concept to define universally. To one, it may mean no longer exchanging time for money. To another, it may mean a departure from a primary career but consideration of an encore career, as-needed locums work, or volunteerism. As Dr. Jim Dahle has written about extensively, retirement is squishy. Because it's different for everyone, we have to define it individually. That might mean exploring retirement concepts by first “trying it on” or cutting back FTE. Making the task even more difficult: the retirement you imagine at age 35 may be very different from the retirement you picture at 45, which can be the opposite of that at 55. Priorities change throughout a career, just as they can change in peri-retirement and after the fact. Flexibility and open-mindedness are useful.

But I also like generally applicable terms. In general, I would posit that retirement can be defined as the period in which 1) financial independence has been reached, 2) we have exited our primary career, and 3) we are at liberty to pursue interests that align with our desired work-life balance. This may not be how you define retirement, but it should be defined regardless.

I have a fair understanding of what retirement means to me, what I call the “post-primary career” years. At this point in my life, it's difficult to imagine not seeing patients and not engaging with my colleagues every day. It might be true that I would enjoy my career even more if I were under no contractual or financial obligation to continue. I’m excited to find out.

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Financial Readiness

Financial independence is a prerequisite to retirement. While this, too, is relative to each reader, matching income with expenses in retirement (while also balancing healthcare, cost of living changes, inflation, and a myriad of unknowables) is complicated. I suppose that’s why the wealth management industry is entrusted with some $160 trillion in assets.

Once financial readiness is achieved, in-depth planning is required for asset monitoring and management in retirement. Navigating healthcare, the retirement smile, long-term care, and legacy giving represent but a few topics that demand careful attention. Tomes have been written on such complex topics, which are well beyond the scope of this column. For quick reference, the WCI universe is a treasure trove of resources dedicated to understanding first principles and planning considerations. And of course, for those keen on DIY, we’ve covered that, too.

Financial readiness requires a mathematical analysis. Existential readiness requires a different type of discernment.

Personal Readiness

Discerning retirement is a confrontation with mortality. It's a recognition that life’s journey is going to end and a choice to exercise some autonomy in how. Sure, that reads a little melodramatic . . . but so is death. Once you’ve reached financial independence, every day is a lived answer to the question, “How do I want to spend the rest of my life?” There’s a brutal cost to answering the question incorrectly: losing time that could have been spent on higher callings. To me, even a few days squandered doing things that are not aligned with my priorities represents an intolerable inefficiency. Even now, before retirement, I recognize purposes greater than clinical medicine.

I’ve found it engaging to consider the following questions:

How Long Do You Think You’ll Live?

Many of us work with patients facing surprise terminal diagnoses, life-limiting illnesses, and youth cut short by unforeseeable tragedy. What health burdens do we bear as individuals, and what can the longevity of our family members teach us? Further, how many of my own mentors and colleagues have passed prematurely? Or, if we appreciated the limited time we have now with spouses, children, parents, friends, and other loved ones, would we not eagerly seek to maximize experiences with them?

There’s a certain naivete to the adage “live each day as if it were your last.” If I knew that tomorrow was my last, I probably wouldn’t spend it going to work (which is otherwise good and likely important). But as time marches on, the arithmetic changes insidiously. It becomes all too easy to work “one more year.” Tomorrow may not be the last, but it is one day closer to it in the finite course of our existence.

What Else Do You Want to Accomplish While You Still Can?

You didn’t stumble upon a high-earning profession. You earned it because you are driven and intelligent, and you possess a strong sense of purpose. What are your short- and long-term goals now? What will they be when you reach financial independence? The answer may include continuing in your current position even after financial independence, and that also should be celebrated. Just because you can hang it up, that doesn’t mean you must.

Just as some folks rue the reality that they didn’t retire sooner, still others wish they could’ve stayed in the game longer. I’ve spoken with more than a few physicians who were forced into retirement because of illness, injury, disability, or life circumstances. They share, through heartache, that they had “more left” and would’ve enjoyed the opportunity to continue. This in no way detracts from the importance of their pursuits now. But it should remind us that our career opportunities are also finite. Identifying goals prior to retirement is a protective strategy against regret.

What Will You Do with Your Time?

In the course of a decades-long career, it's all too easy for our identities to become entangled (to one degree or another) with our profession. As such, there’s a real risk that retirement can be the nidus of a sort of existential crisis. Having an idea—a firm idea, and not just some vague inclination—of how you are going to spend your time is important. You’ve already put a plan in place for investing and spending in retirement; having a management strategy for your time (arguably your most important asset) seems logical.

It doesn’t matter so much whether this plan includes continued work or hobbies and interests outside of your primary career. Some doctors just want to practice medicine, and that is every bit as laudable as those who would prefer to pursue a different path. A clear understanding of “enough” in a financial sense must be paired with a clear understanding of “enough” in a holistic sense. Defining this for yourself may be helpful in creating a life well lived.

What Legacy Do You Want to Leave?

Ponderings of mortality could also include an exploration of legacy. You’ve left a mark on the world in the years you’ve already lived. The years after financial independence can be used to write the exclamation point. That might mean building an even stronger financial base for your family, or it could include volunteerism, giving, or charitable work. This phase of life is an opportunity to underscore your impact—or even rewrite the memory of your contributions. Even if you prefer quiet anonymity, your impact can be bolstered.

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The Bottom Line

Answering these questions for myself is an exercise in soul-searching. The task is made infinitely more difficult because I am not ready to leave clinical practice.

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What has been your experience in discerning retirement? How have you approached these questions? What else should we be thinking about?