It's no surprise that Baby Boomer and older "Silent Generation" physicians plan to delay their retirement. What is surprising is that Generation Xers are also thinking about it, even though retirement is many years away, according to Jackson &Coker, an Alpharetta, GA physician placement firm
A Jackson & Coker August survey shows more than 52% of physicians who had planned to retire within the next six years have put those plans on hold, citing glum diagnoses of their economic condition.
Physicians cited declining property values, reduced retirement savings, and children's college funds as among the major reasons why they will likely continue working, as well as their loss of confidence in Social Security and Medicare. At least 70% said the loss of their personal savings and uncertainty in improving their financial condition was a main reason for delaying retirement.
"It seems like doctors are caught between recession and reform," says Sheri Sorrell, marketing manager at Jackson & Coker. "We know a lot of doctors in single practices are feeling like they have to sell their practices to a hospital because they can't afford the overhead."
Jackson & Coker did not ask the survey participants their age, only their years in practice. "It was a surprise to us that folks quite concerned about delaying their retirement are generally Generation Xers," Sorrell says. "The Baby Boomers are saying they will be doing some part-time work, or able to semi-retire up the road. For the Generation X folks, they are going to have to deal with the effects of healthcare reform."