According to a national study entitled ”Issues Faced By Senior Women Physicians” in the Journal of Women’s Health, women physicians considering retirement face unique challenges not faced by their male colleagues. Let’s start by taking a look at how financially prepared women physicians are for retirement.
Three in four respondents reported being financially well prepared for retirement. A not insignificant one-third of surveyed women physicians over the age of 60 remained in practice to improve their financial security. While financial security for women is important when approaching retirement, as we will see it is not the end of the story.
While both male and female physicians share similar preretirement concerns such as health and financial security, “one third of respondents reported feeling lonely as a female physician during late career and 46% after retirement.” They go on to say “the prevalence of loneliness among the female physicians in this study is of concern, given the negative impact of loneliness on mental and physical health and the association with burnout.“
So most women physicians feel financially secure, yet nearly half feel lonely after retirement. This could be why 25% of those surveyed had negative attitudes toward retirement, and 27% were afraid of retirement.
Women physicians who are retired or contemplating retirement may benefit from working with advisors who offer more than traditional financial planning. Instead of focusing exclusively on whether you have enough money to retire, life-centered planners can help you use your money to enrich your life. Discussions focus on how you are going to spend your time and resources rather than just your portfolio’s performance. In the end, an advisor who views YOU as the client, not your money, can help you to get the most out of your retirement.