A study published by Jackson Physician Search on March 20 found that 1 in 4 physicians foresee burnout as a top reason to consider in their retirement decisions.
Data for the study was collected through a physician retirement survey conducted in November and December. The study also included healthcare administrators to collect their thoughts on physician retirement within their organization.
Here are seven other takeaways from the study:
- Only 12 percent of physicians plan to set a retirement date and fully retire.
- While 25 percent of physicians list burnout as a leading driver in their retirement, 50 percent of administrators listed age as the top reason for physician retirement.
- Economic concerns have delayed retirement plans for 38 percent of physicians.
- Of the 24 percent of physicians who were planning to retire due to the COVID-19 pandemic, 60 percent still plan to do so.
- Almost 60 percent of Generation X physicians reported planning to retire by age 60, with 12 percent of physicians aged 51 to 60 already working part time.
- Part-time status would be the most ideal option for physicians to consider delaying retirement, with 58 percent of physicians listing it as a top choice.
- Other popular alternatives were flexible schedules and reducing or eliminating on-call requirements, with 52 and 42 percent of physicians listing them as a potential option for delaying retirement, respectively.