At what age do most physicians retire?

Most doctors aim to retire in their mid-to-late 60s, but the actual average age is often later, around 68-69, with many working part-time or transitioning slowly due to high earnings, strong work identity, and later career starts. While some specialties like surgery retire earlier (around 61), others like dermatology or pathology often retire later (around 69).

What doctor makes $500,000 a year?

Doctors in surgical and high-demand procedural specialties frequently earn over $500,000 annually, with top earners often being Neurosurgery, Orthopedic Surgery, Plastic Surgery, Cardiology, and Thoracic Surgery, driven by complex skills, high demand (especially with aging populations), and lucrative elective procedures or emergency needs. Other fields like Radiology, Gastroenterology, Urology, and Anesthesiology also see average incomes exceeding this threshold.
 

What is the average net worth of a doctor at retirement?

The Essential Guide to Retirement Planning

Still, they can expect to have an average net worth of $500,000 if they have managed their finances carefully and have begun investing.

Do doctors get to retire early?

There are some specialties where physicians tend to retire early. They are quite varied. All have different reasons why these specialists retire before the traditional retirement age.

Do doctors have to retire at 65?

Lawmakers and professional regulators, perhaps implicitly recognizing the arbitrariness and unfairness in mandatory age retirements, have imposed no such requirements for physicians who are employees.

Dr. Peter Attia on how to make your final decade of life as enjoyable as possible

What is the average age doctors retire?

Did you know most physicians retire after age 65? According to 2021 data from the Center for Retirement Research at Boston College, the average retirement age for men is 65, and for women, it is 62. Based on survey data from the AMA Insurance Agency Inc., 58% of physicians retire after age 65.

Can I retire at 62 with $400,000 in 401k?

Yes, you can retire at 62 with $400,000 in a 401(k), but it will likely be tight and depends heavily on your lifestyle, expenses (especially healthcare before Medicare at 65), and other income like Social Security; you'll need a disciplined budget, a sustainable withdrawal strategy (like the 4% rule), and likely need those other income streams to make it last, as $400k provides significantly less annual income than if you waited to full retirement age (FRA). 

How long do most doctors live?

The majority of obituaries were of male doctors. Doctors who qualified in the developed world appeared to live longer (mean age at death of 78 years) than those who qualified in Asia (mean age at death of 70 years). White-European doctors lived significantly longer than doctors from other ethnic groups.

How much money to retire in DR?

A comfortable retirement in the Dominican Republic is feasible for $1,500-$2,500 per month, covering housing, food, utilities, transportation, and basic healthcare. This affordability is due to lower wages, less expensive local products, and a weaker currency compared to the US dollar.

What is the 7% rule for retirement?

The 7% rule for retirement suggests withdrawing 7% of your savings in the first year and adjusting for inflation annually, aiming for higher early income, but it's considered aggressive and risky compared to the standard 4% rule, potentially leading to faster depletion, especially with market volatility or shorter retirements; it's better for those with shorter retirement horizons, high risk tolerance, or other income sources, and often used in markets with higher assumed returns like India's fixed deposits.
 

At what age do most doctors become millionaires?

Millionaire Status

Across the board according to the 2021 physician wealth report, 56% of physicians reported a net worth of over a million. Out of family physicians, the majority become millionaires by the age of 55, with only 11% having a net worth of a million before 45.

How many Americans have $1,000,000 in retirement savings?

Fewer Americans retire with $1 million than many assume, with figures from the Federal Reserve and financial analysts suggesting only about 2.5% to 4.7% of households have $1 million or more in retirement accounts, and around 3.2% of actual retirees hit that mark, highlighting a gap between common financial goals and reality, as many fall short due to factors like income, education, and unexpected expenses like health issues. 

Do doctors have a hard time retiring?

“Many physicians also struggle with the emotional aspect of retirement as their sense of self is strongly associated with the work they do and they have a strong emotional bond with their patients,” Brandon said in an email.

What is the lowest paying doctor?

The lowest-paid doctor specialties consistently fall in primary care and certain pediatric subspecialties, with Pediatrics often cited as the lowest overall, followed by Public Health/Preventive Medicine, Family Medicine, and pediatric subspecialties like Endocrinology, Rheumatology, and Infectious Diseases. These roles offer lower compensation than surgical or high-demand adult specialties, often due to the broad nature of primary care and the focus on children's health, though they provide excellent work-life balance for many.
 

Is the average doctor a millionaire?

One-quarter of doctors in their 60s are not even millionaires. The chart from the prior year was even more stunning, as it showed 11%-12% of doctors in their 60s didn't even have a net worth over $500,000, and only 48% of doctors over 65 were multi-millionaires.

What jobs in the US pay $300,000 a year?

Jobs paying $300k+ in the U.S. are concentrated in healthcare (physicians, surgeons, specialists), tech (software architects, senior roles), finance (investment banking, private equity), and executive leadership (CEOs, Directors), with significant earnings also found in high-stakes sales, specialized entertainment/VFX, and some skilled trades/entrepreneurship, often requiring advanced degrees or exceptional performance, though some non-degree roles (like top sales or skilled trades) can reach this level through experience and commission. 

How old do doctors usually retire?

Although physicians may intend to retire at the age of 60, they will in fact typically retire at around 69. Commonly-reported reasons include career satisfaction, a feeling of purpose, strong work identity and lack of interests outside of Medicine.

How many Americans have $500,000 in retirement savings?

Roughly 7% to 9% of American households have $500,000 or more in retirement savings, though figures vary slightly by source, with data from late 2025 suggesting around 7.2%, while another study showed about 9% of households with savings in that range. A significant portion of Americans lack substantial savings, with nearly 60% having under $10,000, while numbers increase with age, showing that for older adults (60s), median savings approach $500k, but overall, less than 10% reach that milestone. 

How much to live comfortably in DR?

You can live comfortably in the Dominican Republic for $1,500 to $2,000+ per month for a single person, with budget options around $1,200, while couples or families might need $2,000 to $3,000+, depending heavily on location (touristy areas cost more), lifestyle (eating local vs. imported), and if you own property, with many expats finding luxury possible on these budgets compared to North America. 

What type of doctor lives the longest?

General Practitioners (80.3 years), followed by Surgeons (79.9 years) and Pathologists (79.8 years), according to the study above, published in 2021 in Lifestyle Medicine.

What is the leading cause of death in doctors?

Neoplasms and heart disease were the leading causes of death across all occupation groups, with mortality from neoplasms higher among surgeons (193.2 per 100,000 population) than any other group, including nonsurgeon physicians (87.5 per 100,000 population).

What profession has the longest life expectancy?

Association of Occupational Domain With Life Expectancy

The teaching domain is characterized by the longest life expectancy, i.e., 18.3 years for men and 23.1 years for women. For men, the difference amounts to 3.6 years; for women, this is 3.1 years.

What is the average 401k balance for a 65 year old?

The average 401(k) balance for those 65 and older is around $299,000, but the median is much lower, about $95,000, indicating high savers skew the average; this means a typical retiree has significantly less, often needing to supplement with Social Security for adequate income, though balances vary greatly by individual saving habits and employer plans. 

How long will $750,000 last in retirement at 62?

With $750,000 at age 62, your savings could last anywhere from 15 to over 30 years, depending heavily on your annual spending, investment returns, and whether you receive Social Security; using the 4% rule (withdrawing $30,000/year) might last 25-30 years, but a lower withdrawal rate (like 3%) or higher Social Security income could extend it significantly, while high spending or poor market performance shortens it. 

What is the average super balance for a 62 year old?

At age 62, the average super (retirement) balance in Australia generally falls in the range of $250,000 to over $400,000, with figures varying by source, gender, and whether it's an average (mean) or median, but expect figures for the 60-64 age group around $300k-$400k for men and $250k-$300k for women, while overall averages for 55-64 sit around $250k-$280k median and $250k-$360k average, noting that women's balances are typically lower than men's.