Charlene M. Dewey, M.D., M.Ed., FACP The Scientist: Balancing Health and Science Session 10 Transitioning into Retirement Charlene M. Dewey, M.D., M.Ed., FACP Professor of Medical Education and Administration Professor of Medicine Co-Director, Center for Professional Health Chair, Faculty Wellness committee Assistant Dean for Educator Development Director, Educator Development Program

Conflict of Interest Charlene Dewey ….has NO financial relationships to disclose. 2

Ground Rules Whose in the audience – MDs, Phd, RN, other allied health workers??? Create a safe environment for scientists to engage in discussion on challenges but more so solutions to the challenges.

Retirement Questions Do you know how much you save annually in your 401K? Do you know the estimated cost of food alone required during retirement? Can you describe all 4 parts of Medicare and Medicare supplements? Do you know your mandatory matched contributions as a faculty member? If you max out your retirement savings, is that enough to live for 15-20 years?

Retirement Resources Guide book Action plan

Purpose To provide faculty with general information on retirement and key issues they will face in planning retirement from academic medicine.

Objectives Participants in the session will: Compare and contrast the four must cover items of retirement planning. Value by discussing the importance of initiating retirement planning early. Complete section one of the action plan and the other parts for homework.

Agenda Introduction The four must cover items of retirement Action plan Evaluation & Summary

Retirement Facts “Retirement is a process, not an event. Retirement involves many transitions – some fabulous and some we would prefer not deal with, some predictable and some totally unexpected. Retirement is life.” ~Paths to Creative Retirement http://www2.unca.edu/ncccr/programs/paths/index.asp

Retirement Facts Step-by-step approach to retirement planning (pg 3) 3 phase theoretical framework: Pre-retirement – 5 years or earlier; “preparation and planning stage” Retirement – 6 mo before to 6 mo after; “action stage” Postretirement – >6 mo after; “maintenance stage” LaBauve, B.J. and C.R. Robinson, Adjusting to retirement: Considerations for counselors. Adultspan: Theory Research & Practice, 1999. 1(1): p. 2.

Retirement Facts 42% of those 46-64 yo guess at their retirement needs1 58% of MD population is over 45 yo2 Over 50% of physicians do not have a retirement plan and most wish to retire on about 75-80% of their current salary.3 Challenged with reality 1: AARP http://www.aarp.org/work/retirement-planning/ 2: Sanfranski, S. “The New Retirement Reality for Physicians” , AMA Insurance Agency, 2009. http://www.amainsure.com/static/cms_workspace/brokerage/MD_News.pdf 3: Sheila M. LoboPrabhu, M.D., at al The Aging Physician With Cognitive Impairment: Approaches to Oversight, Prevention, and Remediation Am J Geriatr Psychiatry 17:6, June 2009

Retirement Facts Most scientists don’t plan well for retirement but seem to accept it as part of the life cycle.1 Pre-retirement planning was crucial to faculty satisfaction in retirement.2 1: Row, AR. The Retirement of Academic Scientists. J Gerontology 1972. 27(1):113-18. 2: Firmin, M.W. and A. Craycraft, Life meanings for past and present: Case studies of four retired faculty. Educational Research Quarterly, 2009. 32(4): p. 17-35.

Retirement Facts Retired faculty with active social connections and opportunities for involvement with their institution expressed the most satisfaction. Studies suggest need is more than feeling secure (finances and health coverage) – recognizing “positive accomplishments”. Firmin, M.W. and A. Craycraft, Life meanings for past and present: Case studies of four retired faculty. Educational Research Quarterly, 2009. 32(4): p. 17-35.

Top Concerns

Retirement Scenario You make ~$200,000.00/yr Max contributions ~$19,000.00/year Work max ~40 years = $750,000.00 for retirement Retirement (70-90) = 20 yrs Food alone for 20 yr = $219,000.00 750K – 219K = $538,000.00/20 yrs $27,000.00/year!!!!! (housing, health care, travel, entertainment, etc.) Retirement funds – are not enough! SS payout ~$2,400.00/mo Minimum need to retire at 70 is $1,450,000.00

Retirement Facts Getting the retirement you desire is ultimately your responsibility. You must take charge! “Savings Fitness: A Guide to your Money and your Financial Future.” U.S. Department of Labor, Employee Benefits Security Administration (EBSA). www.dol.gov/ebsa

Four “Must Cover” Issues Retirement savings and budgeting Health care coverage: Medicare Maintaining health and wellness Caring for yourself and your loved ones

Summary As a result of participating you should be able to: Compare and contrast the four must cover items of retirement planning. Value the importance of initiating retirement planning early. Complete section one of the action plan.

Reflection and Homework Reflection: Pick one activity you will do to start planning for your retirement based on your current age range. Homework: Complete the retirement action plan. Watch the 2 minute video from ReachMD: What does it mean to be rich? https://reachmd.com/programs/your-money-your-life-financial-advice-for-physicians/what-does-it-mean-be-rich/8135/?mkt_tok=eyJpIjoiTkRFNE5ESTNaRGMzWmpObSIsInQiOiJ6NjZBdjM0eCtqejZkb1ppczRrXC9MazZpWk94c1JiVm8zc0FBOTQwcWJqVDRWMldCK0hpTnZ1RzNzU0dOMUp6WWJDTTRLcTU3XC9US1cyODE3RUhMOTZGT3pac0RtUVhSS3RSN2ZxejVNZ01CR09HQUxGdmZOaHA5SmphVGpYT2FkIn0%3D

Next Session To be Rescheduled

Evaluations Please complete your evaluation form (two-sides) http://www.bing.com/images/search?q=Free+Clip+Art+evaluation&go=Submit&qs=n&form=QBIR&pq=free+clip+art+evaluation&sc=0-0&sp=-1&sk= http://www.bing.com/images/search-evaluation