1. 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

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

3. 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.

4. 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 years?

5. Retirement Resources
Guide book
Action plan

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

7. 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.

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

9. 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

10. 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, (1): p. 2.

11. Retirement Facts
42% of those 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
2: Sanfranski, S. “The New Retirement Reality for Physicians” , AMA Insurance Agency,
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

12. 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 (1):
2: Firmin, M.W. and A. Craycraft, Life meanings for past and present: Case studies of four retired faculty. Educational Research Quarterly, (4): p

13. 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, (4): p

14. Top Concerns

15. Retirement Scenario You make ~$200,000.00/yr
Max contributions ~$19,000.00/year
Work max ~40 years = $750, 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

16. 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).

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

18. 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.

19. 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?

20. Next Session
To be Rescheduled

21. Evaluations Please complete your evaluation form (two-sides)