Stop Planning for Retirement. Start Planning for Your Next Chapter.
Picture the moment near the end of a long case: the last stitch placed, the drapes coming down, that particular quiet that settles in once the pressure lifts. Most surgeons have a version of that moment they remember specifically, when something in an otherwise ordinary case made them think, for just a second, about how many more of these they actually have left in them.
That thought passes quickly, because there is a next case, a next patient, a next day. But it can be worth considering more deliberately, especially as a substantial part of the physician workforce approaches traditional retirement age.
AAMC reports that approximately 20% of the clinical physician workforce is age 65 or older, with another 22% between ages 55 and 64. Financial preparation matters during this transition: retirement accounts, practice ownership considerations, succession planning, tax planning, and estate planning all deserve attention. But financial preparation alone may not address a separate and equally personal question: what do you want the next phase of life to look like?
The Evacuation Versus The Transition
In an April 2026 MGMA Stat poll, 33% of responding medical groups reported that a physician had retired or left during the preceding year because of burnout. That finding is a survey result from medical groups—not a measure of all physicians or orthopedic surgeons—but it reinforces an important point: some career exits are planned, while others occur under pressure.
A departure driven by burnout can leave little room for thoughtful planning - financially, professionally, or personally. A more intentional transition can create time to consider practice succession, compensation arrangements, benefit elections, licensing, professional commitments, family priorities, and how work may fit into the next stage of life.
For many physicians, retirement also involves an adjustment in identity, routine, community, and sense of purpose. A financial plan can help create options, but it does not automatically answer how someone wants to use their time, expertise, and energy after stepping back from full-time practice.
“Next chapter” Is Not A Euphemism
“Life beyond the OR” is not simply a softer name for retirement. It can mean moving from full-time clinical practice into a different mix of work, service, learning, and personal priorities.
For some surgeons, that could include:
Device consulting, subject to appropriate conflict-of-interest, employer, and legal review
Surgical simulation, training, or medical education
Advisory roles with healthcare or surgical-technology businesses
Expert witness work, with appropriate professional and legal considerations
Board, nonprofit, teaching, mentoring, or community roles
More time for family, travel, health, hobbies, or charitable involvement
These paths are not inherently better than traditional retirement. They are examples of ways a physician may continue to use experience and expertise if that aligns with personal goals. The key is to examine the options early enough that decisions are made intentionally rather than under the pressure of an abrupt departure.
The Financial Plan Is The Enabler, Not The Destination
In recent posts, we have discussed estate-tax planning and Roth conversions. Those topics involve technical considerations, but at their core they are about aligning resources with goals—for yourself, your family, and the people or organizations you care about.
For 2026, the federal basic exclusion amount is $15 million per person, although the practical application of estate planning depends on factors including prior taxable gifts, portability elections, state estate or inheritance taxes, ownership structure, family circumstances, and potential future legal changes.
Likewise, a Roth conversion can be useful in certain circumstances, but it is not automatically appropriate for every high-income physician. Converted pre-tax amounts are generally taxable as ordinary income in the year of conversion, and the decision should be evaluated in the context of current and expected tax rates, liquidity to pay the tax, charitable intentions, estate goals, Medicare-related income thresholds, and the broader financial plan.
The point is not to accumulate financial complexity for its own sake. It is to structure resources in a way that supports the choices you want to have available.
A useful exercise is to move beyond the broad question, “What will make me happy?” and consider more specific questions:
What skills have I developed outside of operating?
What kinds of conversations, projects, or problems still energize me?
Would I prefer to teach, mentor, advise, consult, serve, or disengage fully from professional work?
What would an ideal week look like after full-time practice?
How much income, flexibility, structure, and professional connection do I want?
There is no universal answer. The value comes from identifying your answer before circumstances force a decision.
What Planning Can Protect
Depending on practice structure, ownership arrangements, compensation terms, taxes, timing, and personal circumstances, an unplanned departure can have meaningful financial and professional consequences. It can also make it more difficult to evaluate options calmly and on your own timetable.
You would not take a patient into surgery without planning for recovery, rehabilitation, and follow-up. Career transition deserves similar care: a financial plan, a succession or exit strategy where relevant, and a thoughtful vision for the life that follows.
A successful transition does not require a single prescribed outcome. It means having the financial resources, planning structure, and personal clarity to make choices that fit your circumstances and priorities.
Capably Yours,
Jared
DISCLAIMER
This article is for informational and educational purposes only and does not constitute investment, tax, or legal advice. It does not take into account the specific objectives, financial situation, or needs of any particular person. You should consult your own tax, legal, and investment professionals before acting on any information contained herein. Capable Wealth, a New York registered investment adviser, provides advisory services only where properly licensed or exempt from licensing.