Transitioning into
Retirement:
Key Issues for the Physician and
Scientist.
Presented by:
The Faculty and Physicians Wellness Committee –
Transitions Sub-Committee
September 23, 2011 - 12 noon to 5 pm
Retirement Questions
1. Do you know how much you save
annually in your 401K?
2. Do you know the estimated cost of food
alone required during retirement?
3. Can you describe all 4 parts of Medicare
and Medicare supplements?
4. Do you know your mandatory matched
contributions as a faculty member?
5. If you max out your retirement savings,
is that enough to live for 15-20 years?
Purpose
• To provide faculty nearing retirement
information on key issues they will
face and should plan for when
considering retirement from
academic medicine.
Objectives
Participants in the session will:
1. Reflect on the four “must cover” items of
retirement planning.
2. Complete an action plan addressing the
four “must cover” items of retirement.
3. Identify gaps in their knowledge
regarding retirement planning and
develop a plan for addressing these
gaps.
Agenda
1.
2.
3.
4.
Welcome and overview
Andy’s Story
Keynote Address – Jeanette Norden
Breakout Sessions:
•
•
Health Insurance and Finances in Retirement
Mental, Physical, Emotional and Spiritual
Wellness: Now and throughout Retirement
5. Evaluations & 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
• 3 phase theoretical framework:
– Preretirement – 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
• Preretirement 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!!!!!
• Retirement funds – are not enough!
• SS payout ~$2,400.00/mo
• Minimum need to retire at 70 is $1,450,000.00
(housing, health care, travel, entertainment, etc.)
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
1.
2.
3.
4.
Retirement savings and budgeting
Health care coverage: Medicare
Maintaining health and wellness
Caring for yourself and your loved
ones
Retirement Resources
• Guide book
• Action plan
• Web page – CPH
Transitioning Into
Retirement:
Key Issues for the Physician and
Scientist
www.mc.vanderbilt.edu/cph
• Monthly email Q&A
Sponsored by the Vanderbilt Center for Professional Health
and the Faculty and Physicians Wellness Committee
Andy’s Story
“Retirement requires the
SAME level of planning
as applying for medical
school or residency.”
~ Andy
W. Anderson Spickard, Jr., M.D.
Professor, Emeritus
Vanderbilt University School of Medicine
Keynote Speaker
“The Healthy Brain:
What Money and
Insurance Can’t Buy!”
Jeanette Norden, Ph.D.
Professor, Department of Cell and
Developmental Biology
Vanderbilt University School of Medicine
Acknowledgements
• Transitions Committee Members:
1.
2.
3.
4.
5.
Charlene M. Dewey, M.D., M.Ed.
W. Anderson Spickard Jr., M.D.
Jeanette Norden, Ph.D.
Reid Finlayson, M.D.
Roy Elam, M.D.
• Center for Professional Health and
FPWC
• Faculty Affairs Office
• Vanderbilt HR – Teri Armstrong
Acknowledgements
Center for Professional Health:
– Diana Phillips
– Marlene Meienburg
– Marine Ghulyan
Exhibitors
• Vandy Credit Union - Bill Rochford
• Financial Advisors:
–
–
–
–
TIAA CREF – Susan Martin
Fidelity – Brandon Hall
Vanguard – Michael Loscavio &
Phillip Cowles
VALIC – Deborah Murphy
Speaker Teams
• Team A: (Art Gallery) Dewey
Finlayson
– Susan Martin
– Derrell Payne
– Shannon Jones
• Team B: (Cumberland) Finlayson
– Roy Elam, M.D.
– Rick Shelton, M.D.
– Dino Nowak
Dewey
Special Request
Happy Birthday Reid Finlayson, M.D.!!!!
Evaluations and Summary
• Please complete your:
– Evaluations
– Individual action plans
• Review your faculty
resource guide
• Keep planning
• Seek assistance as
needed
Thank You!!