Here are a few interesting facts regarding Canadian Physicians and Retirement
- More than 1 in 10 physicians in Canada is age 65 or older
- 1 in 5 physicians is over the age of 60
- In 2009, 12% of the active physician population was at least 65, up from 9% five years earlier.
These statistics, courtesy of a study entitled Putting Away the Stethoscope? A New Perspective on Physician Retirement, published by the Canadian Institute for Health Information (CIHI) in April 2011, seem to indicate that as Canadian physicians age, their preference is to narrow the scope of their practices, rather than to retire.
Geoff Ballinger, CIHI’s manager of health human resources, surmises that “it takes so long to train to be a doctor, that they start much later in their professions and so work later to have the same length of career as other professionals”.
But that’s not the only reason that doctors aren’t retiring in the numbers in such huge numbers. Ballinger speculates that the recent economic downturn saw many practice retirement plans put on hold for a bit.
If you’re a Canadian physician considering practice closure, consider getting assistance from the experts in practice closure management, RSRS. You can visit their website here.