For many physicians and dentists, retirement raises a big question: “Am I ready?”
It’s one of the most common questions we hear from clients at Spaugh Dameron Tenny. And while the numbers might show that you can retire, that doesn’t always mean you’re truly ready to.
As Shane Tenny, CFP®, reminds us, the word "retirement" literally means "to remove something useful from service."
When you think about retirement through that lens, it can feel like a daunting, even disorienting, transition. Some physicians prepare without missing a beat; others retire and immediately regret it.
After helping hundreds of doctors and dentists navigate this life stage, we’ve seen how powerful it is to consider your emotional readiness ahead of time. If you take the time to reflect on what you want your life to look like in retirement, you’ll be in a much better position to enjoy it, not just endure it.
That’s what thoughtful financial planning is all about — making informed decisions in advance so you can retire with confidence.
While finances are often the first thing that comes to mind, the emotional side of retirement is just as important and often overlooked. So, how do you know when you're ready to retire? Start by thinking through the following considerations.
Physicians and dentists often find it particularly challenging to envision life beyond their careers. After all, your identity as "Dr. [Your Name]" has been part of how others address you — and how you see yourself — for most of your adult life.
This makes retirement more than just a financial decision. It’s an emotional transition, one that calls for redefining your identity and purpose.
Before discussing finances, it’s essential to reflect on these four key questions:
These questions may feel uncomfortable, but they can often reveal whether you're truly ready or merely responding to stress or burnout.
Retirement isn’t always clear-cut. If you’re feeling overwhelmed or drained, ask yourself whether full retirement is the right choice or if stepping back a little might be enough.
Maybe you still enjoy your work but dislike the long hours. Could a part-time role help you find the balance you want? Reducing your schedule or responsibilities can allow you to stay engaged with work you care about without sacrificing your well-being.
Volunteering your skills is another meaningful choice. Charitable organizations like America’s Tooth Fairy offer opportunities for dentists and other clinicians to give back to the community on a part-time basis.
If you’re thinking about retirement, ask yourself: What will you do with your time? Do you have a passion project, a business idea, or a hobby that could become your second act?
Whether it’s consulting, mentoring, starting a business, or simply exploring a long-held interest, engaging in something meaningful can make this next chapter more rewarding. Having a retirement plan and a clear understanding of your motivations can help you make the most of your time, energy, and resources.
Based on our experience, physicians and dentists who have something to retire to — rather than just something to retire from — tend to make a smoother transition.
This could be a long-delayed hobby, such as gardening or woodworking, a spiritual practice, travel, language learning, or serving others through your church or a local nonprofit. Purpose brings joy, structure, and mental well-being.
On the other hand, those whose entire sense of self is tied to their career often struggle. If you can’t quickly identify anything you enjoy outside of work, it might be a sign that your identity needs nurturing in other areas before stepping away from your profession.
You see this not only with clinicians but also with small business owners and coaches. When people retire without building a life outside of work, the emotional and social void can be significant and even harmful to health. Research suggests that a strong sense of purpose in retirement is linked to improved longevity and emotional well-being.
The takeaway? Start exploring or deepening your interests and relationships now.
Who are the most important people in your life? Have you nurtured those relationships? Among all the questions you can ask yourself before retirement, this may be the most crucial.
Many professionals, especially doctors and dentists, sacrifice personal connections in the service of their careers. Without your practice or hospital to anchor your social life, will you feel isolated? Will the relationships you’ve built outside of work sustain you?
We’ve seen how easy it is to drift apart from spouses, children, friends, and siblings over the years. According to Cullen & Murphy Law, couples who build their relationship around their careers or children might struggle to reconnect once those roles shift. It’s no surprise that the U.S. has experienced a rise in what’s called "gray divorce," marriages ending shortly after retirement.
The good news? If you reflect on this now, you still have time to heal, invest in, or rekindle relationships that matter.
Being emotionally prepared involves adjusting to the identity change, lifestyle shifts, and relationship dynamics that accompany retirement, not just managing finances.
Because their identity is closely linked to their profession, the emotional and psychological transition to retirement becomes more complicated.
Retiring means fully leaving your career. Stepping back allows you to reduce your hours or responsibilities while remaining involved.
Start engaging in hobbies, strengthening relationships, or supporting causes you care about before retiring. Having something to look forward to in retirement adds meaning and joy to this new chapter.
Retirement is more than just a milestone; it’s a transformation. While financial readiness is essential, emotional and relational preparedness are equally important.
The team at Spaugh Dameron Tenny specializes in guiding physicians and dentists through this transition. We can help you consider the full picture, from your finances to your future identity.
Ready to explore whether you’re truly prepared — financially and emotionally — for retirement? Book a meeting with a Spaugh Dameron Tenny retirement specialist today.
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This article was written in collaboration with the financial professionals at Spaugh Dameron Tenny. Our team features CERTIFIED FINANCIAL PLANNER® professionals, Certified Exit Planning Advisors, insurance specialists, investment coordinators, and experienced analysts – all dedicated to addressing the unique financial needs of physicians, dentists, executives, and retirees. With decades of collective experience, we provide clear and comprehensive guidance in all areas of financial planning, wealth management, retirement planning, investment strategies, and practice transitions.
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