Retirement from veterinary medicine is a big step—a break that many look forward to after years of hard work, but also something that can cause boredom or confusion as to what comes next.
If you’re nearing retirement as a veterinarian, no matter what your age, here are some things to consider…
When Can You Afford to Retire?
Retirement planning is still a mystery to many people. To say the least, it’s a complex subject.
For example, social security or other benefits vary depending on which age you retire. And there are harsh tax penalties for dipping into retirement savings too early. Do you plan to sell your practice before you retire?
Also, expenses often go up during retirement—which means a person may need more money than they expect.
Some of this is due to increasing medical needs that naturally occur with age. Some is due to pursuing new interests—such as classes, hobbies, travel, or entertainment—more often now that work obligations don’t get in the way.
For all these reasons, it’s a good idea to consult with a financial advisor you trust. The process and planning often start years in advance.
Financial professionals can help you crunch the numbers, make sure there’s nothing you’re forgetting, and help you truly feel secure about when is the best time for you to retire.
What Does Retirement Look Like to You?
Retirement could mean giving up veterinary work entirely. Or, it could mean working 1-2 days a week, working in a different capacity (for example, teaching at a vet tech school rather than being in clinical practice), or anything in between.
This decision is a personal one. Sometimes, a person will transition to retirement slowly due to financial reasons or simply because they still enjoy their work.
What Will You Do Next?
Whether or not you continue part-time veterinary work, you will probably find yourself wanting to pursue other interests now that you have more time.
It’s natural for a person who’s worked hard for years to spend time relaxing when they retire. But eventually, most people would want to devote their time to things that spark their curiosity and passion.
This could mean veterinary work in a new capacity, such as volunteering internationally or becoming a consultant for veterinary practices, or perhaps training dogs or owning and riding horses.
Or, it could mean starting something new that has nothing to do with veterinary medicine.
Many veterinarians view their career as part of their identity, so it may feel strange to move on to something new during retirement. However, you’ll always be a veterinarian, even if you aren’t practicing. You’re also a multi-dimensional person, so it’s okay to explore those other aspects of yourself now that you have more time.
For example, maybe you’d like to write a book, volunteer for non-profits, start a community garden, start a band, go back to school for a new career, or pursue some other passion.
So long as you’re responsible with your finances, there’s really no limit. You’ve worked hard, so you deserve to find something that lights you up!
Should You Keep Your Veterinary License in Retirement?
There’s truly no right or wrong answer. The best solution will vary from person to person.
Many vets do prefer to keep their license as “insurance,” in case they’d like to go back into practice for any reason—such as missing their work or needing a little extra income. And some states allow a vet to place their license on “inactive” status, which may be easier to maintain.
Maintaining a license makes sense, considering it’s usually much easier to keep up a license than to reinstate one that’s lapsed. But a retiring veterinarian should consider what will work best for them.
The same is true of malpractice insurance (some types cover incidents that happened when the policy was in place, even after the policy is canceled, while others only provide coverage while the policy is active) or other factors that may be relevant.
Make Your Retirement What You Want It to Be
By considering the many possible factors that could affect your retirement—including financial, legal, family considerations, boredom and finding a new direction, and anything else that may affect you and your loved ones—you can plan this next step of your life to be a satisfying change.
You may still change your mind about what to do during retirement as time goes on. But planning ahead will help ensure you have the most options—and that your retirement can be as smooth and meaningful as possible.
Written by: Dr. Tammy Powell, DVM