Transitioning into Retirement: Key Issues for the Physician and Scientist.

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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

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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?

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Purpose

• To provide faculty nearing retirement information
  on key issues they will face and should plan for
  when considering retirement from academic
  medicine.

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Objectives

• Participants in the session will
• Reflect on the four must cover items of
  retirement planning.
• Complete an action plan addressing the four must
  cover items of retirement.
• Identify gaps in their knowledge regarding
  retirement planning and develop a plan for
  addressing these gaps.

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Agenda

• Welcome and overview
• Andys Story
• Keynote Address Jeanette Norden
• Breakout Sessions
• Health Insurance and Finances in Retirement
• Mental, Physical, Emotional and Spiritual
  Wellness Now and throughout Retirement
• Evaluations Summary

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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.as
p
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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 gt6 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.
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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-planni
ng/ 2 Sanfranski, S. The New Retirement
Reality for Physicians , AMA Insurance Agency,
2009. http//www.amainsure.com/static/cms_workspac
e/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 176, June 2009
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Retirement Facts

• Most scientists dont 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.
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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.
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Top Concerns
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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!!!!! (housing, health care,
  travel, entertainment, etc.)
• Retirement funds are not enough!
• SS payout 2,400.00/mo
• Minimum need to retire at 70 is 1,450,000.00

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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
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Four Must Cover Issues

1. Retirement savings and budgeting
2. Health care coverage Medicare
3. Maintaining health and wellness
4. Caring for yourself and your loved ones

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Retirement Resources

• Guide book
• Action plan
• Web page CPH www.mc.vanderbilt.edu/cph
• Monthly email QA

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Andys 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

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Keynote Speaker

• The Healthy Brain What Money and Insurance
  Cant Buy!
• Jeanette Norden, Ph.D.
• Professor, Department of Cell and Developmental
  BiologyVanderbilt University School of Medicine

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Acknowledgements

• Transitions Committee Members
• 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

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Acknowledgements

• Center for Professional Health
• Diana Phillips
• Marlene Meienburg
• Marine Ghulyan

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Exhibitors

• Vandy Credit Union - Bill Rochford
• Financial Advisors
• TIAA CREF Susan Martin
• Fidelity Brandon Hall
• Vanguard Michael Loscavio Phillip Cowles
• VALIC Deborah Murphy

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Speaker Teams

• Team A (Art Gallery) Dewey Finlayson
• Susan Martin
• Derrell Payne
• Shannon Jones
• Team B (Cumberland) Finlayson Dewey
• Roy Elam, M.D.
• Rick Shelton, M.D.
• Dino Nowak

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Special Request

• Happy Birthday Reid Finlayson, M.D.!!!!

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Evaluations and Summary

• Please complete your
• Evaluations
• Individual action plans
• Review your faculty resource guide
• Keep planning
• Seek assistance as needed

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Thank You!!