Planning for life after orthopaedics.
The word retirement is going out of fashion. Many orthopaedic surgeons want to work in some capacity when they stop performing surgery. Making a smooth transition from a busy orthopaedic practice to alternative work demands advanced planning. The surgeon must consider personal issues that involve how to use human capital (his or her accumulated knowledge and experience). New ventures, hobbies, travel, and spending time with family and friends are some possibilities. Plans for slowing down or leaving the practice should be discussed and agreed on well ahead of time. Agreements for buyouts may be difficult to work out and will require creative thinking. The solo practitioner can close the practice or hire a successor. Financial planning is perhaps the most important consideration and should be started by approximately age 40. It is recommended that the surgeon develop a portfolio of secure investments and annuities to provide adequate income for as long as is needed and then to turn the residual income to one's family, favorite charities, or other desired cause. A team of competent advisors is needed to help develop and achieve one's goals, create financial security, and provide the discipline to carry out the needed planning for life after orthopaedics.
Department of Orthopaedic Surgery, Massachusetts General Hospital, Boston, Massachusetts.
Joseph S
JS
Barr
Michael J
MJ
McCaslin
Cynthia K
CK
Hinds
D005382:Financing, Personal / Q000458:organization & administration; D006801:Humans; D008016:Life Change Events; D009985:Orthopedics; D011216:Practice Management, Medical / Q000458:organization & administration; D012179:Retirement