Australian doctors typically retire in their mid-to-late 60s or even 70s, often later than the general population, with many gradually reducing hours or working beyond 65 due to career satisfaction, purpose, and financial factors, though the Medical Board is reviewing practices for older doctors due to increased notifications, says this August 2024 AHPRA update, this March 2017 MJA article, and this May 2025 Healthed report.
Although physicians may intend to retire at the age of 60, they will in fact typically retire at around 69. Commonly-reported reasons include career satisfaction, a feeling of purpose, strong work identity and lack of interests outside of Medicine.
To retire on $70,000 a year in Australia, you'll generally need a superannuation balance in the range of $1.1 million to $1.7 million, depending heavily on your age at retirement (older is better), lifestyle, and whether you own your home, with estimates often falling around $1.1 million for a later retirement (age 67) or over $1.4 million if retiring earlier (age 60) for a single person, says Canstar and Association of Superannuation Funds of Australia (ASFA). A simple calculation suggests needing $70,000 divided by a 4% withdrawal rate equals $1.75 million, but other factors like the Age Pension and investment returns significantly affect the total required.
If your doctor has retired or died
For example, in the ACT, NSW and Victoria, privacy law requires a health service provider to keep records for 7 years or, in the case of a child, until the child turns 25. For more information about state and territory privacy laws, see Privacy in Your State.
There is no statutory retirement age in Australia. The Australian Nursing and Midwifery Federation (Victorian Branch) [ANMF (Vic Branch)] recognises nurses, midwives and personal care workers may choose to work beyond the age of 67 years.
Yes, you can likely retire at 70 with $800,000, but it depends heavily on your annual spending, investment returns, and eligibility for government support like the Age Pension, potentially supporting a modest to comfortable lifestyle, though a very high-spending one might require more capital, according to wealthlab.com.au, Toro Wealth and Frontier Financial Group. Using the "4% Rule", $800,000 could provide around $32,000/year initially, but factoring in the Age Pension and lower expenses (like no mortgage/work costs) can make it stretch further, possibly supporting a single person's $44k-$50k/year needs.
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The majority of obituaries were of male doctors. Doctors who qualified in the developed world appeared to live longer (mean age at death of 78 years) than those who qualified in Asia (mean age at death of 70 years). White-European doctors lived significantly longer than doctors from other ethnic groups.
The mean retirement age for medical specialists is 62.5 years and for GPs 61.5 years.
Some people take ill health retirement because they have a life-threatening illness. If that's the case, you might be able to take your whole pension pot as a tax-free lump sum. You'll need to: Be under 75 and expected to live for less than a year.
Fewer people have $1 million in retirement savings than commonly thought, with around 4.6% to 4.7% of U.S. households having $1 million or more in retirement accounts, according to recent Federal Reserve data (2022), though this percentage rises for older age groups, with about 9% of those aged 55-64 reaching that milestone. However, the median retirement savings are much lower (around $88,000-$200,000), showing a large gap between averages and reality, with many retirees having significantly less, notes.
A wealthy retiree in Australia generally has over $1 million in investable assets (excluding the family home), but for a truly high-net-worth individual, this can extend to $5 million or much more, allowing for a very comfortable lifestyle with significant income, travel, and assets, well beyond the ASFA "comfortable" benchmark (around $595k single/$690k couple for basic needs) and often without relying on the Age Pension, notes.
In the 2023 Medscape retirement survey, physicians believed that an average of $4 million in savings is necessary for a comfortable retirement. Male physicians tend to have slightly higher savings goals than female doctors.
Age distribution of physicians in the U.S. 2023, by specialty. In 2023, nearly 83 percent of physicians in the U.S. were aged 40 years or older. There were large variations between the specialties, with cardiologist being generally older than physicians in emergency medicine.
GP salaries in Australia vary widely, depending on location, practice type, and experience level. Here are some approximate salary ranges for GPs in different locations: Metropolitan areas: $150,000 – $300,000 per year. Rural areas: $200,000 – $400,000 per year.
Believe it or not, data from the 2022 Survey of Consumer Finances indicates that only 9% of American households have managed to save $500,000 or more for their retirement. This means less than one in ten families have achieved this financial goal.
To retire on $100,000 a year from age 65, a single person would need around $1,750,000 and a couple would need $1,250,000 (combined) in super to cover expenses until age 90.
General Practitioners (80.3 years), followed by Surgeons (79.9 years) and Pathologists (79.8 years), according to the study above, published in 2021 in Lifestyle Medicine.
Neoplasms and heart disease were the leading causes of death across all occupation groups, with mortality from neoplasms higher among surgeons (193.2 per 100,000 population) than any other group, including nonsurgeon physicians (87.5 per 100,000 population).
Some people are able to retire relatively early — even in their 40s sometimes — while others work well into their 70s and even 80s. What is the average age of retirement in the United States? Right now, the average age for men to retire is 65 while the average age for women to retire is 63.
New Zealand. In New Zealand, there is normally no mandatory retirement age except in jobs that require one for a specific legal reason.
Age Pension age is 67 years or older. There are no plans to change this. Watch our video about checking our website to see if information you've seen online is real.