How Much Money The Average Doctor Has In Retirement Savings

The amount of money needed to retire has continued to rise. From a 2024 report by the National Council on Aging, 50% of people over 60 have an income below the Elder Index. This is made worse by some of the biggest changes to social security ever made coming in the coming year. Despite this, there is one profession that reports that they will wait well beyond the age of 70 to access these benefits. Doctors are highly likely to actively save for retirement, according to a 2023 Medscape report.

The same report shows that female physicians have $2.2 million saved toward retirement on average, while male physicians have $3.4 million saved. That said, the reported averages are highly variable, with some specialties accumulating far more in savings. Doctors also told Medscape they target savings of $4 million to retire, with many saying they have already reached that mark or are close to doing so. This number is staggeringly higher than how much money the average baby boomer has in retirement savings, showing the earning power of doctors. Importantly, the age of retirement for doctors is continuing to decrease, as burnout drives highly-paid — and reportedly highly-stressed — professionals to step away from their work, according to the American Medical Association (AMA).

The American Hospital Association has documented a shortage of physicians in 2025 as part of a larger health care staffing issue. This is partially due to the large amount of education debt held by new physicians, with 84% holding over $100,000 of debt as of October 2024, according to the American Association of Medical Colleges. This has changed how long it takes for doctors to make money. To combat this, many hospitals have begun increasing wages. Doctors with specialties, including radiology and endocrinology, have seen their pay increase by over 5% in 2025. The Bureau of Labor Statistics also reported a median yearly income of $239,200 for physicians in 2024.

Even so, physicians are predicting that they will need more money in order to retire, in part due to the increased cost of living across the country. Additionally, the makeup of the physician workforce is growing older, with the Definitive Healthcare PhysicianView showing the average age of a doctor in 2025 is 54.4 years old — over ten years older than the average age of the American workforce as a whole. This aging workforce is one reason why doctors have such high savings for retirement.