Financial stability correlates with happiness for retired veterinarians

Lori R. Kogan College of Veterinary Medicine and Biomedical Sciences, Colorado State University, Fort Collins, CO

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 PhD https://orcid.org/0000-0002-5816-9672
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Mark Rishniw Veterinary Information Network, Davis, CA

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 BVSc, PhD, DACVIM

Abstract

OBJECTIVE

To gain an understanding of the perceptions and experiences of retired veterinarians.

METHODS

An invitation to participate in an electronic survey distributed via the Veterinary Information Network data collection portal was sent to veterinary members of the Veterinary Information Network who identified as retired. Data were collected between August 15, 2024, and September 14, 2024.

RESULTS

We received 512 responses from veterinarians who indicated they had retired. Participants rated a desire for more free time, having sufficient financial security, and a desire to maintain good health as the most important factors in their decision to retire. The most frequently endorsed negative aspects of retirement included concerns about clients and establishing a routine. The most frequently endorsed positive aspects included feeling more relaxed and being able to do more of what they enjoy. A higher percentage of females endorsed several positive aspects of retirement than males.

CONCLUSIONS

The results suggested that most retired veterinarians adjust well to retirement and reap the positive aspects of a retired lifestyle. A minority, however, struggle. To help ensure everyone is able to transition well and enjoy their retirement years, veterinary organizations should consider offering retirement-related guidance and resources, similar to those offered to new graduates entering the field.

CLINICAL RELEVANCE

As an increasing number of veterinarians approach retirement age, it is paramount that veterinary organizations help support veterinarians by offering retirement mentorship programs, resource toolkits and educational webinars/presentations, and financial guidance.

Abstract

OBJECTIVE

To gain an understanding of the perceptions and experiences of retired veterinarians.

METHODS

An invitation to participate in an electronic survey distributed via the Veterinary Information Network data collection portal was sent to veterinary members of the Veterinary Information Network who identified as retired. Data were collected between August 15, 2024, and September 14, 2024.

RESULTS

We received 512 responses from veterinarians who indicated they had retired. Participants rated a desire for more free time, having sufficient financial security, and a desire to maintain good health as the most important factors in their decision to retire. The most frequently endorsed negative aspects of retirement included concerns about clients and establishing a routine. The most frequently endorsed positive aspects included feeling more relaxed and being able to do more of what they enjoy. A higher percentage of females endorsed several positive aspects of retirement than males.

CONCLUSIONS

The results suggested that most retired veterinarians adjust well to retirement and reap the positive aspects of a retired lifestyle. A minority, however, struggle. To help ensure everyone is able to transition well and enjoy their retirement years, veterinary organizations should consider offering retirement-related guidance and resources, similar to those offered to new graduates entering the field.

CLINICAL RELEVANCE

As an increasing number of veterinarians approach retirement age, it is paramount that veterinary organizations help support veterinarians by offering retirement mentorship programs, resource toolkits and educational webinars/presentations, and financial guidance.

Introduction

Retirement is a transitional period, marked by a change not only in age but also in roles, relationships, self-image, and interests.1 It influences all aspects of a person’s life, including physical and mental well-being.2 The average age of veterinarians is 43 years old,3 with 68% of female and 84% of male veterinarians over the age of 40.4 Consequently, a substantial number of veterinarians are likely thinking about retiring or planning to retire. One recent study5 found that veterinarians visualize transitioning away from veterinary work at an average age of 64, while an AVMA Trust report6 found that the average age for retirement is between 65 and 70 years of age, which is similar to the average retirement age of workers in the US.

Veterinarians cite burnout, a desire for more free time for oneself and/or family/friends, and the maintenance of health as the primary reasons to stop or reduce the amount of their clinical work.5 Investigators interviewing retired veterinarians have found 2 general categories of factors influencing the decision to retire: personal factors (eg, alternative professional interests; personal motivation, beliefs, and thoughts; relationships; and physical/mental health) and work experiences (eg, employment conditions and relationships).7 Similarly, other investigators have reported that the main reasons for early retirement relate to work-life balance and mental health.8

The decision to retire or reduce one’s clinical workload is often difficult, and some professionals struggle with finances, a loss of identity, and reduced social interactions.912 When exploring concerns about retirement, Kogan and Rishniw5 found 47% (426 of 912) of veterinarians reported feeling concerned about the loss of professional identity, 34% (311 of 912) about reduced social connections, and 28% (255 of 913) about how they would fill their time.

However, a study4 by the AVMA of 300 retired veterinarians suggested that some of these concerns are not realized. Specifically, 89% (291 of 327) of responding retirees reported feeling satisfied with their retirement, 89% (291 of 327) felt optimistic about the future of their retirement, and 97% (317 of 327) felt confident that their savings would support them throughout their retirement.4 Nevertheless, additional understanding about retired veterinarians’ experiences, including whether these experiences differ by gender, could help address both realized and unrealized concerns.

Therefore, we sought to better understand the reasons why retired veterinarians make the choice to retire and their experiences and insights into their retirement experience, including challenges, surprises, and advice for those contemplating retirement.

Methods

We created an online survey and distributed a link to the survey via email to members of the Veterinary Information Network (VIN), an online community for veterinarians (approx 43,000). The survey was administered directly via the VIN data collection portal, and branching logic was used to display only relevant questions to each participant. Participants could anonymously access the survey from August through September, 2024. A follow-up reminder message was sent 2 weeks after the initial invitation. We only included data from respondents who indicated they had retired from veterinary medicine. The study was categorized as exempt by Colorado State University’s Institutional Review Board. The full survey can be found in Supplementary Material S1.

The body of the survey consisted of demographic questions including age, gender, relationship status, length of time since retirement, and financial status. We also asked about the country in which they had worked, area they had worked (ie, urban, suburban, rural), and work setting (eg, small animal practice, mobile, etc).

Participants were asked to indicate their current overall happiness level on a scale from 1 (miserable) to 10 (extremely happy). They were then asked to rate the importance of 15 factors in their decision to retire using a 5-point Likert scale, with 1 = not at all important and 5 = very important. Participants were asked to indicate how prepared they felt emotionally and financially as well as to occupy their time using a 5-point Likert scale (1 = very unprepared, 5 = very prepared). They were asked how challenging the transition into retirement was as well as the timing (“I wish I had retired sooner,” “I retired at exactly the time I wanted to,” or “I wish I had kept working longer before retiring”).

The next section of the survey asked participants to indicate their concern, using a 5-point Likert scale (1 = not at all concerned, 5 = extremely concerned), prior to retirement regarding loss of identity or purpose, excessive free time or boredom, loss of social connections and interactions, and financing the rest of their life. They were then asked to what extent these potential concerns were realized (1 = much less of a concern than anticipated, 5 = much more of a concern than anticipated).

The next series of questions asked about the impact of retirement. These questions included any changes in physical or mental health. Impact was also assessed by asking participants to indicate their agreement level to a series of 27 items using a 5-point Likert scale (1 = strongly disagree, 5 = strongly agree).

Participants were then asked questions related to their current activities including items about volunteering, “encore” careers, maintenance of their veterinary license, and professional veterinary activities. The next section asked participants to indicate how much they missed several factors of veterinary medicine using a 5-point Likert scale (1 = not at all, 5 = extremely).

The last section of the survey consisted of open-ended questions, including “What’s the biggest upside to being retired?” “What’s the biggest downside to being retired?” “What, if anything, caught you off guard about retirement?” “What has been most surprising about retirement?” and “What guidance or resources would have been helpful to you prior to or during the retirement process?”

Descriptive statistics and the χ2 test were performed with SPSS Statistics, version 28 (IBM Corp). When < 100% of participants answered a question, the total number of responses is provided. The χ2 test was used to determine whether gender or financial status was associated with reasons for retirement, impact of retirement, financial status, or happiness level. Significance level was set at .05.

Results

Demographics

We received 512 responses from veterinarians who indicated they had retired. Of these, 303 (59.2%) were fully retired and 209 (40.8%) were retired but still “did a day here and there in practice.” Most participants were from the US (450 of 512 [87.9%]), with 46 of 512 (9.0%) from Canada and 16 of 512 (3.1%) from other countries. A majority of participants indicated they worked in a suburban setting (316 of 510 [62.0%]), followed by urban (119 of 510 [23.3%]) and rural (75 of 510 [14.7%]). Most participants reported working in a small animal practice (424 of 512 [82.8%]), followed by mixed animal practice (14 of 512 [2.7%]), academia (16 of 512 [3.1%]), and mobile (13 of 512 [2.5%]). A total of 8.9% (45 of 512) reported working in another veterinary field (eg, academia, government, industry, shelter medicine, nonprofit).

Nineteen percent (97 of 512) of respondents indicated they had been retired < 1 year, 181 of 512 (35.4%) reported being retired 1 to < 3 years, 117 of 512 (22.9%) reported being retired 3 to < 5 years, and 117 of 512 (22.8%) reported being retired ≥ 5 years. The average age of participants was 68.2 ± 6.9 years, with 287 of 506 (56.7%) respondents being female and 219 of 506 (43.3%) male. The mean age of females in the sample was younger than males (67.0 ± 5.93 years vs 69.91 ± 7.39 years; P < .001). Most participants reported being financially comfortable (396 of 508 [78.0%]) or adequate (100 of 508 [19.7%]); 12 of 508 (2.4%) reported struggling financially. We found no difference between male and female financial status (P = .197). We found no difference between male and female happiness scores (P = .588). Financial status and happiness score, however, were correlated: those who reported struggling had lower happiness levels.

Factors impacting decision to retire

Participants rated “to have more free time for self and/or family/friends” (very/extremely important, 350 of 471 [74.3%]), “sufficient financial security” (very/extremely important, 332 of 474 [70.0%]), and “to maintain good health” (very/extremely important, 294 of 465 [63.2%]) as the most important factors in their decision to retire. The factors deemed least important included “to pursue nonveterinary business or employment ventures” (very/extremely important, 19 of 256 [7.4%]), “deteriorating cognitive skills needed to perform clinical work” (very/extremely important, 21 of 299 [7.0%]), and “declining reimbursement for clinical care” (very/extremely important, 20 of 287 [7.0%]). The factors that females rated as more important than males included “to maintain good health” (P = .010), “feeling burned out” (P = .004), “pressure of work” (P < .001), “reduced job satisfaction” (P < .001), “deteriorating physical ability needed to perform clinical work” (P < .001), and “retirement of spouse/partner” (P = .007). Males rated “Reached mandatory retirement age” as more important than females (P = .021; Table 1).

Table 1

Retired veterinarians’ reported importance level of potential reasons for retirement and differences between men and women from survey results obtained from August 2024 through September 2024.

Not at all/minimally important Moderately important Very/extremely important P value
To have more free time for self and/or family/friends (n = 471) 55 (11.7%) 66 (14.0%) 350 (74.3%) .959
Sufficient financial security (n = 474) 57 (12.0%) 85 (17.9%) 332 (70.0%) .615
To maintain good health (n = 465) 80 (17.2%) 91 (19.6%) 294 (63.2%) .037*
Feeling burned out (n = 452) 153 (33.8%) 100 (22.1%) 199 (44.0%) .021*
Pressure of work (n = 459) 163 (35.5%) 106 (23.1%) 190 (41.4%) < .001*
Reduced job satisfaction (n = 445) 160 (36.0%) 108 (24.3%) 177 (39.8%) .006*
Deteriorating physical ability needed to perform clinical work (n = 393) 225 (57.3%) 69 (17.6%) 99 (25.2%) < .001*
Work schedule (overnights, on call, etc; n = 361) 207 (57.3%) 73 (20.2%) 81 (22.4%) .184
Personal health problems (n = 340) 216 (63.5%) 49 (14.4%) 75 (22.1%) .271
Retirement of spouse/partner (n = 269) 168 (62.5%) 44 (16.4%) 57 (21.2%) .005*
Family members’ health problems (n = 284) 212 (74.6%) 20 (7.0%) 52 (18.3%) .591
Reached mandatory retirement age (n = 193) 159 (82.4%) 16 (8.3%) 18 (9.3%) .018**
To pursue nonveterinary business or employment ventures (n = 256) 224 (87.5%) 13 (5.1%) 19 (7.4%) .978
Deteriorating cognitive skills needed to perform clinical work (n = 299) 254 (84.9%) 24 (8.0%) 21 (7.0%) .282
Declining reimbursement for clinical care (n = 287) 242 (84.3%) 25 (8.7%) 20 (7.0%) .388

*A higher percentage of females rated as important.

**A higher percentage of males rated as important.

Preparation, transition, and timing

Most participants indicated they felt prepared emotionally (321 of 502 [64%]) and financially (438 of 503 [87.0%]) for retirement. Most also reported feeling prepared to occupy their time (365 of 503 [72.6%]). When asked how challenging the transition into retirement was, the majority indicated it was not at all or only slightly challenging (311 of 504 [61.7%]). An additional 129 of 504 reported feeling it was moderately challenging, 48 of 504 (9.5%) found it very challenging, and 16 of 504 (3.2%) found it extremely challenging. We found no differences based on gender (P = .382). However, we found an association between the reported challenge of the transition and financial status (P < .001), with those struggling financially more likely to report feeling that the transition was challenging.

The majority of participants reported that they retired at the exact time they wanted to (349 of 502 [69.5%]); 83 of 502 (16.5%) reported wishing they had worked longer before retiring, and 70 of 502 (13.9%) indicated they wished they had retired sooner. We found no differences in gender (P = .839). We found an association between timing of retirement and financial status (P = .015), with those struggling financially more likely to report wishing they had worked longer before retirement.

Concerns about retirement

The majority of participants were not at all or only slightly concerned about a loss of identity or purpose (307 of 495 [62.0%]), excessive free time or boredom (393 of 495 [79.4%]), loss of social connections (321 of 495 [64.8%]), or financing the rest of their lives (336 of 495 [67.9%]) prior to retirement. A few participants were very or extremely concerned about a loss of identity or purpose (86 of 495 [17.3%]), excessive free time or boredom (33 of 495 [6.7%]), or loss of social connections (52 of 495 [10.3%]).

When asked whether these concerns had materialized, most participants reported that the actual situation was less of a concern or as anticipated. In terms of loss of identity or purpose, 211 of 494 (42.7%) reported it was less of a concern, 202 of 494 (40.9%) reported that it was as anticipated, and 81 of 494 (16.4%) reported that it was more of a concern than anticipated. Of respondents who were most concerned about loss of identity, 47% felt that their concerns were realized as anticipated, while 42% felt they turned out to be less of a concern. Similarly, 49% of respondents who were moderately concerned about loss of identity felt that their concerns turned out to be less than anticipated. Finally, similar percentages of respondents who were minimally concerned about loss of identity felt their concerns were realized either as anticipated (40%) or turned out to be less than anticipated (37%; Figure 1). When asked about excessive free time or boredom, 223 of 494 (45.1%) reported it to be less than anticipated, 221 of 494 (44.7%) as anticipated, and 50 of 494 (10.1%) more than anticipated. For the loss of social connections, 177 of 494 (35.8%) reported it was less of a concern than anticipated, 230 of 494 (46.6%) as anticipated, and 87 of 494 (17.6%) more than anticipated. Lastly, in terms of financing the rest of their lives, 230 of 494 (46.6%) reported it was less of a concern, 226 of 494 (45.7%) as anticipated, and 38 of 494 (7.7%) more than anticipated.

Figure 1
Figure 1

Loss of identity or purpose: retired veterinarians’ reported level of concern prior to retirement (slightly, moderately, very) and their experience after retirement (less than anticipated, as anticipated, more than anticipated) from survey results obtained from August 2024 through September 2024.

Citation: Journal of the American Veterinary Medical Association 263, 3; 10.2460/javma.24.10.0668

Impact of retirement

Most participants reported their physical health had either remained unchanged (257 of 490 [52.4%]) or improved (150 of 490 [30.6%]), while a minority reported it had deteriorated (83 of 490 [16.9%]). We found no gender differences (P = .087). However, older participants were more likely to report a deterioration of physical health (P < .001). Similarly, 229 of 488 (46.9%) reported that their mental health had remained unchanged, 227 of 488 (46.5%) reported that it had improved, and 32 of 488 (6.6%) reported that it had deteriorated. Females reported a higher level of improvement than males (P < .001). Again, older participants were more likely to report a deterioration of mental health (P < .001).

When asked about 15 potential negative aspects of retirement, the factors endorsed most frequently by participants included “I worried that my clients would struggle to find equivalent care” (177 of 478 [37.0%]), “I have a harder time establishing a routine” (180 of 490 [36.7%]), and “I felt guilty, thinking that I deserted my clients and patients” (152 of 479 [31.7%]; Table 2). Males were more likely than females to agree with the statement, “I struggle more to find meaningful activities” (P = .008).

Table 2

Retired veterinarians’ reports on potential negative impacts of retirement and differences between men and women from survey results obtained from August 2024 through September 2024.

Disagree Neutral Agree P value
I worried that my clients would struggle to find equivalent care (n = 478) 235 (49.2%) 66 (13.8%) 177 (37.0%) .532
I have a harder time establishing a routine (n = 490) 232 (47.3%) 78 (15.9%) 180 (36.7%) .450
I felt guilty, thinking that I have deserted my clients and patients (n = 479) 229 (47.8%) 98 (20.5%) 152 (31.7%) .161
I feel socially isolated more often (n = 488) 264 (54.1%) 94 (19.3%) 130 (26.6%) .076
I struggle more now with motivation and discipline (n = 484) 255 (52.1%) 105 (21.5%) 129 (26.4%) .813
I feel purposeless more often (n = 489) 297 (60.7%) 88 (18.0%) 104 (21.3%) .106
I get bored more often (n = 488) 312 (63.9%) 83 (17.0%) 93 (19.1%) .135
I felt like I abandoned my colleagues (n = 480) 314 (65.4%) 75 (15.6%) 91 (19.0%) .133
I feel lonelier since retiring (n = 487) 331 (68.0%) 65 (13.3%) 91 (18.7%) .460
I struggle more to find meaningful activities (n = 488) 339 (69.5%) 63 (12.9%) 86 (17.6%) .008*
I have more feelings of emptiness and boredom (n = 490) 351 (71.6%) 73 (14.9%) 66 (13.5%) .116
My self-worth has deteriorated (n = 490) 367 (74.9%) 64 (13.1%) 59 (12.0%) .565
I feel more depressed (n = 486) 363 (74.7%) 71 (14.6%) 52 (10.7%) .797
Retirement has created a strain on my relationship with my partner/spouse (n = 397) 330 (83.1%) 43 (10.8%) 24 (6.0%) .445
I regret my decision to retire from veterinary medicine (n = 482) 412 (85.5%) 43 (8.9%) 27 (5.6%) .338

*A higher percentage of males agreed.

When respondents were asked about potential positive aspects of retirement, the factors endorsed most frequently included “I occupy my time as I like” (421 of 482 [87.3%]), “I am able to do more of what I enjoy” (413 of 483 [85.5%]), and “I am more relaxed” (404 of 485 [83.3%]; Table 3). A higher percentage of females agreed to several statements than males: “I occupy my time as I like” (P = .032), “I am able to do more of what I enjoy” (P = .032), “I am more relaxed” (P = .019), “I have plenty of hobbies/interests to keep me occupied” (P = .011), “I have more time for friends and family” (P = .001), “I am happier overall” (P = .003), “I felt a sense of relief having retired from veterinary medicine” (P = .024), “Retirement has exceeded my expectations” (P < .001), and “My personal growth has increased” (P < .001).

Table 3

Participants’ reports on potential positive impacts of retirement and differences between men and women from survey results obtained from August 2024 through September 2024.

Disagree Neutral Agree P value
I occupy my time as I like (n = 482) 26 (5.4%) 35 (7.3%) 421 (87.3%) .032*
I am able to do more of what I enjoy (n = 483) 20 (4.1%) 50 (10.4%) 413 (85.5%) .032*
I am more relaxed (n = 485) 19 (3.9%) 62 (12.8%) 404 (83.3%) .019*
I have plenty of hobbies/interests to keep me occupied (n = 488) 36 (7.4%) 48 (9.8%) 404 (82.8%) .011*
I have more time for friends and family (n = 482) 11 (2.3%) 74 (15.4%) 397 (82.4%) .001*
Overall, I am thriving (n = 484) 30 (6.2%) 75 (15.5%) 379 (78.3%) .054
I am happier overall (n = 486) 27 (5.6%) 105 (21.6%) 354 (72.8%) .003*
I get more physical activity (n = 488) 66 (13.5%) 76 (15.6%) 346 (70.9%) .287
I felt a sense of relief having retired from veterinary medicine (n = 488) 93 (19.1%) 87 (17.8%) 308 (63.1%) .024*
Retirement has exceeded my expectations (n = 486) 45 (9.3%) 184 (37.9%) 257 (52.9%) < .001*
My personal growth has increased (n = 487) 61 (12.5%) 170 (34.9%) 256 (52.6%) < .001*
My marriage/relationship has improved (n = 396) 22 (5.6%) 178 (44.9%) 196 (49.5%) .436

*A higher percentage of females agreed.

When asked how satisfied they were with their decision to retire, most participants (415 of 486 [85.4%]) reported feeling satisfied or very satisfied; 29 of 486 (6.0%) felt neutral, and 42 of 486 (8.6%) felt dissatisfied or very dissatisfied. We found no differences based on gender (P = .630). However, those struggling were less satisfied than those with an adequate or comfortable status (P = .011).

Activities after retirement

When participants were asked whether they volunteered for nonveterinary activities, 169 of 486 (34.8%) reported occasionally and 143 of 486 (29.4%) reported doing so regularly, while 108 of 486 (22.2%) indicated they were not currently involved but were thinking about it and 66 of 486 (13.6%) reported being not interested or involved. We found no differences based on gender (P = .137). A few (60 of 488 [12.3%]) reported having a nonveterinary “encore” career; of these 60 respondents, 51 (85.0%) reported having a part-time job and 9 (15.0%) reported having a full-time job.

Most participants (413 of 485 [85.2%]) reported maintaining their veterinary license, while only 162 of 512 (31.6%) reported working occasional shifts or doing relief work, 70 of 512 (13.7%) reported volunteering at a nonprofit veterinary group or shelter, and 60 of 512 (11.7%) reported acting as a consultant. Most participants (207 of 277 [74.7%]) who reported neither working occasional shifts nor volunteering at a nonprofit veterinary group or shelter retained their veterinary license.

Most participants reported attending continuing education courses (353 of 512 [68.9%]), reading veterinary literature or participating in journal clubs (286 of 512 [55.9%]), or acting as a reviewer or editor for a veterinary journal (21 of 512 [4.1%]).

Elements of veterinary medicine missed

Participants were asked whether they missed their veterinary career, to which most answered “yes, a little” (198 of 487 [40.7%]) or “yes, some” (140 of 487 [28.7%]). Fewer reported missing it “a lot” (47 of 487 [9.7%]) or “not at all” (102 of 487 [20.9%]). We found no differences based on gender (P = .254). When asked to indicate to what degree they missed specific elements of their job, respondents rated the following factors the highest: intellectual stimulation (“missed a fair/great amount,” 249 of 376 [66.2%]), patient interactions (239 of 365 [65.5%]), and the feeling of purpose or doing good (225 of 374 [60.2%]; Table 4). Males reported missing “managing a team” a fair/great amount more often than females (P = .002). No other gender differences were found.

Table 4

Participants’ reports on potential things missed related to veterinary medicine and differences between men and women from survey results obtained from August 2024 through September 2024

Not at all/minimally Some A fair amount/great deal P value
Intellectual stimulation (n = 376) 40 (10.6%) 87 (23.1%) 249 (66.2%) .794
Patient interactions (n = 365) 42 (11.5%) 84 (23.0%) 239 (65.5%) .582
Feeling of purpose/doing good (n = 374) 65 (17.4%) 84 (22.5%) 225 (60.2%) .932
Doing diagnostic and therapeutic procedures (n = 372) 95 (25.5%) 79 (21.2%) 198 (53.2%) .342
Work environment/colleagues (n = 371) 98 (26.4%) 113 (30.5%) 160 (43.1%) .390
Managing a team (n = 340) 250 (73.5%) 43 (12.6%) 47 (13.8%) .002*

*A higher percentage of males indicated missing a fair/great amount.

Open-ended questions

Participants were asked a series of open-ended questions related to retirement. Responses were categorized into general themes. Responses and selected quotes are presented in Supplementary Material S2.

Discussion

This study provided several insights into the experiences of those who have retired from veterinary medicine. In terms of reasons to retire, the most important factors noted by participants included a desire for more free time, to maintain good health, and to leave a negative work environment (ie, burnout and pressure) when having sufficient financial means to do so. These reasons echo previous research suggesting that a desire for work-life balance, improved health, and negative workplace factors all play a major role in why physicians and veterinarians choose to retire.5,13

Transitioning to retirement can be emotionally and socially difficult for many people,14 and few healthcare providers approach retirement without some degree of apprehension.15 The main factors prompting retirement (health concerns, burnout, spending time with friends or family) all improved after retirement for most participants. Physical health did not deteriorate substantially, but mental health improved for many participants. Few regretted their decision to retire when they did; most reported retiring at exactly the time they wanted.

Participants reported that decisions to retire depended on sufficient financial security to do so. Most reported feeling their finances were either adequate or comfortable; only 2.4% reported struggling financially. These results are similar to those reported by the AVMA Trust report,6 which found that 97% of retirees were confident their savings would last them through retirement.

A theme pertaining to the need to be financially prepared for retirement is seen throughout the results. Participants in our study who were financially comfortable had higher happiness levels, were more likely to report feeling they retired at the right time, and were less likely to find the transition into retirement challenging than those who were financially struggling. Financial status was also a prevalent theme in responses to the open-ended questions. When participants were asked what advice they would give to others thinking about retiring, the most common responses pertained to being financially prepared. Comments included “Save money early” and “Make sure you have finances to do what you want to do with your significant other and time to do it.” Participants also reported feeling that financial planning and management guidance would have been helpful to them prior to retirement. One participant explained, “Meet with a financial planner now, no matter when you plan on retiring, no matter how old you are now, no matter how much you think you know or how much Google searches have told you about retiring. Stop, call one now.”

In addition to why veterinarians chose to retire, it is important to better understand their experiences after retirement. Much has been written about the potential challenges of retirement in terms of lost identity and social connections or excessive free time and boredom. When we inquired about participants’ concerns about these factors, we found that most participants reported minimal concern. The highest level of concern pertained to a loss of identity or purpose, yet even for this factor only 17% indicated they were very/extremely concerned. These numbers were even lower for excessive free time or boredom (7%) and loss of social connections (10%). Despite the low numbers of those who expressed significant concern, it is worth noting that 38% indicated at least moderate concern for a loss of identity or purpose, 35% for a loss of social connections, and 21% for excessive free time or boredom; these numbers are consistent with previous research.5

For those who expressed concern about these factors, when asked whether the concerns had materialized, although most participants reported the actual situation was less of a concern or as anticipated, a sizeable minority found these issues were more of a concern than they anticipated (15% for loss of identity, 18% for loss of social connections, and 10% for excessive free time). These results suggest that despite the centrality of occupational identity to overall identity often witnessed in health professionals, including veterinarians,5,9,16 most participants in this study were able to embrace other aspects of their identity. Most veterinarians in our study appeared to have been able to develop other aspects of their identity that provide a source of meaning. Yet, for a sizable minority, this was not the case. For many health professionals, work identity is synonymous with personal identity, and many cannot imagine life doing something else. In addition, a career in medicine often demands total commitment, forcing health professionals to prioritize work demands over other areas in their lives.15,17 It has been suggested that development of diverse interests, begun well before retirement, can help physicians transition to retirement and respond positively to related stressors.18,19 Participants in our study offered similar advice to those thinking about retirement, including statements such as “Make sure you maintain interests/hobbies away from veterinary medicine that can be continued into old age,” and “There’s more to life than being a full-time veterinarian; if it’s time for you to retire, then embrace it like you would the next course at a feast.”

When we asked participants about several other potential negative aspects of retirement, approximately one-third or less reported struggling with these factors. The elements they struggled with the most included 2 related to their clients: worrying that their clients would struggle to find equivalent care (37%) and feeling guilty, thinking that they had deserted their clients (32%). Naturally, many veterinarians who have spent their lives devoted to patient care feel a psychological and moral imperative to ensure that their patients’ care continues with new, upcoming veterinarians; similar sentiments have been expressed among retiring physicians.16,20 These thoughts were commonly expressed by the participants in our study. As one participant noted, “I miss caring for patients and interacting with clients. I had an extremely loyal clientele who regarded me as an important part of their pets’ lives (and theirs).”

With support and planning, this concern about continued patient care could be channeled into helping retiring veterinarians meet their desire for generativity (versus stagnation): the need to help guide the next generation. Generativity, an important developmental stage in midlife and late adulthood, has been found to be an important factor in maintaining psychological health and well-being in old age.2123 Hospitals and corporations could address these concerns by involving retiring veterinarians in the transition period, thereby helping retiring veterinarians feel more comfortable with stepping back.

Other negative effects of retirement, with the exception of having a harder time establishing a routine (to which 37% admitted), were endorsed by ≤ 27% of the participants. This would suggest that the majority of participants do not struggle with some of the common potential negative aspects of retirement. Yet it is important to note that approximately a quarter of retirees experience challenges with such things as isolation (27%), motivation (26%), and a sense of being purposeless (21%). Further research is needed to better understand how to better support these individuals struggling with retirement.

Alternatively, when asked about several potential positive aspects of retirement, all 12 items were endorsed by at least 50% of participants, and 5 of these items were endorsed by over 80% of participants. These results reflect similar sentiments reported in the AVMA Trust report6 that found 89% of retired veterinarians are satisfied with their retirement. The positive factors endorsed most often included 3 related to time (ie, “I occupy my time as I like” [87%], “I am able to do more of what I enjoy” [86%], and “I have more time for friends and family” [82%]). Most participants also reported feeling they are more relaxed (83%) and have plenty of hobbies/interests to keep them occupied (83%). Having interests outside of veterinary medicine was mentioned by numerous participants when asked to give advice to those thinking about retirement. Examples included “Develop interests outside the profession. Don’t wait to enjoy those interests till your [at] retirement age,” “Have a passion to replace veterinary medicine,” and “Start developing some nonveterinary activities and friendship with people who are not in the veterinary industry.”

Retirement takes planning, part of which involves cultivating interests outside of veterinary medicine. Planning for retirement is a complex endeavor, involves not only financial planning but lifestyle planning as well, and is impacted by people’s goals and resources, as well as their beliefs about planning in general.24 While some people find planning helpful by providing a clear path for the future, others find it constraining.24,25 Yet studies consistently report that planning and preparing can help people feel like they have some control over the transition and have a positive impact on retirement adjustment and satisfaction.26 Numerous statements from participants in our study reinforced the importance of retirement lifestyle planning. As one participant noted, “Plan way ahead of time—financially and personally—what you need.”

It is worth noting that while males and females in our study did not differ in terms of negative aspects of retirement, many of the positive aspects of retirement appeared to be enjoyed more frequently by females when compared to males. In fact, 9 of the 12 potential positive aspects of retirement were endorsed more frequently by females, suggesting that while most participants appeared to be reaping many of the benefits of retirement, females were particularly positively impacted. Further research exploring the potential reasons for this gender difference is warranted.

When asked about current activities, the majority of our participants reported being engaged in nonveterinary or veterinary-related activities; 64% reported volunteering for nonveterinary activities, and 32% reported working occasional shifts or doing relief work. This percentage of volunteering is similar to previous research that found 63% of retired veterinarians either volunteer or used to when they were able, with the most frequent types of volunteering including activities with their church/community, serving on nonprofit boards, or doing pro bono veterinary work.6 Many also reported continued involvement with veterinary medicine through continuing education courses (69%) or reading veterinary literature (56%). This desire to remain engaged in both formal and informal learning activities after retirement, motivated by a curiosity to learn new things, has also been witnessed in other, nonveterinary healthcare professionals.2

The desire to remain involved and give back, in the form of volunteering or working part time, is a common theme in retirement literature.2 Continuing to serve their communities allows retired veterinarians to continue contributing. Veterinary organizations could help support this desire by facilitating mentoring or teaching opportunities, offering invaluable support and insights to younger generations.

One result in our study of interest was that 85% of participants reported maintaining their veterinary license, and this number was only slightly lower (75%) for those who reported neither working occasional shifts nor volunteering at a nonprofit veterinary group or shelter. This percentage can be compared to 55% of retired physicians.27 The sentiment related to one’s veterinary license was expressed by one participant as “NO MATTER HOW FED UP YOU ARE DO NOT GIVE UP YOUR LICENSE; you have a special skill” (capitalization included in quote). It would be interesting to explore why retirees who no longer need their license feel the necessity to keep it updated.

While it may be thought that veterinarians who enjoy retirement do not miss veterinary medicine, we found that while most participants reported being happier overall since retirement (73%) and thriving (78%), many also reported missing veterinary medicine. Only 21% reported not missing it at all, while most reported missing it a little (41%) or some (29%). The elements they reported missing the most included intellectual stimulation, patient interactions, and a feeling of purpose. It is not surprising, therefore, that some of the advice participants offered to those thinking about retirement focused on finding other interests (“Have a passion to replace veterinary medicine”) and maintaining or building new social connections (“Stay involved with a community, whether it is veterinary or other”).

There were several limitations to our study. Our sample consisted of a small percentage of VIN members, so caution is suggested when generalizing to other veterinarians since we cannot be certain that our sample represented the overall veterinary population. Moreover, because VIN membership requires a paid subscription, the financial status of our sample might not represent the overall veterinary population. Additionally, by completing a study offered through VIN, the participants were, by definition, active in veterinary-related activities. It is possible that retirees active on VIN do not reflect the broader demographic of retired veterinarians. Also worth noting is the large percentage of our sample who were small animal practitioners. It is possible that those within other fields of veterinary medicine might have different retirement experiences. It is also possible that individuals who feel strongly about retirement may have been more likely to respond, creating the potential for response bias.

In conclusion, the results of our study suggest that the majority of retired veterinarians are adjusting well to retirement and reaping the positive aspects of a retired lifestyle. There are, however, a minority of individuals who are struggling with retirement. To help ensure everyone is able to transition into retirement well and enjoy their retirement years, it is suggested that veterinary organizations and entities offer guidance and resources identified by participants in this study as being of potential value. These resources include financial planning and management, professional guidance (eg, retirement counseling, legal advice, business management guidance), peer support and mentoring, mental health resources, and retirement lifestyle planning. It is also suggested that veterinary entities promote retirement mentorship programs, create resource toolkits and educational webinars/presentations, and offer financial guidance throughout veterinarians’ careers, as well as creating postretirement opportunities that maintain ties to veterinary medicine through teaching, mentoring, and peer support. As an increasing number of veterinarians approach retirement age, it is paramount that veterinary organizations help ensure that veterinarians are best armed to transition smoothly into retirement.

Supplementary Materials

Supplementary materials are posted online at the journal website: avmajournals.avma.org.

Acknowledgments

None reported.

Disclosures

The authors have nothing to disclose. No AI-assisted technologies were used in the generation of this manuscript.

Funding

The authors have nothing to disclose.

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