How many people know a retired psychologist?

[PsyDr]

A collaborator and I were talking about retirement, and I realized how awful most psychologists are about saving for retirement. In my entire educational and professional career, I have run into less than 5.

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[AcronymAllergy]

My advisor is recently-retired, I believe. I think he put away a fair amount for retirement in addition to having a pension, in part because he had his hand in a variety of different income "pots."

I think it's just that most folks in the US, regardless of profession (barring a few), are pretty bad when it comes to saving for retirement. That, and maybe folks in psychology stick around longer because they enjoy the work/intellectual engagement, and fear they may lose that with retirement...?

Edit: In my case, I've started setting aside since getting a "grown up" job via the equivalent of a 401k, but need to up my percentage contribution at some point to catch up for all those years spent in grad school. I'd also like to establish a few other income streams within the next 5-10 years (e.g., rental/investment properties, go in with a friend to buy a franchise or other small business, etc.), once I've had a chance to get my career a bit more settled. I very much enjoy what I do day to day, and hope to keep doing it for quite some time, but can tell I'm already feeling a bit antsy because I'm so used to their being a well-delineated "next step," which is no longer the case.

 

[Therapist4Chnge]

I'm not sure it is poor savings/retirement, as many enjoy (and have the ability) to continue to be involved in some way in practice. Lecturing, seeing a few private practice clients, etc.

My goal is to invest in outside pursuits and not be reliant on my clinical work to keep the lights on. I'll also have a traditional retirement, pension, and hopefully a rental property.

 

[erg923]

A collaborator and I were talking about retirement, and I realized how awful most psychologists are about saving for retirement. In my entire educational and professional career, I have run into less than 5.

I do. Could this be intellectual interests and passion at work more so than financial issues?

 

[PsyDr]

I do. Could this be intellectual interests and passion at work more so than financial issues?

There's tons of possibilities: the ability to scale work to one's desires, love of the job, ability to refocus onto a different area, financial difficulties, etc.

I just realized I have met extraordinarily few retired psychologists, which seems strange. I'm friends with one retired psychologist and have met two others. I also have met many psychologists in their 70s who are still working, and one in their 80s. In comparison, I have met tons of retired physicians, attys, judges, priests, finance professionals, etc. Trying to see if I am an outlier.

 

[WisNeuro]

I know a few, although they seem to be more of the "need to be involved with something" crowd rather than the not having any retirement crowd. These are all fairly big academicians though. May be a different landscape in the clinical world.

 

[Ollie123]

I've met several, but not a ton. I think the more common scenario seems to be slowing down some and "coasting" near the end. Given I primarily know academics, this isn't surprising. I've met many faculty who aren't "retired" but would come into work maybe 1-2 days/week, usually not for the whole day. Would otherwise stay home and read/write. They genuinely enjoyed the work they did do, were getting paid 6 figures to do it and don't think they had any interest in a traditional retirement. I don't know their financial situation, but I doubt it was a big factor. You never know though.

 

[WisNeuro]

Yeah, I'm not sure if I can see myself every "fully" retiring. I'm set up just fine financially (0 debt, multiple retirement accounts doing well, own a home, etc), so it's not like I'll need to work past retirement age, but I think I'll need to have something to keep my intellectually/academically stimulated. Keeping my options open. Maybe some light forensic work, maybe a little teaching, hand in research. We'll see.