Preparing for Retirement

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Preretirement Guidance

 

There are many things to consider when contemplating retirement, and like any other life transition, they require careful forethought. While factors such as federal programs, contractual obligations, organizational rules make the retirement process complex, thinking about them in a systematic way can make it less daunting. The following resources are based on the collective wisdom of AAP Section on Senior Members.

Though the information is no substitute for professional financial and legal advice, it can get you started. 

Insurance and Retirement Funds – Understanding retirement funds, Social Security and Medicare and various kinds of insurance is foundational to your financial health during retirement. 

Malpractice Insurance – One of the most important items when you’re making retirement plans is to ensure adequate insurance coverage for any future malpractice claims that may arise depending on the kind of medical liability insurance policy you have. Due to the “long tail” nature of pediatric malpractice claims, patients may bring a claim against you long after the date actual care took place. That is why you need to consider the risk of being sued months and even years after retirement. Continuing to purchase medical liability insurance coverage may be necessary if you intend to see patients (perhaps even as a volunteer) during retirement. 

Organizational Issues – You probably belong to many employment or professional organizations. Here are some you may need to contact about your impending retirement. 

Personal Issues – Retirement planning time is a great opportunity to address other personal issues. 


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