Retirement

Contemplating retirement can be both intimidating and exciting. For physicians it can be hard to consider this stage. Your career – medicine – is more than a job, it is a way of life and part of your identity.

When preparing for retirement, you will want to consider what this means for both you and your practice. This suite of tools is intended to serve as a starting point for both.

Most practising physicians in New Brunswick have been compensated under the fee-for-service model which does not provide a pension. The physician must rely on their own personal financial planning to prepare for retirement. Trying to find a replacement in a time where physician recruitment has become challenging adds another layer of complexity to the retirement process.

Financial Planning

Retirement looks different for everyone. For some, retirement might include traveling the world, golfing, or spending time with grandchildren. For others, hobbies or volunteering might be appealing. Or, like many physicians, perhaps continuing to work part-time is a more realistic goal. Have you thought about what your retirement will look like? Whatever your goals, a customized financial plan will help you achieve them and keep you on track along the way.

Together, MD Financial Management (MD) and Scotiabank offer access to one-on-one advice and a robust and comprehensive suite of services to support physicians and their families at every stage of their life and career. To access their guide on retirement planning, click here.

For more information on how to financially prepare for retirement visit: www.mdm.ca/learn/retirement-savings-calculator.

To contact MD Financial Management in New Brunswick, please call:

Fredericton Office

  • Tel: (506) 452-2958
  • Toll-free: (800) 664-2241

Moncton Office

  • Tel: (506) 855-1994
  • Toll-free: (800) 664-2241

Saint John Office

  • Tel: (506) 657-2020
  • Toll-free: (888) 292-3131

Practice Retirement Planning

Planning for retirement years ahead of time gives you the best opportunity to either find someone to take over your practice or find new clinic homes for your patients. Engaging in this planning process early can help ease the anxiety about the process and enable a more seamless transition. It is typically not as easy as simply closing your doors.

This guide will help get you thinking about your options, but you should take time and effort to think about what you want your retirement transition to look like.

EXPLORE YOUR OPTIONS

Life Planning

Your Life After Retirement


Although financial planning and practice retirement planning are very important to a successful retirement, there is still another essential and often overlooked aspect to consider to maximize retirement success: how to develop a meaningful and rewarding life after medicine.

The NBMS offers a workshop entitled “Your Life after Retirement” that addresses the “softer side” of retirement with the objective to help participants:

  • Identify common obstacles to a successful retirement;
  • develop plans for a meaningful life with a renewed identity;
  • develop structures to avoid mental, physical, and social stagnation; and
  • organize their days in a leisurely fashion.

If you are interested in taking the Your Life After Retirement course, please complete the waitlist form. Once we have enough participants to host the course, we will contact you with dates and locations.

Presenter Profile

The workshop was developed by Dr. Philippe Erhard CCFP, MCFP, Dip Sport Medicine. As a recently retired Family physician and Sport Medicine Physician, Dr. Erhard is passionate about physician wellness. He was involved in the Physician Wellness Committee of Doctors Manitoba as a vice-chair and chair and developed several workshops on physician wellness.  Following his own retirement, he trained as a retirement coach and has been presenting the workshop “Your Life after Retirement” for the past year through Doctors Manitoba.

Workshop Details

Dr. Erhard’s workshop entitled “Your Life after Retirement” is a 4-hour interactive session that works best in groups of 15 participants and, although it is more suited to being in-person, it can be offered through a virtual platform such as Zoom. The session is not conducive to being recorded and offered online later as many participants are very open and vulnerable in the sessions and confidentiality needs to be respected. The workshop is available in both English and French.

NBMS Wellness


Sometimes, only another physician can truly understand what you are going through. The NBMS Wellness program has created initiatives, like the NBMS Peer Support Program, which was created to connect New Brunswick physicians seeking support with trained volunteer physicians. Find support from physicians who have “been there” and understand the specific challenges where life and medical practice intersect. Program participation and all information disclosed will remain completely confidential, just as you ensure the privacy of your own patients’ medical information.

To learn more about the NBMS Peer Support Program, please click here.

Government Programs


The Government of New Brunswick has several programs for retiring physicians to consider. To find out more information or eligibility on these programs, please consult with the Health Workforce Branch at the Department of Health or your local Medical Office Staff.