Retirement Planning for Physicians: Introducing the Future Self Exercise
For many physicians, the concept of retirement may seem distant, daunting, or even unattainable. That shouldn’t be surprising. It’s likely you’ve spent the greater part of your adult life as a doctor, and most of your youth studying and striving to become one.
The idea of leaving the profession may seem frankly overwhelming. After so many years of dedicating your life to others’ health and well-being, what does a fulfilling retirement look like for you?
Retirement is different for each one of us. Some people happily move out of the profession and take a new path, never looking back. Others will repurpose some of the skills they’ve acquired and dedicate that to an endeavor such as volunteering or teaching. And, sadly, some physicians mourn the life they’ve given up, never quite finding their footing in the outside world.
No matter where you are in your professional arc, the “future self” exercise is a powerful tool for envisioning and then creating a meaningful retirement. In this article, we’ll explore how you can use this exercise to develop and align your retirement plans with your personal values, dreams, and aspirations.
Introducing the Future Self Exercise
It can be difficult to imagine yourself many years into the future. Instead, a one-to-five-year time line might feel more tangible. That’s partly because it’s normal for our needs, wants, and dreams to change over time. If you think back to the person you were ten years ago, it’s possible that version of you feels very different from your current self. Research on the “future self” confirms that we often perceive this unknown version as an “other.”
Nevertheless, it is important to set yourself up for success and happiness for both the short term and the more distant future. Especially if it’s early on in your professional life, thinking of the future you as a person you care for can foster a sense of compassion and responsibility.
If you’re contemplating retirement, then the future you becomes much more knowable. And in this context, the future self exercise can be especially actionable.
This exercise can help you design your goals both by creating self-awareness and clarity, but also through aligning your current actions with your long-term hopes and dreams. You can’t control the future, but you can take ownership of your direction during this major life transition.
Your Step-by-Step Guide to the Future Self Exercise
Step 1: Set the Stage
Choose a quiet, comfortable space to reflect on your life from the perspective of your future self.
Have a journal or notepad ready for capturing thoughts.
Step 2: Imagine your ideal retirement.
Close your eyes and picture yourself 1-5 years into retirement.
Questions to consider:
What does your day look like?
Where are you living?
Who are you spending time with?
What activities bring you joy and fulfillment?
Step 3: Making an impact
Staying with the future you, ask yourself:
What am I proud of accomplishing since retiring?
How am I continuing to make a difference or live meaningfully?
Step 4: Identify values and priorities.
Still holding the future in your mind’s eye, reflect on:
What matters most to me in this phase of life?
How do I want to feel every day?
Step 5: Nurturing relationships and connections
Sitting with your future self, consider:
Who are the friends, family, and community that I care about or hope to develop?
How am I creating a life that keeps me connected and supported?
Step 6: Carrying strengths forward
Ask yourself:
What strengths and skills from my life as a physician do I use in this next phase of life?
How do I ensure that I continue to learn and grow?
Step 7: Write a letter to your future self
It can be helpful to write a letter to your future self, describing your hopes, goals, and dreams. Seal it and set a date to read it in the future. Create a reminder on your phone or calendar to ensure that you don’t forget.
Translating Your Vision into Action
Once you’ve completed the process, take a look at what you’ve written. Highlight the recurring themes or patterns that stand out for you. Next, set actionable goals that will help you to create the life in retirement that you want to live.
Financial goals: You may want to enlist a trusted advisor to help you plan out and refine your financial goals so that you are on track to enjoy your retirement without excessive worry about money or savings.
Lifestyle goals: Begin to define your ideal balance between relaxation, hobbies, and productivity. Physicians often overlook their own health when life gets busy, but pre-retirement is a crucial time to make it a priority so that you are able to enjoy your retirement when the time arrives.
Relationship goals: Define who you want to share your time with, and in what way. It’s never too soon to work on your relationships and cultivate friendships, even if it means a just brief text or email to keep the lines of communication open.
Legacy goals: Explore ways to contribute to your community. That could take the form of teaching, mentoring, or volunteering, or anything else that appeals to you. This is a great time to explore areas of interest that you might never have had time for during your working life. You don’t need to make a commitment until you’re ready, but get to know where the needs are, and think about how you might contribute to something personally meaningful.
Although your goals and plans may change over time, the Future Self exercise can be a powerful way to strengthen your vision and jump start your plans. It’s never too early to begin taking small steps now to integrate elements of your future self into your current life.
When your life and identity have been shaped by your profession, it’s easy to feel overwhelmed and unmoored when you make the decision to retire. It can help to think of retirement as an opportunity to redesign a life that aligns with your values, passions, and aspirations. The Future Self exercise offers a powerful way to gain clarity and intentionally shape this next chapter into something rich, meaningful, and purposeful.
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