Wiley Curtis, OD, six weeks after he retired six years ago. Dr. Sorrenson got feedback from multiple ODs on what will determine when they retire. Both finances and mindset are important factors that go into this decision.
Transitioning to a rewarding retirement: Insights and perspectives
By Laurie Sorrenson, OD, FAAO
August 7, 2024
Given recent developments in the U.S. presidential race, some of us might be wondering, “When is the right time to retire?”
My son and practice partner, Eric Hammond, OD, often tells people, “My mom will never retire; she loves the business side too much.”
He’s probably right. I will tell you my personal perspective after I share a few of my esteemed colleagues’ insights on the topic of retirement.
Do I Have Enough Money to Retire?
One of the first perspectives I encountered was straightforward and pragmatic. No surprise since it was from Craig Thomas, OD, who is always straightforward and direct!!
“Do I have enough money to retire?” This question cuts straight to the core of financial security. Dr. Thomas elaborated, “That is the only important question for me. If the answer is no, I keep working. If the answer is yes, then I keep working as long as I like to go to work.” His approach underscores the importance of financial planning. Ensuring that one has adequate resources to sustain a comfortable retirement is necessary, of course, but so is enjoyment!
The Difference Between Selling a Practice and Retiring from Clinical Practice
When I asked Chris Wolfe, OD, FAAO, Dipl. ABO, he offered a nuanced perspective, emphasizing the difference between selling a practice and retiring from clinical practice. He pointed out that many optometrists struggle with this distinction.
“I don’t know, but I would think the answer may be different if you mean ‘sell your practice’ and ‘retire from clinical practice.'” Dr. Wolfe’s insight reminds us that these decisions are not one and the same. For him, the tipping point comes when one no longer feels they are the best doctor for their patients. This can manifest as a loss of enjoyment in seeing patients, not having fun, or feeling that one is not helping enough people. He suggests that when these feelings arise, it’s time to either retire or put measures in place to address the issues.
Clarifying What’s on “the Other Side”
Mick Kling, OD, emphasized the importance of knowing what’s on “the other side.” He observed that many optometrists haven’t fully thought through their post-retirement plans, leading to regret after selling their practices.
“So much of our identity, self-worth and purpose is tied to what we do (‘I’m an eye doctor’), not who we are. That loss of identity is hard for many to let go of without clarity on what you plan to do once you retire.” This perspective resonated deeply with me as my identity is very much tied up with “I am an optometrist!”
Other Articles to Explore
Finding a New Sense of Purpose
Aaron Werner, OD, touched on the importance of having the financial resources for a new sense of purpose. Whether it’s traveling, spending time with family, fishing, or exploring new hobbies, having a plan and the means to pursue it is crucial.
He likened this to the challenges many couples face when they become empty-nesters. He shared a personal anecdote about his mother, who struggled to find her identity after her children left home. It wasn’t until she started traveling with friends that she found a new sense of purpose in addition to being a mother, grandmother AND a great-grandmother!
Reflecting on My Own Journey
Reflecting on these insights, I realize that retirement is a deeply personal decision, influenced by various factors. Financial security is undoubtedly a cornerstone, but so is the enjoyment of work and the clarity of post-retirement plans.
For me, as long as I enjoy what I am doing I will continue. I see a slow transition, not to what I would call retirement, but to a different way of life.
I already reduced my patient care to a very minimal amount, travel more, and am contemplating when and how I would ever get rid of some of my other “jobs”…teaching at the University of Houston College of Optometry, Vision Source Administrator, Vision Source Director of Practice Management, CEO of our nine-doctor private practice, lecturing on practice management, advisory boards and committees and this job, professional editor of Review of Optometric Business.
So far I still enjoy everything I do, and feel like I am making a difference (hopefully) in each job role I play, so stay tuned! 🙂
Laurie Sorrenson, OD, FAAO, is president of Lakeline Vision Source in Cedar Park, Texas, and the Professional Editor of Review of Optometric Business (ROB). To contact her: lsorrenson@gmail.com.
