Retirement Planning by Black Psychiatrists

Abstract

Fifty-three percent of active members of the Black Psychiatrists of America responded to a mailed survey that assessed retirement planning issues. Sixty-five percent of respondents were male, 61% were married, 71% had children, and 83% owned their own homes. Thirty-nine percent owned property in another state. The major anticipated reason for retirement was "a full life, and being ready for a change of pace." A financial planner was used by 48% of the sample, and retirement seminars were attended by over 50% of the respondents. The majority of the sample were involved in the practice of adult psychiatry in multiple settings, including private practice settings, academic practice, mental health center practice, and state hospital practice. Eleven percent of respondents were retired.

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