HealthCare: Preparing Financially for Career Burnout

In this episode, we dive into a topic that’s becoming more and more urgent: how healthcare professionals can financially prepare for the possibility of career burnout. We know from data and personal experience with clients that burnout is hitting this sector hard—over 50% of healthcare professionals report symptoms, and a significant number are considering stepping away from their roles entirely. So, we tackle this issue head-on, not from a medical standpoint, but from a financial planning perspective.

We start by emphasizing that prevention is key. Just like in medicine, the best remedy for burnout is early action, and that begins with building a solid financial foundation. We explore how consistent savings habits—even when it feels unnecessary—can offer crucial flexibility down the line. Setting aside 20% or more of each paycheck, creating an emergency fund with 6–12 months of expenses, and maintaining liquidity outside of retirement accounts are all smart, actionable steps. We also stress the importance of not delaying financial planning because you assume higher income gives you more time to catch up later. That’s a trap we see too often.

Next, we look at how to create income flexibility if burnout leads to reduced hours, a role change, or even early retirement. We talk through the importance of evaluating disability insurance—especially with mental health in mind—and how thinking ahead about possible career pivots like consulting or teaching can reduce stress. We also dive into the importance of building passive income streams and using investment strategy to bridge income gaps without needing active work.

For those considering early retirement, we advise updating retirement plans immediately to identify any needed changes, recalibrating spending, and optimizing the timing of account withdrawals to minimize taxes. We also cover how to smartly use pensions and healthcare benefits, especially when considering stepping away. Timing really matters here, and small adjustments can have outsized financial impacts.

Finally, we go over tactics to manage financial obligations during a career break—reducing debt, refinancing, and communicating with lenders. We talk about using COBRA, marketplace insurance, and HSAs to maintain healthcare coverage. The bottom line is that being proactive with money gives healthcare professionals the power to make the best choices for their well-being—financially and mentally—before burnout forces their hand.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.