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  • Retired plastic surgeon

    New to site. 65 yo retired plastic surgeon. Retired age 59. FI for at least 20 years. Accredited investor for at least that long.Noted some postings from site author on other financial web sites, and decided to join in.

  • #2
    Welcome!

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    • #3
      Great to have you. The commenters here skew a bit younger, so it would be nice to have the added perspective of someone who's on the other end of the career and has had many years and been thru the ups and downs of investment cycles.

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      • #4
        Originally posted by Auric goldfinger View Post
        FI for at least 20 years.
        Did you know then that you were FI? Or did you realize in hindsight? I am wondering if you were already aware of the Trinity study 4% safe withdrawal rate or if not how you assessed it, if you remember.

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        • #5
          I was fortunate to have had the combination of high earnings and good investments early in my career. 4 % withdrawal is a good benchmark for FI, although there are so many other variables, that it shouldn’t be treated as gospel. In my 6 years of retirement, my spending averages significantly less than 1%. (Combination of small footprint and adequate portfolio)

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          • #6
            I’m also of a more mature vintage, also financially independent but still working. I enjoy discussing most things financial and have received quite a bit of value from sharing on this forum.

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            • #7
              Originally posted by Auric goldfinger View Post
              I was fortunate to have had the combination of high earnings and good investments early in my career. 4 % withdrawal is a good benchmark for FI, although there are so many other variables, that it shouldn’t be treated as gospel. In my 6 years of retirement, my spending averages significantly less than 1%. (Combination of small footprint and adequate portfolio)
              Wow. Good for you. I love my job, but I definitely sometimes wish I had done plastics/derm/ophtho/whatever instead of critical care.

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              • #8
                A 1% withdrawal rate is great. You should consider what you want to happen to your money after you die though. You will probably be leaving a substantial amount behind. I've never looked into the actual studies but I have heard that most intergenerational wealth that should be self-sustaining is actually lost by 1-2 generations. You have to wonder if those who squandered it would have been better off not receiving it too, because if their children grow up in a spending household but suddenly do not have enough to spend, they are probably worse off. One financial advisor on a podcast was saying why that is why it was his goal to leave a minimal inheritance to his heirs and spend most of his money before he died. You lose the tax benefits of the step up in basis, but a few thousand here and there to 20 year old children will probably mean more for their quality of life then if they were to inherit in their 50's or 60's. I think that it would be nice to have a trust fund set up over a hundred years ago with minimal costs paying me a dividend every year. It's easy to imagine how knowing you have a trust fund to fall back upon will lead you to make different decisions in life though.

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                • #9
                  Too much inheritance can be a curse for some people. For others, it doesn’t change much of anything. We have two children, likely one of each type.

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                  • #10
                    Originally posted by White.Beard.Doc View Post
                    Too much inheritance can be a curse for some people. For others, it doesn’t change much of anything. We have two children, likely one of each type.
                    One of the reasons we are essentially leaving everything that is left over to charity. Hopefully we will have spent most of it although the truth is our portfolio pales in comparison to a plastics or whitebeard doc.

                    Welcome OP!

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                    • #11
                      Appreciate the welcome. I too believe inheritance can be detrimental, not just for the kids, but for society as a whole. I buy land for The Wild Animal Sanctuary in Colorado and The Nature Conservancy routinely, and will donate my estate beyond the estate tax exemption to those entities. Estate tax attorneys are the only ones served by trusts that try to maintain legacy wealth

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                      • #12
                        Originally posted by Auric goldfinger View Post
                        Appreciate the welcome. I too believe inheritance can be detrimental, not just for the kids, but for society as a whole. I buy land for The Wild Animal Sanctuary in Colorado and The Nature Conservancy routinely, and will donate my estate beyond the estate tax exemption to those entities. Estate tax attorneys are the only ones served by trusts that try to maintain legacy wealth
                        Sounds like you are a great addition to the forum. Welcome!

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                        • #13
                          Welcome and glad to have your perspective - I am 64.
                          Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                          • #14
                            Originally posted by Auric goldfinger View Post
                            Appreciate the welcome. I too believe inheritance can be detrimental, not just for the kids, but for society as a whole. I buy land for The Wild Animal Sanctuary in Colorado and The Nature Conservancy routinely, and will donate my estate beyond the estate tax exemption to those entities. Estate tax attorneys are the only ones served by trusts that try to maintain legacy wealth
                            Only a couple posts in and I already really like this guy/gal

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                            • #15
                              Estate tax exemption is currently $23.4 million for a married couple so hardly impoverishing his heirs.

                              welcome.

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