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Discuss Latest WCI Blog Post: Are Physicians Who Retire Early Abusing the System That Made Them Rich?

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  • #16
    I think the moralizing screechers are a pretty lonely bunch, but if any of them actually wanted to have a serious debate about this, I’d want to pin them down on where this debt ends and how they decide to draw the line. Why are we not obligated to work 80 hours a week and never take vacation? If it’s immoral to retire early, why is it immoral not to retire late? Isn’t the traditional American retirement age of 65 (now 67 for SS) arbitrary? For example, if I am still of sound mind, am I not morally obligated to continue practicing psychiatry full time when I am 100 years old?

    there was a recent Econ talk episode on this, poking holes in the arguments for effective altruism.

    From each according to his ability…

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    • #17
      Originally posted by Lithium View Post
      I think the moralizing screechers are a pretty lonely bunch, but if any of them actually wanted to have a serious debate about this, I’d want to pin them down on where this debt ends and how they decide to draw the line. Why are we not obligated to work 80 hours a week and never take vacation? If it’s immoral to retire early, why is it immoral not to retire late? Isn’t the traditional American retirement age of 65 (now 67 for SS) arbitrary? For example, if I am still of sound mind, am I not morally obligated to continue practicing psychiatry full time when I am 100 years old?

      there was a recent Econ talk episode on this, poking holes in the arguments for effective altruism.

      From each according to his ability…
      Yes! very true.

      Effective altruism and the Repugnant Conclusion was the name of the EconTalk podcast episode. Episode 860. Worth a listen. Those guys are wicked smart.

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      • #18
        Originally posted by Tangler View Post

        Yes! very true.

        Effective altruism and the Repugnant Conclusion was the name of the EconTalk podcast episode. Episode 860. Worth a listen. Those guys are wicked smart.
        I understood the bits about rabbits and surgeons.
        Maybe not. Can’t help but think of the “greater good”, pandemic implications and politics. Moral imperatives enforcement. What could go wrong?

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        • #19
          So many people getting worked up for something that occurs very rarely. This community is a bit of echo chamber where we believe that the majority are like us with a high net worth.

          The reality is that young physicians have a ton of student loan debt. They drive luxury cars. They buy doctor homes. They have children. They eat out and take nice vacations. They save the minimal amount, if at all. There is no chance in h**l that more than .01% of them can afford to retire early and walk away from their 300K+ salary. By the time the compounding works and stock markets align in their favor they might be 55+ before they can think of retiring.

          The few that can afford to do so are those who have parents pay for their education, live like a resident and have high paying specialties, have been an entrepreneur or RE investor and were successful, got lucky in the stock market, had no children draining their income and so on. Those numbers are indeed very small though they make up for great Q & A in blogs.

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          • #20
            Originally posted by Kamban View Post
            So many people getting worked up for something that occurs very rarely. This community is a bit of echo chamber where we believe that the majority are like us with a high net worth.

            The reality is that young physicians have a ton of student loan debt. They drive luxury cars. They buy doctor homes. They have children. They eat out and take nice vacations. They save the minimal amount, if at all. There is no chance in h**l that more than .01% of them can afford to retire early and walk away from their 300K+ salary. By the time the compounding works and stock markets align in their favor they might be 55+ before they can think of retiring.

            The few that can afford to do so are those who have parents pay for their education, live like a resident and have high paying specialties, have been an entrepreneur or RE investor and were successful, got lucky in the stock market, had no children draining their income and so on. Those numbers are indeed very small though they make up for great Q & A in blogs.
            Nailed it!

            If FIRE was easy everyone would do it. It only seems common to us because we gravitate towards each other.

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