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Anyone know any early retiree MDs?

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  • #31
    I know a surgical sub specialist who retired in early 50s.  He was getting tired of all the bureaucratic nonsense that keeps increasing.  His kids were in college at the time.  But he had reached financial independence.  He loves the outdoors, and it is now hard to keep track of all his fishing, hunting , and RV trips all across the US with his wife.  Count me as jealous.

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    • #32


      If this is your experience also, why do you think this is?
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      1) Most can't afford to. That eliminates probably 90%+

      2) Of those who can afford to, the majority (like me) prefer spending more money to stopping work completely. Want to live on $120K a year or work some more and spend $300K?

      3) Of those who can afford to, and who are willing to live off the lower amount early retirement usually entails, a certain percentage just love practicing medicine. I hope that's me too.

      4) There are some who could afford to but don't have anything to retire to.

      5) And then there are some like PoF who are still working just because they made some commitments to partners/employer/patients etc. That could last anywhere from a few months to a few years.
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

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      • #33
        My dad retired at 59 1/2 as soon as he could access his retirement accounts. Didn't have a taxable account and didn't plan to sell the house. This was in 2004. One thing he and my mother wanted to do was have a place in New York City to go up to on a regular basis. So they rented an apartment on the upper east side of manhattan and I have no idea what the rent was but it was a 2bdrm on the 38th floor looking south so it had to be at absolute minimum $3k/month (and i'm sure that's a big underestimate).

        Dad is now 73. Still has the house and they just stepped renting that apartment in NYC. He claims that his retirement account balances are the same today that they were in 2004, so he's lost basically no money except to inflation, which was been very low for the past 10 years

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        • #34
          I am 55 and just pulled the plug recently.  Talked about it for almost 3 years and  started seriously planning 2 years ago and made a plan with a definite date almost one year ago.  Lots of reasons went into the decision including the change in practice of medicine, having a big enough nestegg,  becoming an empty nester, and maybe the most important, never knowing what your health will be like in the future.  I always saw myself practicing into my 70s  but started thinking differently. Interestingly, six months ago told my wife I was so set on stopping that I would cut back on our lifestyle before making a decision to continue if that decision needed to be made.  I must admit I never had detailed plans about retirement savings other than  spending much less than I made.

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          • #35
            There are a limited few  semi retired people (ages 50-60) in my group, and I think that will be the route I go once I hit FI.  They do 2-3 weeks per diem in a row every 3-4 months to keep busy (anesthesia, no call, no weekends), then travel or do whatever other hobbies they want the rest of the time.  Gotta think it helps cover the annual expenses so that retirement money still grows, while also keeping the mind sharp.  I think it also helps them socially as every few months they get to interact with colleagues all over again and share new stories while never having to deal with the bs of hospital politics. I guess some specialties are more allowable to this lifestyle.

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            • #36
              I quit my high stress university hospital job not too long ago and took the early retirement package.  I now work a lower stress job in my local community very close to home.  I am overpaid and enjoying the work.  I am going to continue for now as the pay is high, the stress is low, and the work is fulfilling.  And it includes lower cost health insurance than the university retirement plan along with full benefits.  If and when all that changes, perhaps it will be time to move on.  In the meantime, we pay lots of taxes, invest much of the rest, and spend some earnings at the local grocery (i.e. we are living way below our means).  I am not really working for the financial rewards, but just the same the financial rewards are nice.

              An older, long-term colleague continues to work part-time with our group.  He only works weekdays, no night or weekend coverage.  He was a little disappointed that we had such good coverage in August that we didn't need to schedule him.  So he called and let me in on his "little secret".  He is turning 80 next January (looks to be about 70 years old) and he promised himself he would still be working at least through age 80.  So we found someone who wanted some extra time off in August and we put him back on the schedule.  And his wife of a similar age continues to see patients in their home office.  I guess she really likes the work and the commute isn't too bad.

              I have tons of activities and hobbies beyond work that could keep me busy full-time, but I still like my current balance of work and play.  Heck, it feels like a vacation to no longer work nights and only a rare weekend or holiday, in contrast to the crazy busy schedule I used to keep in the old days.  I guess I am not seeking retirement as a goal at this point, but rather a productive and well balanced life of work and play.

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              • #37
                In year 2000 a radiology colleague, age 45, fully retired.  Parsimonious maximous.

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                • #38




                  There are a limited few  semi retired people (ages 50-60) in my group, and I think that will be the route I go once I hit FI.  They do 2-3 weeks per diem in a row every 3-4 months to keep busy (anesthesia, no call, no weekends), then travel or do whatever other hobbies they want the rest of the time.  Gotta think it helps cover the annual expenses so that retirement money still grows, while also keeping the mind sharp.  I think it also helps them socially as every few months they get to interact with colleagues all over again and share new stories while never having to deal with the bs of hospital politics. I guess some specialties are more allowable to this lifestyle.
                  Click to expand...


                  First off, we prefer "part time". It sounds better than "semi-retired".

                  Ever since the fog of burnout has lifted, I see myself doing this, too. I am retooling my clinical skillset, ramping up the consulting side gig, and strategizing to potentially relocate and reengineer how I practice in the next couple years.

                  A lot depends on what my wife wants to do with her career once my daughter graduates from high school in two years. She is now the primary breadwinner, and I am letting her call the shots. If she wants to stay in her job, we will stay put, and I will either stay part time, find a different local job, or do some locums work, possibly seasonal. If she decides to quit/retire, there is a good chance we will sell our home, reduce our footprint, and perhaps move out of our current city (at least seasonally).

                  Having some degree of financial independence gives you lots of options.

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                  • #39




                    In year 2000 a radiology colleague, age 45, fully retired.  Parsimonious maximous.
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                    You know something is rare when you have to go back to 2000     Seems like we should all just live the doctor lifestyle and spend til the end given we’ll all statisitcally be working until old age and won’t need our portfolios much.  Ok, now I’m going to the Maserati dealership  

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                    • #40


                      Of those who can afford to, the majority (like me) prefer spending more money to stopping work completely. Want to live on $120K a year or work some more and spend $300K?
                      Click to expand...


                      This is what I wrestle with as well.  Sure, I could technically retire today and live a fairly comfortable life.  In fact, I might actually prefer that route to what I'm doing now.  But, there is this little voice in my head (the voice of reason, maybe?) that says "make hay while the sun shines."  And so I continue to work and save and invest.  It's so easy to put off early retirement--especially if you like your job, the income is good and the future is less than certain.  If I decide I really don't like my job anymore or I hit 10M invested, then I will hit the eject button and retire to something new and different.  Until then I will bounce back and forth between making hay and dreaming about retirement.

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                      • #41
                        After my Prime Day purchases -- not retiring anytime soon

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                        • #42




                          After my Prime Day purchases — not retiring anytime soon
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                          There should have been a recommendation thread for that! I could not find anything worthwhile and struggled to spend the $10 Whole Foods credit.

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                          • #43
                            Agreed, I got a new basketball for the kids with the credit, I couldn’t find much else. I also couldn’t believe how much random crap there was, a lot of which was 100% sold out.

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                            • #44





                              If this is your experience also, why do you think this is? 
                              Click to expand…


                              1) Most can’t afford to. That eliminates probably 90%+

                              2) Of those who can afford to, the majority (like me) prefer spending more money to stopping work completely. Want to live on $120K a year or work some more and spend $300K?

                              3) Of those who can afford to, and who are willing to live off the lower amount early retirement usually entails, a certain percentage just love practicing medicine. I hope that’s me too.

                              4) There are some who could afford to but don’t have anything to retire to.

                              5) And then there are some like PoF who are still working just because they made some commitments to partners/employer/patients etc. That could last anywhere from a few months to a few years.
                              Click to expand...


                              #2 is BS.   I call it twice.

                              people who spent a lifetime saving will not easily transition to spending 300k.  that's an enormous amount of money.  you can do it for one years or two years.  but not consistently.  it just feels wasteful.  you can't even start doing it the first year because you are so worried about SORR and watching the lack of paychecks come in.  takes a while to get used to it.

                              yes you don't want to give up creature comforts you are accustomed to.  I don't want to stop having housekeeper or go out to eat less when I retire.  but even with those things, we spend way less than 10k a month, if you exclude the unnecessary insurances, educational savings/expenses.  try doubling the expenditures.  a lot will wind up going to charity, which is fine, but most don't get there and wind up leaving a lot to kids in my experience.  I see so many retired physicians continuing to invest because they don't know what to do with money.  and these are the guys with pensions and healthcare provided including outpatient meds, so they are the ones that could really safely draw down.  but they can't bring themselves to do it.  even the 80 year olds are not spending their current monthly nuts.  as the years go by, harder to vacation and other things.  harder to spend money.  so we have this tiny window to spend where we have enough, and are young enough to enjoy, but emotionally cannot bring ourselves to do it.

                               

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                              • #45
                                I'm early in my career but had a residency attending check out a little early, at ~58.  Just one child and a spouse who always worked (moderate income). He transitioned to academic medicine around the time his child could benefit from the U's generous tuition benefit and scheduled his retirement for the day the last tuition check came in.

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