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Why don\'t more MDs retire early (40\'s)? Do you know any?

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  • #46











    @PoF – I mean slippery slope though no? One more year…just one more and soon you realize its a string of 10 years. 
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    Believe me, I know. It’s a discussion my wife and I have at least monthly. Really just vacillating between 2018 and 2019 exit dates, and whether or not to explore a half-time option.
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    not meant to be a personal attack. but I doubt you will have the guts to actually pull the trigger and fully retire. i do like your blog though.
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    Oooh, he’s calling you out.

    So here’s the question for the internet retirement police. If he quits practicing but keeps blogging is that “fully retiring” or not?
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    lol. WCI I read this as (following the "tone" comment): how you like me now?!

    Comment


    • #47
      I just finished a 4 week vacation to come back to work 13 of the 28 days this month.  Clearly I'm a FIRE failure because I still choose to practice medicine.

      Comment


      • #48
        If you have a blog about early retirement, I think it's a fair question for discussion whether you yourself will actually retire from medicine in your 40's, I mentioned this since it relates to this thread.  I know there is a sensitive person on the thread who thinks I am trolling but I stand by everything I've written respectfully.

        fatlittlepig

        Comment


        • #49




          If you have a blog about early retirement, I think it’s a fair question for discussion whether you yourself will actually retire from medicine in your 40’s, I mentioned this since it relates to this thread.  I know there is a sensitive person on the thread who thinks I am trolling but I stand by everything I’ve written respectfully.

          fatlittlepig
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          It depends on your interpretation. I interpret his blog as a roadmap on how to become financially independent and how to be able to retire early.

          I don't think it necessarily requires pulling the trigger on actually retiring early.

          In my case, I'm happy to read his blog, utilize his tips, but for now, I plan on working until 65. Doesn't make his blog any less relevant to me.

          Comment


          • #50




            If you have a blog about early retirement, I think it’s a fair question for discussion whether you yourself will actually retire from medicine in your 40’s...
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            Why?  Retiring in your 50s is retiring early as well, since full retirement age as defined by the government is 67 today and you don't qualify for either SS or Medicare if you retire in your 50s.  And retiring in your 50s is a lot more financially feasible for most people (especially those with kids who are trying to pay for their offspring's college).  A blogger who retires in their 50s is retiring early, so why be so fixated on retiring earlier than that as if it's some sort of test a "real" early retirement blogger must pass to have credibility?

            Comment


            • #51







              If you have a blog about early retirement, I think it’s a fair question for discussion whether you yourself will actually retire from medicine in your 40’s…
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              Why?  Retiring in your 50s is retiring early as well, since full retirement age as defined by the government is 67 today and you don’t qualify for either SS or Medicare if you retire in your 50s.  And retiring in your 50s is a lot more financially feasible for most people (especially those with kids who are trying to pay for their offspring’s college).  A blogger who retires in their 50s is retiring early, so why be so fixated on retiring earlier than that as if it’s some sort of test a “real” early retirement blogger must pass to have credibility?
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              If you had asked me 20 years ago (age 31), I would have said that I expect to retire from practice around age 55, assuming a 25 year career. This was before FIRE, blogs, podcasts, MMM, etc. If you ask me today, I will say that I plan to retire from practice around age 55 (after working part time for a few years). I do not consider this to be "early retirement" rather than the plan all along. I almost pulled the trigger too soon, a little while back-- not too soon from a financial standpoint, but too soon from a "what the heck am I going to do now?" standpoint.

              Comment


              • #52







                Plenty MDs retire early.  Some even in their 20s and 30s.  They’re called women ?

                Seriously though, only reason an MD would typically retire that early is due to some disability or because the MD had enough money or other income to no longer need to work.  For the habitual saver who loves to put money away, retiring that early is asking that saver to stop saving and give up hundreds of thousands of dollars a year.  Not going to happen.

                The only MDs I know of that have retired that early are MDs married to other MDs who no longer need the money and prefer to stay home with kids etc.  Even then, only a handful.  Too much time and effort invested, student loans accrued, etc. to hang it up so quickly.  And then most are happy with their jobs, are the primary breadwinners in their family, have to support a lavish lifestyle they’ve been living since college, etc. etc.
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                Craigy- first sentence is totally uncool.  For as many as there are 20/30 something females who are “retired”, there are plenty of 20/30 something males who have “failed to launch”.   Also, there are plenty of SAHD married to female MDs who are sole breadwinners.  Its like sex and reproduction, it takes two to tango. Please reconsider.

                Interestingly, I recently read about a woman, who at age 69, did not want to retire.  Furthermore, she has never taken a backseat and even tolerated some poorly made choices from her counterpart. Instead, she was willing to continue to put effort into the work which she has committed more than half her life towards.  But, alas, what do we have now……

                 
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                The facts are the facts no matter how much you reconsider or how often you tango.  

                The 20s, 30s, 40s who voluntarily retire, cut back their hours or work part time tend to be female.  Deciding to be a full-time parent is a great thing and a great luxury.  You shouldn't shame, discourage or otherwise be offended by women who decide that's what they want to do.

                 

                Comment


                • #53







                  If you have a blog about early retirement, I think it’s a fair question for discussion whether you yourself will actually retire from medicine in your 40’s…
                  Click to expand…


                  Why?  Retiring in your 50s is retiring early as well, since full retirement age as defined by the government is 67 today and you don’t qualify for either SS or Medicare if you retire in your 50s.  And retiring in your 50s is a lot more financially feasible for most people (especially those with kids who are trying to pay for their offspring’s college).  A blogger who retires in their 50s is retiring early, so why be so fixated on retiring earlier than that as if it’s some sort of test a “real” early retirement blogger must pass to have credibility?
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                  +1

                  Living responsibly, investing well and planning to have a very comfortable retirement in your 50s or 60s means that you'll probably be able to retire in your 40s, but that doesn't mean you have to retire in your 40s.

                  Comment


                  • #54










                    Plenty MDs retire early.  Some even in their 20s and 30s.  They’re called women ?

                    Seriously though, only reason an MD would typically retire that early is due to some disability or because the MD had enough money or other income to no longer need to work.  For the habitual saver who loves to put money away, retiring that early is asking that saver to stop saving and give up hundreds of thousands of dollars a year.  Not going to happen.

                    The only MDs I know of that have retired that early are MDs married to other MDs who no longer need the money and prefer to stay home with kids etc.  Even then, only a handful.  Too much time and effort invested, student loans accrued, etc. to hang it up so quickly.  And then most are happy with their jobs, are the primary breadwinners in their family, have to support a lavish lifestyle they’ve been living since college, etc. etc.
                    Click to expand…


                    Craigy- first sentence is totally uncool.  For as many as there are 20/30 something females who are “retired”, there are plenty of 20/30 something males who have “failed to launch”.   Also, there are plenty of SAHD married to female MDs who are sole breadwinners.  Its like sex and reproduction, it takes two to tango. Please reconsider.

                    Interestingly, I recently read about a woman, who at age 69, did not want to retire.  Furthermore, she has never taken a backseat and even tolerated some poorly made choices from her counterpart. Instead, she was willing to continue to put effort into the work which she has committed more than half her life towards.  But, alas, what do we have now……

                     
                    Click to expand…


                    The facts are the facts no matter how much you reconsider or how often you tango.  ?

                    The 20s, 30s, 40s who voluntarily retire, cut back their hours or work part time tend to be female.  Deciding to be a full-time parent is a great thing and a great luxury.  You shouldn’t shame, discourage or otherwise be offended by women who decide that’s what they want to do.

                     
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                    "Plenty MDs retire early.  Some even in their 20s and 30s.  They’re called women"

                    "The 20s, 30s, 40s who voluntarily retire, cut back their hours or work part time tend to be female."

                    Craigy- We can agree to disagree.

                    I am in no way ashamed, discouraged or offended.  Tho, I do think your addition of "tend to be" does alter your original statement.

                    You wrote them, not me. *wink*

                    Comment


                    • #55







                      If you have a blog about early retirement, I think it’s a fair question for discussion whether you yourself will actually retire from medicine in your 40’s, I mentioned this since it relates to this thread.  I know there is a sensitive person on the thread who thinks I am trolling but I stand by everything I’ve written respectfully.

                      fatlittlepig
                      Click to expand…


                      It depends on your interpretation. I interpret his blog as a roadmap on how to become financially independent and how to be able to retire early.

                      I don’t think it necessarily requires pulling the trigger on actually retiring early.

                      In my case, I’m happy to read his blog, utilize his tips, but for now, I plan on working until 65. Doesn’t make his blog any less relevant to me.
                      Click to expand...


                      I think it would be a shame if someone retired early because they hung out with too many FIRE types and felt that success was only defined by how early and on how paltry an income you could retire. Likewise, I think it would be a shame if someone retired early just because they have a blog about retiring early. And let's remember that FIRE includes not only retire early, but also financially independent. While the biggest benefit of FI is clearly RE, there are other benefits. Retire when you're able to and when you want to. Isn't that what we all want? For some it'll be 43, some 53, some 63, and some 73. Different strokes for different folks.

                      Let's avoid "retirement-shaming."
                      Helping those who wear the white coat get a fair shake on Wall Street since 2011

                      Comment


                      • #56


                        Oooh, he’s calling you out. So here’s the question for the internet retirement police. If he quits practicing but keeps blogging is that “fully retiring” or not?
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                        When it does happen, I'll say I'm "retired from clinical medicine." I don't intend to start using that term until I've stopped entertaining the idea of working locums, and have let my licenses, board certification, ACLS, BLS, and PALS expire.

                        I will only know the date of my retirement from medicine in hindsight. Declaring complete retirement before I've had a chance to experience it would be pure folly.

                        I will say that attending a large RV show at the convention center yesterday did nothing to persuade me to work any longer than I'm anticipating; an 18-month timeframe looks about right before embarking on our next adventure.

                        Cheers!

                        -PoF

                        Comment


                        • #57




                          Let’s avoid “retirement-shaming.”
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                          Haha only on the internet

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                          • #58













                            Plenty MDs retire early.  Some even in their 20s and 30s.  They’re called women ?

                            Seriously though, only reason an MD would typically retire that early is due to some disability or because the MD had enough money or other income to no longer need to work.  For the habitual saver who loves to put money away, retiring that early is asking that saver to stop saving and give up hundreds of thousands of dollars a year.  Not going to happen.

                            The only MDs I know of that have retired that early are MDs married to other MDs who no longer need the money and prefer to stay home with kids etc.  Even then, only a handful.  Too much time and effort invested, student loans accrued, etc. to hang it up so quickly.  And then most are happy with their jobs, are the primary breadwinners in their family, have to support a lavish lifestyle they’ve been living since college, etc. etc.
                            Click to expand…


                            Craigy- first sentence is totally uncool.  For as many as there are 20/30 something females who are “retired”, there are plenty of 20/30 something males who have “failed to launch”.   Also, there are plenty of SAHD married to female MDs who are sole breadwinners.  Its like sex and reproduction, it takes two to tango. Please reconsider.

                            Interestingly, I recently read about a woman, who at age 69, did not want to retire.  Furthermore, she has never taken a backseat and even tolerated some poorly made choices from her counterpart. Instead, she was willing to continue to put effort into the work which she has committed more than half her life towards.  But, alas, what do we have now……

                             
                            Click to expand…


                            The facts are the facts no matter how much you reconsider or how often you tango.  ?

                            The 20s, 30s, 40s who voluntarily retire, cut back their hours or work part time tend to be female.  Deciding to be a full-time parent is a great thing and a great luxury.  You shouldn’t shame, discourage or otherwise be offended by women who decide that’s what they want to do.

                             
                            Click to expand…


                            “Plenty MDs retire early.  Some even in their 20s and 30s.  They’re called women”

                            “The 20s, 30s, 40s who voluntarily retire, cut back their hours or work part time tend to be female.”

                            Craigy- We can agree to disagree.

                            I am in no way ashamed, discouraged or offended.  Tho, I do think your addition of “tend to be” does alter your original statement.

                            You wrote them, not me. *wink*
                            Click to expand...


                            Can we all just agree that any person that quits medicine to be a stay at home parent is not retired??? Because what crazy person thinks to themselves "I really hope to retire to a life where I'm awoken every 2hours to feed or otherwise pacify an adorable but incredibly selfish and demanding human being"? ;-) I say this as I'm in the midst of subjecting myself to the tyranny of the cutest 3 month old around. I'm hardly doing any doctor work right now (and yes, I agree it is a luxury to be able to have the choice between working or staying at home), but as any parent knows, I'm still working a ton! If you quit medicine to be a SAHP, you are just changing your line of work, not retiring. Not to be the retirement police or retirement shame anyone :-)

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                            • #59


                              Can we all just agree that any person that quits medicine to be a stay at home parent is not retired??? Because what crazy person thinks to themselves “I really hope to retire to a life where I’m awoken every 2hours to feed or otherwise pacify an adorable but incredibly selfish and demanding human being”? ? I say this as I’m in the midst of subjecting myself to the tyranny of the cutest 3 month old around. I’m hardly doing any doctor work right now (and yes, I agree it is a luxury to be able to have the choice between working or staying at home), but as any parent knows, I’m still working a ton! If you quit medicine to be a SAHP, you are just changing your line of work, not retiring. Not to be the retirement police or retirement shame anyone ?
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                              Agree completely

                              In the midst of trying to get my wife to stop working completely (non-medicine) to take care of our 6 month old handful

                              I would hardly call it retirement as I'm pretty sure her job is more stressful than mine!

                              Comment


                              • #60





                                2. Work one more year during which you can save $$$ and see your investments grow (and need them to last one year) 
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                                The Power of One More Year can be huge. Let’s say, hypothetically, a hard-working, good-looking anesthesiologist can set aside $200,000 working one additional year. Also assume they don’t spend down their portfolio by $80,000 which is their anticipated retirement spending.

                                That’s $11,200 a year for my family, I mean, his or her family to spend annually based on a 4% withdrawal rate. I wouldn’t count market returns on the pre-existing portfolio as a factor since you’d get those whether or not you were working. Still, one more year can make a big difference, which is a big reason I’m still working.

                                 
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                                Many people seem to get hung up on this definition of retirement thing, but it is really not important. It is about the journey and increasing happiness and freedom in your life. Putting yourself in a position where you can even have the discussion is a game changer. When we bicker about a 4% or 3.5% SWR when we are between those numbers at age 42 is incredibly liberating.

                                Who cares what PoF does or when he 'retires', he is free!

                                Financial independence creates freedom. I am working part time right now because I created a high degree of financial freedom for myself early in my career. I could probably retire tomorrow and be fine, but that is not the point. I have the freedom to choose. Once someone gets to this place it doesn't matter of they have one more year syndrome or the internet retirement police are up in arms. When work is an optional choice none this discussion even really matters.

                                For the record I'm a huge fan of part time for the right person.

                                http://thehappyphilosopher.com/a-physicians-guide-to-working-part-time/

                                Good, happy physicians are in high demand in this country. Many of us can create a practice we love that doesn't feel like work if we are not enslaved to the paycheck that comes attached to it. Part-time, alternative practice models, etc. We have much more power than we think we do, but often times we give it away.

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