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

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    kingsnake
    Member

  • kingsnake
    replied
    Also, I think most cannot afford to retire in their 40s due to debt, divorce, poor saving/spending habits, good but not amazing salaries, etc.

    Leave a comment:

  • kingsnake
    Member

  • kingsnake
    replied
    perhaps lack of hobbies for some....also many in their 40s still have kids in school and therefore still need to be around the house until they go to college. Hard to go spend that month in Europe galavanting around when your kids are back home in middle school. I think its better to work part time or do locums in your 40s if you can afford it. I'm planning on doing this starting July 2018.

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  • Sneezy
    replied
    Great thoughts above.

    Also remember this decision is made at the margin.  While it is easy to think I want to retire at 45 (or 50 or whatever) when you actually come up to it, you face the decisions to either

    1. Make the $$$ you have last the rest of your life

    2. Work one more year during which you can save $$$ and see your investments grow (and need them to last one year)

    Let's say you are a doc who makes $300k/year and has $3M saved.  If you retire 4% is $120k/year until you get to SS.  Not bad but not great

    If you work one more year, save $100k and your portfolio grows by 5% you have 3.25M, increasing your draw by 10K and putting you one year closer to SS.

     

     

    Leave a comment:

  • fatlittlepig
    Member

  • fatlittlepig
    replied




    Because I didn’t extend my education and training for eleven years after college only to work for ten?

    I actually kinda dig this doctor thing. Might consider doing it for a while. Also, I like money. Why not earn some more?

    …feeding the troll :-/


    Someone care to explain to me why I am being labeled a "troll"

    Doesn't bother me, I'm just more curious to know how what I wrote could be construed as a troll?

    Great answers though.

    Leave a comment:


  • Craigy
    replied
    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.

    Leave a comment:

  • Zaphod
    Physician

  • Zaphod
    replied
    I think the obvious has been mostly stated. Added to the fact that many really do enjoy their job and would be giving up significant income/investment opportunity, is that many just never took the time to consider it as its a super new concept to retire decades earlier as well. Given that when this gets discussed even here many respond that they would be bored, etc...it follows many dont have a plan of retiring to something, and without all of the above being considered it doesnt make any sense.

    The rest of us are in the younger phases of this idea, and have yet to reach the specified goal, POF will be one of the first.

    Leave a comment:

  • BurnedoutDoc
    Member

  • BurnedoutDoc
    replied
    First real paycheck at 35?

    Obligation to society to use the skills that you have been trained for.  Waste of that big brain filled with knowledge.  All those people applying to medical school that didn't get in that would have worked for 30 years, you took their spot and only want to work 10.  Shortage of physicians in the U.S.  Occasional grateful patient (sometimes they even say thank you!).  Amazing stories like WCI saving a guy's life in a bar, like literally saving someone's life with your hands and brain, that is pretty cool.

     

     

    Leave a comment:

  • VagabondMD
    Radiologist (retired)

  • VagabondMD
    replied




    Reasons I can think of:

    1. People enjoy the work they do.

    2. People enjoy the people they work with.

    3. They make a lot of money doing it.

    4. They like living the nicer lifestyle in exchange for working a little longer.
    Click to expand...


    #2 is a (non-financial) factor that rarely gets discussed. The people I work with, particularly the nurses and techs, are like family to me. I enjoy the connections, and without work, the daily interaction would be gone, and the relationships would fade.

    Leave a comment:

  • jhwkr542
    Member

  • jhwkr542
    replied
    Reasons I can think of:

    1. People enjoy the work they do.

    2. People enjoy the people they work with.

    3. They make a lot of money doing it.

    4. They like living the nicer lifestyle in exchange for working a little longer.

    Leave a comment:

  • artemis
    Physician (Pathologist)

  • artemis
    replied







    Because I didn’t extend my education and training for eleven years after college only to work for ten?

    I actually kinda dig this doctor thing. Might consider doing it for a while. Also, I like money. Why not earn some more?

    …feeding the troll :-/
    Click to expand…


    This is the answer for most I imagine. Undergrad 4 years, med school 4 years, 5 years of residency.  Student loans on top of delayed salary doesn’t make a good combo for early retirement.
    Click to expand...


    Exactly.  Plus most of us meant it when we wrote "I want to become a doctor because I want to help people!" on our medical school applications. Ten years in, most of us aren't yet burned out enough to truly want to throw our whole career away.

    Leave a comment:

  • DarrVao777
    Member

  • DarrVao777
    replied
    I like what I do

    I make a lot of money doing what I do

    I'll be around for a little while longer...

    Leave a comment:

  • StuRedman
    Member

  • StuRedman
    replied




    Because I didn’t extend my education and training for eleven years after college only to work for ten?

    I actually kinda dig this doctor thing. Might consider doing it for a while. Also, I like money. Why not earn some more?

    …feeding the troll :-/
    Click to expand...


    This is the answer for most I imagine. Undergrad 4 years, med school 4 years, 5 years of residency.  Student loans on top of delayed salary doesn't make a good combo for early retirement.

    Leave a comment:


  • DMFA
    replied
    Because I didn't extend my education and training for eleven years after college only to work for ten?

    I actually kinda dig this doctor thing. Might consider doing it for a while. Also, I like money. Why not earn some more?

    ...feeding the troll :-/

    Leave a comment:

  • Hatton
    Moderator

  • Hatton
    replied
    I have been financially able to retire since about age 45 (59 now).  I quit ob at 56 and work 3 days per week.  I guess pulling the trigger and having no option to return is harder than it seems.  I am waiting for another shoe to drop to decide to do it.  I think I like the satisfaction of helping some people and providing a few jobs. I think when more of my similar age peer group retires I will also. I have some degree of longevity in my family so 35 years or so is a long time to read and sit on the deck!

    Leave a comment:

  • fatlittlepig
    Member

  • fatlittlepig
    replied





    In fact I know of none. 
    Click to expand…


    Well, now you know one.

     
    Click to expand...


    Actually I'm not referring to people who think about possibly retiring in 1-2 years but those who actually *have* pulled the plug (I think there's a big difference)

    its pretty telling that no one here knows of someone who actually retired at age 45 or so, im just trying to figure out why that is.

    Leave a comment:

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