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

[VagabondMD]

Well said, HappyPhilo!

For me, it is coming down to balancing the aggravation of work and the things that I enjoy about work. If I could toss out some of the alligators, the career would be more sustainable.

 

Last Thursday, after finishing a kyphoplasty, I really felt that it was a blast to do, and the patient really appreciated it. If I could do these all day, I would work forever. Heck, I would do them for free.

Of course, the immediate procedure was a total clusterf, and I left saying to myself that if I ever have to do that again I would resign on the spot and that there is no amount of money that could compensate me for the misery of that experience!

Over time, at least for me, the negatives are weighing heavier than the positives, and this is making the decision to cut back and eventually leave much easier. It would be easier if Career 2.0 were a little better established.

[DMFA]

Financial independence is the key, imo. I want to be able to quit working whenever I feel like it, not to be kept in by not having enough to maintain my lifestyle, cover expenses I shouldn't have anymore, etc. But if I like what I do and it fits into my overall life well (esp if I'm still enchanted by "the calling" etc), why would I stop altogether?

[StarTrekDoc]

TheHappyPhilosopher wrote:

PhysicianOnFIRE wrote:

Sneezy wrote:

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

Click to expand…

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.

 

Click to expand…

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.

Click to expand...

Amen.

FIRE -  The emphasis for the vast majority of us here is the FI that happens around the 40s.  We're in a profession where work-life balance is key if one doesn't want burnout and continue to enjoy the key reason why we went into this profession.

I don't see myself retiring until my 60s cause I really enjoy my 'low pay' outpatient internist job.   Will it probably morph to part time to allow more charitable and educational.  Certainly not the -RE and sit on a yacht and be beachfront bum.

[GXA]

Completely agree.  As likely having achieved FI last year at the age of 41, we have all kinds of options.  I still enjoy working and with kids at home, I do not plan on completely retiring.  I do plan to reduce my work hours this summer and retire when my youngest goes to college.  With less clinical hours, I will have more time to exercise and pursue other activities outside medicine.

[fasteddie911]

I was talking with a family member recently who has a small solo private practice.  They're in their mid-60's and seemingly have enough to retire on.  When asked about if/when they'll retire, they said they enjoy what they do, like the social interaction with their patients (many of whom have become friends) and they aren't sure what they'd do if they retired.  They live simple lives, are currently working part-time and have the ability to take days off whenever they want.  Likewise, as much as I desire to be FI asap, I can't easily imagine retiring completely at a young age.  At the very least I'd continue working part-time, teaching, etc.

[VagabondMD]

fasteddie911 wrote:

I was talking with a family member recently who has a small solo private practice.  They’re in their mid-60’s and seemingly have enough to retire on.  When asked about if/when they’ll retire, they said they enjoy what they do, like the social interaction with their patients (many of whom have become friends) and they aren’t sure what they’d do if they retired.  They live simple lives, are currently working part-time and have the ability to take days off whenever they want.  Likewise, as much as I desire to be FI asap, I can’t easily imagine retiring completely at a young age.  At the very least I’d continue working part-time, teaching, etc.

Click to expand...

I think that if I had this option, I could work indefinitely. My situation seems to be either balls-to-the-wall or you're out. I am going to give part time a chance, but I suspect that it will be drinking from the fire hose every other week, rather than every week.

[Kamban]

fasteddie911 wrote:

I was talking with a family member recently who has a small solo private practice.  They’re in their mid-60’s and seemingly have enough to retire on.  When asked about if/when they’ll retire, they said they enjoy what they do, like the social interaction with their patients (many of whom have become friends) and they aren’t sure what they’d do if they retired.  They live simple lives, are currently working part-time and have the ability to take days off whenever they want.  Likewise, as much as I desire to be FI asap, I can’t easily imagine retiring completely at a young age.  At the very least I’d continue working part-time, teaching, etc.

Click to expand...

Which relative of mine are you?  

Except for the age ( I am in my late 50's) everything else fits me to a T. I have my own practice, love interacting with staff and patients and work 6 hours a day, 4 days a week. I can take off 2-2.5 weeks at a stretch, which is the right amount I need for a trip abroad. I enjoy weekends ( like this one) since I have 0-2 patients in the hospital at any time, usually zero.

People give 10 % or more to charity.  I too do monetary charity but feel that another purpose in life that God has given me via a nearly free education ( see the FMG quest post here on WCI by another FMG) is to help others in life. I do that by having 6 employees having gainful employment and being a service to many patients. I have never sent a patient to collections and feel that "you lose some and you win some" in life, but come out ahead in the end. I probably earn only in the 25th percentile in my specialty but the freedom of choice at work and other sources of passive income make it worthwhile to just let things continue as they are.

[Hatton]

It does take a number of years but I agree with Kamban that when you reach a point that you don't need to practice it becomes more satisfying. I love providing jobs for my staff.  Many of my long term patients are really friends.  I still like working but just not too hard.