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In my last post we established that most physicians are not financially savvy. However there must be many that are, therefore where are all of the early retirement doctors?? In fact I know of none. Discuss.
fatlittlepig
fatlittlepig
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Just because one is financially savvy, it does not follow that he/she will (should, wants to) retire in the 40's. If I had the ability to retire 6 years ago (age 45), I probably would not.
That said, I just today shared an elevator ride with a GI colleague, age 55, recently divorced and retiring three months from tomorrow. Does that count?
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Sorry but Troll alert on OPComment
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I know one who sold his company at 50 and retired not because he didn't like practicing, but because the liability was too much. He was simply adding liability without sufficient compensation to be worth the liability. And he wanted to spend time with his kids and run more rivers.
The only ones I know who retired in their 40s are people I know online.
It is very uncommon for three reasons:
1) Most docs aren't savvy enough financially to pull it off
2) Many of those who are actually like their job
3) It requires serious financial sacrifices to retire at that age as a doc. Unless you detest your job, perhaps those sacrifices aren't worth it. While some espouse the benefits of financial independence, which are very real, the main benefit is the ability to retire early. If you don't need/want that, FI isn't all that life changing. So as you approach your number, why not sit back, evaluate your life, figure out what you want and if it turns out that what you want to do includes something that pays you well, loosen up the purse strings a bit if there are purchases that would increase your happiness.
This post discusses some of the sacrifices: https://www.whitecoatinvestor.com/14-reasons-why-you-shouldn%E2%80%99t-retire-early/Helping those who wear the white coat get a fair shake on Wall Street since 2011Comment
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By the way, in the poll on that page, only 14% of those who answered stated they planned to retire in their 40s. And the subset that comes here, reads this blog, and answers polls is far more financially savvy than docs as a whole.Helping those who wear the white coat get a fair shake on Wall Street since 2011Comment
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I retired at 52. From clinical work at any rate. I still teach but that pays a pittance compared to practice and I don't need the money and would do it for free (and sometimes do). I think in some areas of medicine it is easier to slow down and stay involved without much difficulty, cost or risk. I felt that I had done my part and wasn't in one of those areas so felt that it was time to move on. I don't think that I would have been comfortable retiring in my 40s for several reasons but money, although on the list, wouldn't have been at the top.Comment
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Not financially independent yet, but I certainly will be by 40 if I work full time.
The main reason I am trying to slow down and may work in some form in my 40s is that I am still single. It's a lot harder to get dates when you're a 45 year old retired bum than if you're a doctor, even if you're just covering for one week a month.
I'd also prefer to pay lower taxes now and keep filling up my retirement accounts as long as I have the energy.Comment
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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.Comment
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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!Comment
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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 :-/Comment
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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 :-/
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.Comment
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I like what I do
I make a lot of money doing what I do
I'll be around for a little while longer...Comment
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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 :-/
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.
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.Comment
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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.Comment
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