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  • When to retire ?

    So far ,I feel like I have done well. We have close to 6 million saved with the house paid off and no debt
    . I feel FI , but when do you if you have enough for retirement? I’m married and we are both 52. I run the calculators on several different sites including the FIRE site. The real question is when, To make that jump. being a physician has always been a 100% working for me. I have a solo practice, not so easy to go part time. It is almost impossible to find some one else to work. So I feel like it is all or none as far as working. Any good thoughts ?

  • #2
    I'm sure I'll be wondering a lot more in a few years too around your time. We're FI and on our way to Fat FI by 55. What's keeping us from pulling back is DD just about to go to college so a relatively large piece of uncertainty on support we want to provide remains.

    How about bringing on a partner? That's an organic way to slow down.

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    • #3
      Well at a very conservative 3.25% withdrawal rate, you can easily retire now if you can live on a budget of $195k in perpetuity. So if that fits your spending, you can retire now -- according to the numbers.

      What would you do if you did retire? Your post does not mention about what you might retire to. I would definitely give that some thought. You also say that you are in solo practice so you don't have the option to cut back -- but maybe there are other options or encore careers you could consider. Maybe you could hire your replacement but stay on part time for a few years of transition, or do something entirely different like teaching part time at a medical school or residency.

      It strikes me that the math is easy for your question; the meaning and purpose are hard.

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      • #4
        PS - Congrats, you have won the game, and are in a great position to make what you wish of your time!

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        • #5
          Originally posted by familydocPA View Post
          It strikes me that the math is easy for your question; the meaning and purpose are hard.
          I think that's something a lot of physicians struggle with; for many of us, our jobs are so time-consuming and mentally demanding that we never really develop a sense of who we are outside of our work. So when we do retire, we struggle to fill the huge hole that leaving medicine has left in our lives. And finding ways to fill that void is essential if our retirement is going to be emotionally satisfying.

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          • #6
            Originally posted by artemis View Post

            I think that's something a lot of physicians struggle with; for many of us, our jobs are so time-consuming and mentally demanding that we never really develop a sense of who we are outside of our work. So when we do retire, we struggle to fill the huge hole that leaving medicine has left in our lives. And finding ways to fill that void is essential if our retirement is going to be emotionally satisfying.
            Not to derail this thread, but this is something that I have spent a great deal of mental energy on this year. We are about 5 years away from FI, but I don't want to stop working in 5 years. But when you are truly working by choice, it really changes the equation.

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            • #7
              Can you just stop taking on new patients and cut back naturally over time? Taking on a partner is also a good idea. Congratulations on getting where you are today!

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              • #8
                You could do what my employer does, hire junior partners, start working part time while collecting your full time salary and collecting a directorship fee for your troubles.

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                • #9
                  Originally posted by familydocPA View Post
                  It strikes me that the math is easy for your question; the meaning and purpose are hard!
                  This. I am a little further along in both age and nest egg compared to the OP, and that is the question. My three-month COVID furlough reinforced the idea that retiring to nothing in particular will not suit me. My wife, in fact, intends to work three or more additional years, so I might as well be working, too (or at least have some regular volunteer or recreational activities). Walking the dogs QID, and sourcing toilet paper on Amazon gets old fast.

                  To the OP. Figure out what you are going to do with your time after you retire.

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                  • #10
                    Wow you guys on here have lots of money. 6 million by age 52? I’d say go move somewhere you can work part time and enjoy life. You don’t know how many years you have left.

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                    • #11
                      This isn't talked about much on these forums but I think it's one of the biggest hindrances to retirement. Most physicians (and other high earners) are typically very driven people who can't just stop and do nothing. That's why it's very important to retire to something and not just retire.

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                      • #12
                        Stop.....When it's no longer fun.

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                        • #13
                          https://www.amazon.com/New-Retiremen.../dp/1118705122

                          You may enjoy reading this book.
                          Andrew Musbach, CFP® | Co-Founder & Financial Advisor at MD Wealth Management, LLC | Podcast Host - The Physician's Guide to Financial Wellness

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                          • #14
                            Originally posted by Random1 View Post
                            So far ,I feel like I have done well. We have close to 6 million saved with the house paid off and no debt
                            . I feel FI , but when do you if you have enough for retirement? I’m married and we are both 52. I run the calculators on several different sites including the FIRE site. The real question is when, To make that jump. being a physician has always been a 100% working for me. I have a solo practice, not so easy to go part time. It is almost impossible to find some one else to work. So I feel like it is all or none as far as working. Any good thoughts ?
                            I am also solo though I am further along in years than you. At your age I had quite a bit less but was also at the peak of my earnings. About 5 years ago I achieved FATFire and could have retired but would have been bored to death within a few months. I slowed down and cut my office to 4 days a week and later yp just one full day and three half days. Unfortunately this provides me just 25% of the income I would have gotten had I chosen to join the hospital's sub specialty group, but I chose to live on that 25% income. I reinvest my passive income and in the past 5 years the wealth has increased quite a bit. When my kid goes to college next year I can retire fully but I might continue in the present state for a few more years if I can.

                            If you can accept the idea of significantly reduced income for a reduced hours work ( overheads eat into the base income significantly), you can try this approach. Or sell your practice to an incoming physician and become part time employee for a few years and then quit.

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                            • #15
                              I second the move somewhere warm and work part time or just quit altogether. Congrats

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