With a recent hospital buyout, my hospital based contracted group is facing the real possibility of not having our contract renewed. At that time, I see three possibilities. 1) Join the hospital physicians' group as an employed physician at a significantly decreased salary and more work, 2) Not join the current system but look for a new job elsewhere, possibly having a significant gap between jobs if I can't find a job, 3) Call it quits and retire early or maybe do part time locums work. With all changes in health care these days, I've never felt confident about salaries remaining high, so have been saving diligently and hoped to be able to have the ability to retire at 40 if I no longer enjoyed working. I'm 39 now but wondering how feasible it could be to call it quits, particularly if my group aren't offered positions or I cannot find another decent job. I'll have to see how restrictive any non-compete would be if I joined the physician's group. How much could I safely withdraw to live on each year realistically?
Single. No children. No plans for children. Confirmed bachelor.
Current financial situation:
Roth IRA: 70,000
401k: 400,000
Taxable Brokerage Account: 1,600,000
Emergency Fund (Cash): 170,000
HSA: 30,000
Debts:
Medical School Loans: 60,000 @1.4% (18 years left on 30 year loan)
Mortgage: 120,000 @ 4.0% (9 years left on 15 year mortgage) [House valued at about 300,000]
Single. No children. No plans for children. Confirmed bachelor.
Current financial situation:
Roth IRA: 70,000
401k: 400,000
Taxable Brokerage Account: 1,600,000
Emergency Fund (Cash): 170,000
HSA: 30,000
Debts:
Medical School Loans: 60,000 @1.4% (18 years left on 30 year loan)
Mortgage: 120,000 @ 4.0% (9 years left on 15 year mortgage) [House valued at about 300,000]
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