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How much did you think it would take to retire when you finished training?

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  • How much did you think it would take to retire when you finished training?

    In light of crazy market runups and increasing income, what was your retirement goal when you finished training?
    51
    $1M
    1.96%
    1
    $2M
    9.80%
    5
    $3M
    15.69%
    8
    $5M
    52.94%
    27
    $7.5M
    5.88%
    3
    $10M
    11.76%
    6
    $15M
    1.96%
    1
    $20M +
    0%
    0

  • #2
    I'll start. I thought I could hit 3M by age 60.

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    • #3
      I honestly had no idea. When I finished training, I really wasn’t thinking about retirement at all, except that I knew that I was behind in saving for it and needed to max out my 403b and start saving money in order to catch up.
      Last edited by artemis; 01-12-2022, 04:38 AM.

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      • #4
        My goal was $3M 12 years out of training. $5M 15-16 years out.

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        • #5
          I thought “$5 million! I’ll live like a king!”

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          • #6
            I really didn’t think about it this way, and my training program was different than med school, but back in the 80s I distinctly remember thinking: if I could ever get a salary of $100K man I would be set for life! Of course starting salaries out of college were only $20K or so for engineers back then.
            Last edited by Larry Ragman; 01-12-2022, 05:25 AM.

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            • #7
              Originally posted by Larry Ragman View Post
              I really didn’t think about it this way, and my training program was different than med school, but back in the 80s I distinctly remember thing: if I could ever get a salary of $100K man I would be set for life! Of course starting salaries out of college were only $20K or so for engineers back then.
              Similar thinking, my number was 250K, 20 years agoi

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              • #8
                great question
                i really didn't know (finished '12)
                definitely had the goal of millionaire status
                i still think $1M is a great goal, you figure 20k in SS or so and then at 3% you've got 50k in income/year.
                not enough for the doctor lifestyle, but enough to retire if just not working is your goal.
                i don't really have a goal right now, i have a floor and then i think i'll just reassess frequently if i'm still finding my clinical job rewarding and fufilling.

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                • #9
                  Originally posted by fire2026 View Post

                  Similar thinking, my number was 250K, 20 years agoi
                  Retirement savings wasn’t a thing. Being wealthy was the monetary incentive. $100k annual comp would get you there. Pensions were mostly union, not white collar. Absolutely no goal or retirement plan. Money in the bank and work for a big company and climb the ladder. Kind of like Jack and the Beanstalk. Cutthroat competition to grab the bag of gold.

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                  • #10
                    Initially thought I could be lean with $2.5-3MM. As Ive aged, kids have sprouted and need to cover medical care for a couple decades before medicare Ive come to the realization the number is closer to $4-5MM.

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                    • #11
                      I didn't think about an actual number until 5 years out in practice. Before then I had other immediate expenses to deal with like:

                      1. Buying a home
                      2. Paying off student loans
                      3. Buying into a group practice

                      Once those three were done (3-4 years post training) I started to think of a number. I guessed $5m in 2010.

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                      • #12
                        I thought in 1996 , around the time I read The Millionare next door, at $1 million I would feel rich, but I never really had thoughts about a retirement number until I turned 50.

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                        • #13
                          I didn't know nothing back then. A few years later I had my financial awakening and picked a goal of 3M.

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                          • #14
                            2.5 million, hasnt changed. But I also plan on doing 1-2 shifts per week or month from 55-??? or until the BS hits the fan.

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                            • #15
                              During my first job post-residency in the early 90s I had vaguely heard of the 4% rule. $100K/yr would have been more than enough back then so $2.5M was my initial goal.

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