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

[Molar Mechanic]

In light of crazy market runups and increasing income, what was your retirement goal when you finished training?

[Molar Mechanic]

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

[artemis]

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.

[Nysoz]

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

[doctorbone]

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

[Larry Ragman]

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.

[fire2026]

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

[MPMD]

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.

[Tim]

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.

[8arclay]

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.

[zlandar]

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.

[Random1]

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.

[Lordosis]

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

[billy]

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.

[GasFIRE]

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.