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  • #16
    I am happy to have enough, whatever that might be.  I can reduce stress and do the things I care about.

    I like to keep busy, to keep learning, to continue teaching.  With less stress and shorter hours, it is easy for me to appreciate the privilege of being a doctor and to thoroughly enjoy caring for my patients.

    Comment


    • #17
      I'm a tad surprised at how high some of the FI numbers folks have in mind.  Right now, I spend $10-11k per month and that seems lavish to me. I live in a HCOL area and that number includes my mortgage and child support related to my divorce.  I have no idea what I'd do with more than $11k/month since I'm 100% satisfied with my current lifestyle.  Of note, I'm not really into "stuff."  I value my time and experiences much more than my car.  Sometimes I think I go out of my way specifically to avoid the whole doctor lifestyle.  I see my colleagues do it and it is very clear their spending habits don't make them happy.  Some of them are in their 60's and still working out of necessity.  I have a difficult time understanding their choices.

       

      I figure once I get to $3m work is optional.  I'm in my mid 40's and at a bit over $2m saved now.  I'm thinking 1 more year of full time work, then gradually cut back to 60% time.  I don't need to keep saving 50% of my full time net income for another 5-10 years.  Might as well cut back a bit, save 20%-30% of net, and enjoy life.  I like the idea of working 3 days per week and still having enough leftover to save a bit each month.  I mean, the fact that I even have that option is amazing to me.

       

      Of note, I have a pension coming in retirement.  While that does help me rest easier, I don't think I'll really NEED to spend the pension money.  It will just be gravy.

      Comment


      • #18




        How much will it take for you to have an option to retire ?

        Let me start, we have

        – 5 1/4 million liquid investments, about 600k in Bank CDs – Asset Allocation 45% stocks & 55% (bonds + cash)

        – Paid up house, both kids launched & a paid up Medical Office building

        – 150k yearly expenses for me & my wife (& a spoiled dog)

        – Solo Cardiologist close to retirement.
        Click to expand...


        My numbers are almost exactly half yours, both in terms of assets and annual expenses. So, basically, we're in a very similar spot.

        I will probably retire to a life of blogging and traveling for awhile in another year or two. Currently working 0.6 FTE as an anesthesiologist and wrapping up our first three-week international family trip. I hesitate to call it vacation, because it's more like living somewhere else. Whatever you call it, we're loving it!

        Comment


        • #19
          I hit that magic 5 mill number a few years ago.  I stopped Ob and now work 3 days per week.  I really have enough to retire but I find I like working when it does not involve nights and weekends.  I like that if I don’t like the new computer system my hospital is installing I can just retire. Welcome disneydoc

          Comment


          • #20
            Disneydoc, how old are you?

            We are in our early 40s, and picking a number is hard. I have always said 30x expenses plus college for kids, but healthcare is a huge question mark at my age. We are essentially at that number (and also bought a trailer and tow vehicle this year), but don't have the health care and my kids are too young to model for them anything other than full time work. I keep saying by 45-46 I will go half time... But I don't feel brave enough. There is no easy way to go part time without giving up my outpatient practice, which is the hardest but also the most rewarding part of my job.

            So the internal debate rages.

            Comment


            • #21
              About 4m invested. Will be selling house when I retire this year. Feel like I have plenty and I told my wife I would rather cut back on lifestyle if needed (unlikely) rather than keep working in the current medical environment.

              Comment


              • #22
                I dont know what my final number is, but I’m working towards 1 million in IA by the age of 40 (35 now). Then I plan on cutting way back on the doctoring (0.5 FTE, just enough to hold on to health insurance) and doing something else with my free time. I really want to live on a small farm and get into growing food, raising chickens, etc. Hope to start a family soon too, we’re trying. Travel most of the winter and work on the farm the rest of the year. Short term goals are easier for me to achieve.

                Comment


                • #23
                  Hightower farming is hard work.

                  Comment


                  • #24
                    My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I'm scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                    One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don't know what I'll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.

                    Comment


                    • #25




                      My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I’m scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                      One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don’t know what I’ll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.
                      Click to expand...


                      I think we all need to be careful about having "a number", especially nine years into a bull market.

                      Yes, your net worth may have gone up by half a million this year, but it isn't always going to go up smoothly. On paper, my net worth dropped by over a million in 2008.

                      I read many posters on this forum with 90%+ allocations to equities. I worry that the long bull market has lulled many into a false sense of financial security. I have always had a 60/40 equity allocation. Clearly, in retrospect, my opportunity cost has been high since 2008, but at least I know I have the fortitude to ride out another market downturn, and will have fixed income assets to rebalance to equities if the market tanks.

                      Comment


                      • #26







                        My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I’m scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                        One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don’t know what I’ll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.
                        Click to expand…


                        I think we all need to be careful about having “a number”, especially nine years into a bull market.

                        Yes, your net worth may have gone up by half a million this year, but it isn’t always going to go up smoothly. On paper, my net worth dropped by over a million in 2008.

                        I read many posters on this forum with 90%+ allocations to equities. I worry that the long bull market has lulled many into a false sense of financial security. I have always had a 60/40 equity allocation. Clearly, in retrospect, my opportunity cost has been high since 2008, but at least I know I have the fortitude to ride out another market downturn, and will have fixed income assets to rebalance to equities if the market tanks.
                        Click to expand...


                        I'm at 86/14, and go up on bonds 1% a year.  Won't really know how I can weather a bear market till we have one, but I've done fine in late 2011 and early 2016.

                        regardless, if you can get your savings up to 35x your annual expenses, all the research suggests you should be all right even if the SOR is terrible.

                        Comment


                        • #27




                          I’m a tad surprised at how high some of the FI numbers folks have in mind.  Right now, I spend $10-11k per month and that seems lavish to me. I live in a HCOL area and that number includes my mortgage and child support related to my divorce.  I have no idea what I’d do with more than $11k/month since I’m 100% satisfied with my current lifestyle.  Of note, I’m not really into “stuff.”  I value my time and experiences much more than my car.  Sometimes I think I go out of my way specifically to avoid the whole doctor lifestyle.  I see my colleagues do it and it is very clear their spending habits don’t make them happy.  Some of them are in their 60’s and still working out of necessity.  I have a difficult time understanding their choices.

                           

                          I figure once I get to $3m work is optional.  I’m in my mid 40’s and at a bit over $2m saved now.  I’m thinking 1 more year of full time work, then gradually cut back to 60% time.  I don’t need to keep saving 50% of my full time net income for another 5-10 years.  Might as well cut back a bit, save 20%-30% of net, and enjoy life.  I like the idea of working 3 days per week and still having enough leftover to save a bit each month.  I mean, the fact that I even have that option is amazing to me.

                           

                          Of note, I have a pension coming in retirement.  While that does help me rest easier, I don’t think I’ll really NEED to spend the pension money.  It will just be gravy.
                          Click to expand...


                          $11K per month x 12 months = $132K. Add on a figure for taxes (maybe $25K) and you're at $157K. Divide by 4% and you're at nearly $4M. If you are uncomfortable with a 4% WR, you might be at $5M. Lavish? Sure. But now you know why I'm at $4-5M instead of $2-3M. We like to spend lavishly.
                          Helping those who wear the white coat get a fair shake on Wall Street since 2011

                          Comment


                          • #28







                            My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I’m scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                            One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don’t know what I’ll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.
                            Click to expand…


                            I think we all need to be careful about having “a number”, especially nine years into a bull market.

                            Yes, your net worth may have gone up by half a million this year, but it isn’t always going to go up smoothly. On paper, my net worth dropped by over a million in 2008.

                            I read many posters on this forum with 90%+ allocations to equities. I worry that the long bull market has lulled many into a false sense of financial security. I have always had a 60/40 equity allocation. Clearly, in retrospect, my opportunity cost has been high since 2008, but at least I know I have the fortitude to ride out another market downturn, and will have fixed income assets to rebalance to equities if the market tanks.
                            Click to expand...


                            I could not agree more with just about every word of that post. In fact, I was not sure if it was you or the voice in my head.  Well said.

                            Comment


                            • #29










                              My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I’m scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                              One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don’t know what I’ll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.
                              Click to expand…


                              I think we all need to be careful about having “a number”, especially nine years into a bull market.

                              Yes, your net worth may have gone up by half a million this year, but it isn’t always going to go up smoothly. On paper, my net worth dropped by over a million in 2008.

                              I read many posters on this forum with 90%+ allocations to equities. I worry that the long bull market has lulled many into a false sense of financial security. I have always had a 60/40 equity allocation. Clearly, in retrospect, my opportunity cost has been high since 2008, but at least I know I have the fortitude to ride out another market downturn, and will have fixed income assets to rebalance to equities if the market tanks.
                              Click to expand…


                              I’m at 86/14, and go up on bonds 1% a year.  Won’t really know how I can weather a bear market till we have one, but I’ve done fine in late 2011 and early 2016.

                              regardless, if you can get your savings up to 35x your annual expenses, all the research suggests you should be all right even if the SOR is terrible.
                              Click to expand...


                              I don’t remember late 2011 or early 2016 at all. In contrast, I have very clear memories of 2000-02, and 2007-09. In other words, I don’t think 2011 or 2016, whatever happened then, have any bearing whatever on what a real financial crisis or market crash feels like. Based on those experiences, I am happy at 60/40 as well. I didn’t sell during those catastrophes, in fact I largely market timed my way around them, but I am not sanguine about watching an 80+% equity allocation crater by 60%. There is no question the level of anxiety, even existential angst, was very, very high.

                              Comment


                              • #30













                                My net worth has gone up nearly a half million this year, which is pretty amazing.  I am trying to stay at my full time job for another three years to get all the benefits before punching out, and if this keeps up I might have 2.5-3 million at that point.  It makes sense to slow down and go part time after that, but part time positions with health insurance are extremely hard to find, and I’m scared to death of buying health insurance out of pocket when marketplace rates are rising ~30% a year.

                                One idea I have is to move to one of the two states that offers the ACA basic health plan and see if I can keep my income to <200% of the FPL in order to qualify.  I don’t know what I’ll do if I quit working, but just sitting around, reading, volunteering, and relaxing sounds a lot better than working.
                                Click to expand…


                                I think we all need to be careful about having “a number”, especially nine years into a bull market.

                                Yes, your net worth may have gone up by half a million this year, but it isn’t always going to go up smoothly. On paper, my net worth dropped by over a million in 2008.

                                I read many posters on this forum with 90%+ allocations to equities. I worry that the long bull market has lulled many into a false sense of financial security. I have always had a 60/40 equity allocation. Clearly, in retrospect, my opportunity cost has been high since 2008, but at least I know I have the fortitude to ride out another market downturn, and will have fixed income assets to rebalance to equities if the market tanks.
                                Click to expand…


                                I’m at 86/14, and go up on bonds 1% a year.  Won’t really know how I can weather a bear market till we have one, but I’ve done fine in late 2011 and early 2016.

                                regardless, if you can get your savings up to 35x your annual expenses, all the research suggests you should be all right even if the SOR is terrible.
                                Click to expand…


                                I don’t remember late 2011 or early 2016 at all. In contrast, I have very clear memories of 2000-02, and 2007-09. In other words, I don’t think 2011 or 2016, whatever happened then, have any bearing whatever on what a real financial crisis or market crash feels like. Based on those experiences, I am happy at 60/40 as well. I didn’t sell during those catastrophes, in fact I largely market timed my way around them, but I am not sanguine about watching an 80+% equity allocation crater by 60%. There is no question the level of anxiety, even existential angst, was very, very high.
                                Click to expand...


                                Clearly youngin's like me haven't been through major downturn prior to any substantial investments. Hope it never comes (ha), but will be interesting on this forum and how people react. I guess saying that one is 90% equity and will just hold out to recovery vs. actually going through it requires alot of fortitude.

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