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Announcing my retirement. Am I crazy?

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  • #46
    It’s your retirement, you can have whatever you want.
    An alt-brown look at medicine, money, faith, & family
    www.RogueDadMD.com

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    • #47







      Interesting to hear you will retire mid-year rather than year-end. Maybe if you own your own practice, it make no difference. But I have occasionally wondered about the various pros and cons of mid-year vs. end of year retirement for an employed doc from the stand point of retirement account contributions, income taxes, cobra health insurance, etc. Are there any distinct advantages to one time or the other? Perhaps this would make for an interesting WCI Blog post.
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      employed physician-no one quits here midway without good reason.

      have to be working and at work 12/31 to receive employer 403 match.  have to be working on 12/31 to receive value based incentives, which are 10% of your pay.  have to be working 12/31 to get full settle up (difference between draw and what you actually earned during course of year).  so walking away mid year very expensive.

      ymmv

       

       

       
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      In my wife’s company, people give notice on March 2, the day after the annual stock award and two days after the annual bonus. (In recent year, the two together have been considerably more than annual salary).

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      • #48
        When I have changed carriers mid-policy year, malpractice insurers have always refunded the pro-rata unused insurance premium. They probably would for retirement as well? Ask your insurer.

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        • #49




          When I have changed carriers mid-policy year, malpractice insurers have always refunded the pro-rata unused insurance premium. They probably would for retirement as well? Ask your insurer.
          Click to expand...


          They were good about crediting my account when I changed from ob/Gyn to Gyn only.

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          • #50
            Congratulations!  It is a great example to have those at the other end of the spectrum - you made it!  We have just started and you are on to the next chapter.  I look forward to learning from your posts as you enter and enjoy retirement!

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            • #51
              Congratulations, hatton1!

              Best wishes for a fulfilling retirement.
              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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              • #52




                Congratulations, hatton1!

                Best wishes for a fulfilling retirement.
                Click to expand...


                I know you are close too

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                • #53







                  Interesting to hear you will retire mid-year rather than year-end. Maybe if you own your own practice, it make no difference. But I have occasionally wondered about the various pros and cons of mid-year vs. end of year retirement for an employed doc from the stand point of retirement account contributions, income taxes, cobra health insurance, etc. Are there any distinct advantages to one time or the other? Perhaps this would make for an interesting WCI Blog post.
                  Click to expand…


                  employed physician-no one quits here midway without good reason.

                  have to be working and at work 12/31 to receive employer 403 match.  have to be working on 12/31 to receive value based incentives, which are 10% of your pay.  have to be working 12/31 to get full settle up (difference between draw and what you actually earned during course of year).  so walking away mid year very expensive.

                  ymmv

                   

                   

                   
                  Click to expand...


                  I was at a place where all that stuff happens in April, so leaving mid year would make perfect sense.

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                  • #54




                    Since I am not an “employed” physician it makes no difference really.  I decided on my birthday because it is mid-year.  It gives me a few months to notify patients etc.  Financially it will make no difference.  Frequently OB/GYNs retire prior to the next malpractice payment (if you are paying the premium).
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                    Interesting on the malpractice premium impacting retirement date. That is something. Thankful to live in the GWN where premiums are not much of an issue. I always planned and did retire at the end of April so I could be ready for the gardening season and enjoy the summer!

                     

                    Congrats again and I'm sorry I won't be at the WCI conference to raise a Diet Coke with you!  Seems to be the drink of Obs everywhere!

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                    • #55
                      Congratulations Hatton1! I know you'll love retirement. You're as prepared as anyone I can think of. I would sure enjoy hearing follow up posts from you on the details of navigating health insurance post retirement. I've read the younger FIRE folks health insurance details but I don't fall in their demographics of age and income to get lower prices or subsidies. Enjoy the next six months as you have fun planning your retirement.

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                      • #56
                        Congrats!!

                        I am jealous of you not doing your MOC this year

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                        • #57




                          Congrats!!

                          I am jealous of you not doing your MOC this year
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                          Probably not hatton1’s nature, but when it is my turn (or maybe a bit before), I look forward to telling my Board to (using modified PG vocabulary) “buzz off!”

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                          • #58
                            Congrats. I remember the day I did as one of the best of my life. Have not looked back and no regrets. Was able to find all mt staff new jobs and gave my practice to a group I respected to make sure all patients adequately cared for

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                            • #59
                              The idea of doing a "sabbatical" rather than "retire" helped me through. I paid for a part time malpractice policy and waited out the Statute of Limitations. I know that would not work for OB.

                              I also worry about Health insurance, my younger spouse has a long way to go before Medicare. I have multiple options for Health insurance, but for now, continuing to pay the ever-escalating (but deductible) HDHP with HSA seems most desirable. The end of the Mandate in 2019 may change this equation.

                              I found that extra-work offers flooded in after retirement. Some offers were too good to pass up. Doctors are continuously dying, retiring or getting sick. Being available to work at a moments notice made me desirable, despite the fact I charged twice as much.

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                              • #60
                                I have tail coverage at no cost.  I will pay for individual insurance for 3.25 years.  I think 2019 may be chaotic.

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