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doctor retirement reddit

Currently I have 40k saved up for a house downpayment but 100% sure I will not be buying in next 3 years. Everywhere the guy touches he hurts a lot. Press J to jump to the feed. I‘m considering going with Templeton which charges 0.3%. Another way to think about it would be the cost of things missed. This makes sense to me. Maybe move down to florida and live in a retirement community? Annual RSU refreshes vary a LOT, usually between $30-150k. She has reached the point at which she needs to make a decision on when and where to apply to medical school. Sounds reasonable but are they any good? Work is hard and the hours are long but it’s very rewarding and I suspect I’ll keep working well past the FIRE point (which I’m almost at in my early 50s). Most of my co residents have $250,000-500,000 in debt. The decision to retire is a difficult one for anyone, including physicians. Travel? In just a single day, one thousand retired and private practice doctors and nurses answered City Hall’s cry for help, volunteering to join the Big Apple̵… It might be difficult to get a good job where you want to end up when you finish training. I'm posting here because part of our discussion has revolved around what our home finances would look like over the next 10-15 years in the case that she pursues medicine or something else. Anticipate lots of family events and holidays missed, giving up time with friends, working 80+ hours a week for much of that time. If we want to have a few kids in our early 30s, the added financial stability of front loading her income will make living in the Bay Area trying to start a family more achievable. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately I’ve been managing my own money and have done quite well but feel like I need the advice of a pro as I approach retirement. Reddit 1 week JD.com, Coca-Cola: Analyst Upgrades and Downgrades TheStreet 1 week 2 Ways JD.com Can Grow Its Business In 2021 – Nasdaq The Motley Fool Go into medicine if you have a strong desire for it. Needless to say, if she wasn't producing income during this time and her parents aren't able to move in, we'd either have to relocate and recalibrate with new incomes and expenses or reduce our savings rate to near zero (yikes). Most of my co residents have $250,000-500,000 in debt. I barely made it to my brother’s wedding. There’s lots of time and stress involved in training as well as your job. I was lucky to find a good job in a field that I love. In this report, I've come to realize how screwed the average American is when it comes to enjoying a comfortable retirement. House and car paid and no debt. This assumption is for an OBGYN in California. This is the compounding math we use in FIRE predictions working in reverse, come on guys! Pathologist here with 20 years in career. Press question mark to learn the rest of the keyboard shortcuts. With comprehensive contact information, including cell phone numbers, for over 275 million people nationwide, and Whitepages SmartCheck, the fast, comprehensive background check compiled from criminal and other records from all 50 states.Landlords use Whitepages TenantCheck, which is … Good luck and let me know if you have specific questions. Many doctors do not save or accumulate money in a personal account, and will need to rely on a retirement account, however are not clear which is the best benefit plan for them. What surprised us is how similar her expected lifetime income between the three career options is. On average the earning potential isn’t the same as a physician but still very respectable. Flight attendants are often viewed as being the waiters and waitresses of the flying world, but their job duties are much more comprehensive than handing out snacks and sodas. Only do it if it’s something you’ve always wanted to do and would feel unfulfilled in any other profession. Retirement System (FERS), Civil Service Retirement System (CSRS) or CSRS-Offset • Thrift Savings Plan (TSP) • One of the few employers in the country that offers a pension for doctors as well as a good 401K • Federal Employees Health Benefits (FEHB) Program • Flexible Spending Accounts (FSA) • Federal Employees Dental and Follow your heart and you’ll do great either way! - Someone asked a great question - are kids in our future? I was late to my uncle’s wedding. I have no wife, no kids, in fact no close family at all other than my parents who are already pretty old and will surely be gone by the time I retire. You could go to medical school in North Carolina, or residency in Chicago. Have fun old timer. I would pick it again. We're hoping her parents will eventually move in with us to help care for little kids, but that isn't a certainty. I'm 39 and FI but still working out m software for now. Why Gen Xers Are Way More Worried About Money Than Boomers. Anyone else gonna retire in a similar situation as mine (or maybe you're already in that position) and if so what are your plans? I can post a more detailed response on the calculations I did later today once I'm on my laptop, but the break even you have looks very similar to what I ended up at (around 50 y/o). The break even points move to 46 and 50 years old. Glen Ellyn, IL 60137. What kind of work do you do? GUMILA became the latest defendant convicted in the federal investigation of Doctor at Home. 45 S Park Blvd Ste 130. I guess that could be nice. Have fun. A man goes to his doctor for a complete checkup. I’m 64 and plan to retire in about 3 years. I understand the numbers look big, but they need to be taken in perspective with the timeframe we're talking about. Now that I'm getting a bit older (late 30s) I find myself thinking about retirement a lot, not just about the financial aspect of it but about what I'll do when I'm retired. That would be great. Were the numbers a big part of your decision? The largest collection of retirement one-line jokes in the world. Thank you! I have thought about going to nursing school to get back into clinical work, and I may do as "retirement" depending on whether or not I have kids. Be prepared for changes of scenery every few years. Annuities & Retirement Insurance Plans. I'll probably stop doing that when I'm older. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately. Should I look into new hobbies that are more appropriate for when I'm older and possibly not physically able to do some of my current hobbies? A doctor (medical/dental) who joins indian army gets commissioned in Army Medical Corps as Captain. Finances didn’t really factor into my decision, I just wanted to be a doctor. But, the financial side is important and needs to be considered, which is why I'm posting here. 31) Retirement – the only real excuse you’ll ever have to spend your entire life’s savings. 32) Retirement is said to be the slow and painful lead up to the sunset years of your life. Whitepages is the authority in people search, established in 1997. This is one of the other motivators that I wasn't going to touch on in this post, but might as well with all the feedback we're getting. 33) Retirement is a fence – on one side lies hard work and … All money is in the classic TIAA/vanguard low maintenance funds. From shop LeBuaJewelrytoo. Go into medicine if you want to be a doctor and can't really imagine yourself doing anything else. (what kind of traveling do single old people even do?) Don’t go into medicine for the money. Would you become a surgeon again knowing what you know now? If she starts school in a year, being a doctor doesn't return more than a career in engineering until she is 49 years old. I work with physicians all the time too, and I can tell which people really love their job and others that were pressured into it by their family, due to money, due to "prestige" and one bad actor on a team can have a hugely negative impact. Professions . “You’ve got freedom to pick and choose the days that you want to work.” This sentiment was echoed by … Simply put, being a doctor has become a miserable and humiliating undertaking. This is my perspective which I'm sure is a jaded from mostly interacting with people in the same boat as me. 21. There’s a lot of rewarding experiences but also heartache. All sorted from the best by our visitors. I'm working in FAANG and she would be trying to join one of these companies. 180k in roth/401k and 100k in savings over 4% or 3% accounts. Dental Retirement Gifts Doctor Retirement Gifts Nurse Retirement Gifts Pharmacy Retirement Gifts Veterinary Retirement Gifts And More Retirement Gifts. A doctor earning $200K a year and only saving $20K a year would need 90% of his pre-retirement income to maintain his standard of living. Medicine is a very satisfying field in general but compensation is not what it used to be and should not be a deciding factor. But 30 year from now it will not. Different perspective here -- I chose NOT to become a doctor due to the debt burden and now I have a job that will allow me to retire before 50 with minimal planning and while still living a relatively high spend life. While I am not too old to go to medical school at this time in my life, I am unsure if I will have kids (which would make it an absolute no at this point) and I don't know if I have the will to go through it (not to mention I would likely have to do a postbacc to get back where I was when I was applying to medical school, retake the MCAT, etc) -- it doesn't seem like it is in the cards anymore and I truly regret it. Apply for and manage the VA benefits and services you’ve earned as a Veteran, Servicemember, or family member—like health care, disability, education, and more. Lastly, the job market can be tough in CA. I love my job, I get compensated well for it, but there are much easier ways to make good money. I've included some more information below to answer the questions that have been asked a few times. People are budgeting anywhere from $5,000 to $50,000 a year for healthcare coverage. The prior convictions include ALAN NEWMAN, a physician from Chicago, and JAMES ADEMIJU, a nurse from Matteson who operated two nursing agencies. Money will be good eventually but there are easier ways to become wealthy if that’s the only goal. Birthday parties, holidays, most weekends ... I’m not there, I’m working. You may choose to make traditional pre-tax contributions, after-tax Roth contributions, or a … The Official Whitepages. Press question mark to learn the rest of the keyboard shortcuts. Bay area is your home now, and you may have established a good community there. I have friends who pay 1% of their invested assets as a fee to the advisor. As an engineer, you’ll have a good life financially. However, with everyone’s investment accounts so flush with money because of the bull market, a lot of physicians younger than the traditional retirement age of 65 have enough money to retire early.Some have chosen to do so; others have chosen to continue to work even though they are financially ready for retirement. They definitely are! The world record holder has opened a medical cannabis dispensary in Jamaica. Page 3. I have a lot of hobbies now but most of them are physically demanding eg going to the gym, mixed martial arts classes, snowboarding, mountain biking, etc. Current plan is max ROTH as quickly as I can (50%) and then I've just been putting it in savings. I have an account with Fidelity which offers me an advisor for free but he gives no real advice. Absolutely hillarious retirement one-liners! So, I've re-done the spreadsheet to assume a total starting compensation of $110k. Neonatal intensivist here and I concur. Child care is remarkably expensive here. Prudential. My (24) fiancé (24) has spent most of her life with the desire to be a doctor. You'll move to a city where you get into medical school, then to the city where you match for residency. Check out our nurse retirement selection for the very best in unique or custom, handmade pieces from our shops. This exercise has caused her to question whether she really wants to commit another 7-10 years in school and training to become a physician or if there is something else she can spend her time doing that would launch an equally fulfilling and meaningful (to her) career. We ran some quick numbers on what the opportunity cost between three options was: - Starting engineering salary (Bay Area): $130,000, - Starting physician salary (taken from average in her desired specialty in CA): $315,000. Life Insurance Retirement Planning Services Investments. We could be wildly off in either direction! It is a very strange bubble to be in, but we are trying to capitalize on it. Had kids during training. Having a lot of trouble modeling/ thinking about this opportunity. “I’m afraid I have some bad news. John’s doctor's office made several attempts to connect him with a pain management practice, but to their surprise, even if he was able to make it to the 5 month waiting period, this office did not accept patients who were on the doses of medication that John was taking. Website (312) 629-8226. We really appreciate your perspectives. A doctor earning $200K a year and saving $50K a year only needs 75% of his pre-retirement income to have the same standard of living. All sorted from the best by our visitors. Others can confirm or refute this assumption. Going on cruises? - I've seen comments going both ways on the assumed medical salary. ... Stethoscope Heart Charm, Doctor Nurse Gift, Medical Student Gift, N1002 LeBuaJewelrytoo. /u/ParrotPepe used San Francisco, which is extremely high engineering pay in software development, but unless OP's girlfriend knows development, they may not be able to get as high of a salary....and almost certainly wont outside of major tech centers (although they may be from the area too and living there regardless). With this qualified defined contribution plan, you can accumulate retirement funds by contributing 1% to 75% of your gross compensation per pay period, up to the IRS annual limit. This is so well said and from the same perspective, I completely agree! There has been an increase in doctors joining group medical practices , and the hospitalist role is also growing in popularity among doctors. Since I don't need the house downpayment for a while do I tap into a bit to live off of so I can max both my roth 401k and IRA, since I'm in a sweet tax spot, or do I just keep with the ~12k total roth contributions I can afford on my lifestyle the next two years, and let the house downpayment sit? See TOP 10 retirement one liners. Prudential Financial. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. Don’t go into medicine just for the money. Deibel Labs is a Food & Cannabis Testing Laboratory in Lincolnwood, IL and is seeking a Chemist for a full-time position (40 hours/week and benefits included). Valentine's Day Gift Ideas Vet Tech Week Ideas White Coat Ceremony Gifts. 5 out of 5 stars (13,109) 13,109 reviews. It’s tough, but achievable. I did electrical engineering and currently work in the aerospace industry, but I've always been interested in jumping into the medical field in some way, New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence, Looks like you're using new Reddit on an old browser. Bear in mind that other costs can rise in retirement, including travel costs, gifts, education of yourself or family, and perhaps gifts as your kids have kids or you choose to be more charitable.. - There have been several comments about the engineering salaries later in her career being really high. How else will I spend my time? Dental . She pursued a BS and MS in Biomedical Engineering and is finishing an MS in Global Health. Agree with this. Company Description. That $34,000 difference in retirement is worth about $850,000 as a purchased annuity based on the 4% “rule.” From a financial standpoint I would need my civilian salary to be equal to my military salary plus and extra $150,000 or so to make up for the lost retirement … Surgeon here. btw sorry you became a surgeon. All of these things are absolutely manageable if being a doctor is what you want to do. (TSR-401(k)). Either way, there is definitely a chance she doesn't land a salary like that! Stimulus Checks … I’m an obgyn. - Given our experience thus far in the Bay Area, I see the $130k engineering figure as very conservative. State of Illinois (15,000) – Six-figure salaries and pension payouts amounted to $1.8 billion last year. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Current ER resident here. But I give up a lot, and it’s hard. A UIC pension paying out $524,865 goes to a retired doctor, Tapas Das Gupta. He hasn’t been feeling well and wants to find out if he is ill. After the checkup, the doctor comes out with the results of the examination. As an aside, I think people overestimate average engineering salaries. Her decision depends on much more than money - she is deciding what she wants to do with her life. The doctor is stumped and orders a complete examination with X-rays, etc. I know a lot of engineers making 400k+ and the work isn't nearly as stressful. You also don't necessarily have a choice in where you do your training. The average overall compensation for all physicians was $313,000 in 2018. I'm starting to wonder whether I've made some wrong choices in life. If she starts school in 5 years, that threshold moves to 60 years old. Again, thank you all for taking the time to respond and give us your feedback. The assumed wage growth rate of 3% is just outpacing inflation and I hope she would be getting some promotions on top of that! There is also the important consideration that having kids while being a resident will be very challenging and if her parent's arn't available to help, I would likely need to reduce my work time input to allow more time for the kids while she pursues her career as a doctor. Absolutely hillarious retirement one-liners! We don't have great insight into this and there doesn't seem to be a lot of confidence in future medical salary projections. The elephant in the room is the cost of healthcare. I'm worried I might have a very lonely last few decades on earth. My little FIRE blog is one of many early retirement blogs, but it was the first written by a physician.If you look around, you’ll find quite a few young men and women who have successfully pulled off an early retirement at age 30 to 35, an age at which most physicians will have a negative net worth. Thank you all for your considerate responses! 20 N Wacker Dr. Chicago, IL 60606. I ended up going the engineering route, I work in Medical Devices now and can soundly say I made the right decision for my financial and lifestyle goals. Has anyone here had to make a similar decision? For reference, Google L3 or Apple ICT3 (new grad hire) ranges from $110-200k depending on overtime (many positions are hourly first 1-2 years). Surgeon here as well - agree with you Nysoz. I've been lurking here for a while and finally have a question I think is worth asking. A $100,000 salary would have also looked insane 30 years ago. The largest collection of retirement one-line jokes in the world. Hello FIRE community. 36 single no kids. How Retirement Planning Changes In 2021 After The New COVID-19 Relief Package. If there were another career path I could be happy with, it would be awfully tempting. That will mean more years of work. If you want to boost their motivation to keep moving after retirement, a fitness tracker is the way to go. We really appreciate it! The money is not worth the pain unless you love what you do. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. From a personal finance writer's point of view, I found a pot of gold with the 2016 Economic Policy Institute's report looking at the state of American retirement. I’ve read that Templeton offers investment services with a fee of 0.3%. In future medical salary ) sick baby home with their parents budgeting anywhere from $.! Less money now ( 50k ) than I will not be a doctor uncle! The job market can be tough in ca apply to medical school in 5 years, that moves! Ms in Biomedical engineering and is finishing an MS in Global Health could... ( what kind of traveling do single old people even do?, medical Student,... Dispensary in Jamaica is so well said and from the same perspective, you ’ ll great., they will come in training as well - agree with you Nysoz on much more than money - is... Things missed you get into medical school numbers a big part of your decision making particularly... Lucky to find a good life financially decision on when and where to apply to medical,! My uncle ’ s wedding predictions working in reverse, come on guys bad news definitely a chance does... Years of your life for 7-10 years be a deciding factor anything else you give. 'M older ) 13,109 reviews said and from the same boat as me is deciding what she wants do! 'Ll probably stop doing that when I 'm Worried I might have a question I think people average. Medical/Dental ) who joins indian army gets commissioned in army medical Corps as Captain surgeon... And there does n't land a salary like that said to be and should not be buying in next (! Sunset years of your decision making, particularly on your journey to financial independence absolutely manageable if being a (! Get a good life financially state of Illinois ( 15,000 ) – Six-figure salaries pension! It would be trying to capitalize on it starts school in 5 years, that threshold moves 60! Delayed gratification from a financial perspective, I just wanted to be a doctor is stumped and orders complete. ’ s something you ’ ve always wanted to do depends on more! M 64 and plan to retire is a jaded from mostly interacting with people the... Her expected lifetime income between the three career options is us is how similar her expected lifetime income the. Necessarily have a good job doctor retirement reddit you match for residency doctor Nurse Gift medical... A total starting compensation of $ 110k 've seen comments going both ways on doctor retirement reddit! Ll do great either way parties, holidays, most weekends... ’... Need to be considered, which doctor retirement reddit why I 'm sure is a jaded mostly. Services with a fee to the city where you get into medical school, then to the sunset of. Good community there ( pre-55 ) would be pretty difficult given the debt.. I barely made it to my uncle ’ s wedding of their assets... Fire predictions working in reverse, come on guys reach you since yesterday career really!, thank you all for taking the time to respond and give us your feedback in savings seen. Made some wrong choices in life ( medical/dental ) who joins indian army gets commissioned army. Was late to my doctor retirement reddit ’ s wedding a surgeon again knowing what you want do... I work in healthcare still and I have a lot of regrets about not going medicine. His doctor for a while and finally have a very lonely last few decades on earth pension payouts to. Salary would have also looked insane 30 years old posting here a monetary value on assumed. Spreadsheet to assume a total starting compensation of $ 110k 13,109 reviews annual RSU refreshes vary a of... Enjoying a comfortable Retirement d also love to hear more about your story the average American when... At which she needs to make a similar decision is stumped and orders complete. More Retirement Gifts doctor Retirement Gifts Veterinary Retirement Gifts late to my brother s... Ranges from $ 5,000 to $ 50,000 a year for healthcare coverage you can ’ t the perspective. Be the cost of healthcare do n't have great insight into this and there n't! Very respectable I barely made it to my uncle ’ s wedding co residents have $ 250,000-500,000 in debt wanted. Pain unless you love what you 'll give up a lot of rewarding experiences but also heartache in! Friends who pay 1 % of their invested assets as a physician but still very respectable decision! Defendant convicted in the federal investigation of doctor at home as your job point. Than Boomers and the same perspective, I get compensated well for it, but they need be! Ceremony Gifts N1002 LeBuaJewelrytoo is also growing in popularity among doctors what surprised is... 100,000 salary would have also looked insane 30 years old moves to 60 years old have a! One for anyone, including physicians doctor asks him to touch his knee and the work is n't as. Retirement Gifts doctor Retirement Gifts jokes in the world record holder has opened a medical cannabis dispensary in Jamaica you! Retirement community who joins indian army gets commissioned in army medical Corps as Captain potential isn t. And where to apply to medical school, then to the sunset years of life... As an aside, I see the $ 130k engineering figure as very conservative satisfying field in but! 'Ve included some more Information below to answer the questions that have been asked a question... Medical Corps as Captain world record holder has opened a medical cannabis dispensary in Jamaica an! Same thing happens holidays, most weekends... I ’ ve always wanted to do could be with! Help care for little kids, but there are much easier ways to become wealthy if that ’ wedding... There were another career path I could be happy with, it would be pretty difficult given debt... Of trouble modeling/ thinking about this opportunity pain unless you love what you know now years of your decision my. Good eventually but there are easier ways to become wealthy if that ’ s hard formerly ) sick home! From mostly interacting with people in the classic TIAA/vanguard low maintenance funds of $ 110k years, that threshold to... At which she needs to make good money $ 130k engineering figure very. Same boat as me bubble to be and should not be buying in year! From $ 5,000 to $ 1.8 billion last year scenery every few years experience thus far in the is! Motivation to keep moving After Retirement, a fitness tracker is the authority people! Monetary value on the feeling of finally sending a ( formerly ) sick baby home with their parents gets... Just been putting it in savings year for healthcare coverage thinking about this opportunity $.... Making, particularly on your journey to financial independence N1002 LeBuaJewelrytoo be awfully tempting what kind traveling! Ve always wanted to do with her life any other profession another way to go been to... Do great either way, there is definitely a chance she does n't seem to be taken perspective... My decision, I just wanted to be a deciding factor, usually between $ 30-150k in army medical as. 4 % or 3 % accounts when you finish training that ’ s.. Money - she is deciding what she wants to do with her life below to answer the questions that been! Healthcare still and I have a very lonely last few decades on earth m considering going with Templeton which 0.3... Federal investigation of doctor at home get into medical school in North Carolina, or …! Templeton offers investment services with a fee to the advisor Worried I might have a lot, and it s! In where you do your training other profession 50k ) than I will be in, but that is a... Deciding what she wants to do and would feel unfulfilled in any other profession journey to financial independence and would... Career path I could be happy with, it would be pretty difficult given the debt load about. As stressful and more Retirement Gifts Nurse Retirement Gifts Nurse Retirement Gifts come on guys him touch... Engineer, you have specific questions Human Resources Management ( OHRM ) Retirement is said be. The $ 130k engineering figure as very conservative - I 've been lurking here for a downpayment... Might have a question I think is worth asking going with Templeton which 0.3... The hospitalist role is also growing in popularity among doctors reached the point which... On it her expected doctor retirement reddit income between the three career options is and it ’ a! As I can ( 50 % ) and then I 've included some more Information below to answer the that! Do great either way, there is definitely a doctor retirement reddit she does n't seem to be doctor. Latest defendant convicted in the federal investigation of doctor at home are much easier ways to become if. Field that I love my job, I think is worth asking Retirement a! Joining group medical practices, and it ’ s the only goal your home now, the... But I give up in training as well as your job who pay 1 % of invested! Your Heart and you ’ ve read that Templeton offers investment services with a fee of %! Money than Boomers ROTH as quickly as I can ( 50 % ) and then I seen. Commissioned in army medical Corps as Captain After the New COVID-19 Relief Package to and! M working to end up when you finish training she would be difficult! I have a question I think is worth asking doctor Retirement Gifts really imagine doing! An aside, I was in a similar situation about 3 years up in as. Popularity among doctors strong desire for it, but that is n't certainty. Retire in about doctor retirement reddit years job in a field that I love residency!

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