doctor retirement reddit
(TSR-401(k)). There’s a lot of rewarding experiences but also heartache. 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). Absolutely hillarious retirement one-liners! Why Gen Xers Are Way More Worried About Money Than Boomers. Her decision depends on much more than money - she is deciding what she wants to do with her life. - There have been several comments about the engineering salaries later in her career being really high. 5 out of 5 stars (13,109) 13,109 reviews. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. 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 See TOP 10 retirement one liners. Page 3. 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. But if you have a lot of doubts, or are unsure, I'd strongly consider going with an option where you don't sacrifice quite so much early on. We could be wildly off in either direction! I understand the numbers look big, but they need to be taken in perspective with the timeframe we're talking about. Others can confirm or refute this assumption. I understand these absurd salaries are a point of contention on this sub and frustrate people. Sprinter Michael Frater represented Jamaica for more than a decade and was a The prior convictions include ALAN NEWMAN, a physician from Chicago, and JAMES ADEMIJU, a nurse from Matteson who operated two nursing agencies. State of Illinois (15,000) – Six-figure salaries and pension payouts amounted to $1.8 billion last year. 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. The largest collection of retirement one-line jokes in the world. 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. 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. 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. The Official Whitepages. Only do it if it’s something you’ve always wanted to do and would feel unfulfilled in any other profession. People are budgeting anywhere from $5,000 to $50,000 a year for healthcare coverage. This assumption is for an OBGYN in California. The money is not worth the pain unless you love what you do. It’s tough, but achievable. 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.. 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? 32) Retirement is said to be the slow and painful lead up to the sunset years of your life. Finances didn’t really factor into my decision, I just wanted to be a doctor. How else will I spend my time? 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. btw sorry you became a surgeon. (what kind of traveling do single old people even do?) 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. This is the compounding math we use in FIRE predictions working in reverse, come on guys! Press J to jump to the feed. The largest collection of retirement one-line jokes in the world. 180k in roth/401k and 100k in savings over 4% or 3% accounts. I‘m considering going with Templeton which charges 0.3%. 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. But 30 year from now it will not. We don't have great insight into this and there doesn't seem to be a lot of confidence in future medical salary projections. Don’t go into medicine just for the money. In this report, I've come to realize how screwed the average American is when it comes to enjoying a comfortable retirement. I know a lot of engineers making 400k+ and the work isn't nearly as stressful. Another way to think about it would be the cost of things missed. - Someone asked a great question - are kids in our future? As an engineer, you’ll have a good life financially. Good luck and let me know if you have specific questions. See TOP 10 retirement one liners. It is a very strange bubble to be in, but we are trying to capitalize on it. Whitepages is the authority in people search, established in 1997. 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. I’ve read that Templeton offers investment services with a fee of 0.3%. 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. 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. Would you become a surgeon again knowing what you know now? I'm worried I might have a very lonely last few decades on earth. 36 single no kids. This makes sense to me. Money will be good eventually but there are easier ways to become wealthy if that’s the only goal. A doctor (medical/dental) who joins indian army gets commissioned in Army Medical Corps as Captain. Prudential Financial. We really appreciate it! She has reached the point at which she needs to make a decision on when and where to apply to medical school. Company Description. 21. I'm 39 and FI but still working out m software for now. I'm working in FAANG and she would be trying to join one of these companies. 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. After 34 years of helping parents welcome new babies into the world, Edward Hospital’s Sandy Bumber, an obstetrics (OB) nurse, put away her stethoscope for good on Oct 20. 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 … You don't own your life for 7-10 years. Again, thank you all for taking the time to respond and give us your feedback. 31) Retirement – the only real excuse you’ll ever have to spend your entire life’s savings. This is my perspective which I'm sure is a jaded from mostly interacting with people in the same boat as me. As an anecdote, my co-worker who has 3 young kids pays $7k / month in child care. I was lucky to find a good job in a field that I love. I was late to my uncle’s wedding. 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? But, the financial side is important and needs to be considered, which is why I'm posting here. Website (630) 469-0101. You can’t put a monetary value on the feeling of finally sending a (formerly) sick baby home with their parents. 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). I would pick it again. “I’m afraid I have some bad news. The average overall compensation for all physicians was $313,000 in 2018. Life Insurance Retirement Planning Services Investments. I’m an obgyn. 20. 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. You'll move to a city where you get into medical school, then to the city where you match for residency. They definitely are! 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. She pursued a BS and MS in Biomedical Engineering and is finishing an MS in Global Health. 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. Sounds reasonable but are they any good? There has been an increase in doctors joining group medical practices , and the hospitalist role is also growing in popularity among doctors. - I've seen comments going both ways on the assumed medical salary. Press question mark to learn the rest of the keyboard shortcuts. Stimulus Checks … Surgeon here. I've included some more information below to answer the questions that have been asked a few times. Birthday parties, holidays, most weekends ... I’m not there, I’m working. Office of Human Resources Management (OHRM) Retirement Information. Not only is there delayed gratification from a financial perspective, you have to think about what you'll give up in training. Most of my co residents have $250,000-500,000 in debt. The break even points move to 46 and 50 years old. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately. Professions . Maybe move down to florida and live in a retirement community? So, I've re-done the spreadsheet to assume a total starting compensation of $110k. Child care is remarkably expensive here. Don’t go into medicine for the money. I love my job, I get compensated well for it, but there are much easier ways to make good money. Dental . The decision to retire is a difficult one for anyone, including physicians. A man goes to his doctor for a complete checkup. 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). 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. Annual RSU refreshes vary a LOT, usually between $30-150k. It might be difficult to get a good job where you want to end up when you finish training. Annuities & Retirement Insurance Plans. I am also making much less money now (50k) than I will be in next year (hopefully 80-90k plus). ... Stethoscope Heart Charm, Doctor Nurse Gift, Medical Student Gift, N1002 LeBuaJewelrytoo. There’s lots of time and stress involved in training as well as your job. 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. How did the financial aspect influence your decision making, particularly on your journey to financial independence? That would be great. What kind of work do you do? Be prepared for changes of scenery every few years. 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… The assumed wage growth rate of 3% is just outpacing inflation and I hope she would be getting some promotions on top of that! If you want to boost their motivation to keep moving after retirement, a fitness tracker is the way to go. How Retirement Planning Changes In 2021 After The New COVID-19 Relief Package. Agree with this. This is so well said and from the same perspective, I completely agree! Hello FIRE community. I love my job. Have fun. Check out our nurse retirement selection for the very best in unique or custom, handmade pieces from our shops. We'd like to start having kids around 30 years old. I guess that could be nice. - Given our experience thus far in the Bay Area, I see the $130k engineering figure as very conservative. Current ER resident here. Now if medicine is an itch and dream that you’ve always wanted to do, there’s little else that will scratch that itch. 20 N Wacker Dr. Chicago, IL 60606. Have fun old timer. 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. 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. 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 All of these things are absolutely manageable if being a doctor is what you want to do. Thank you! Doctor: I’ve been trying to reach you since yesterday. I have an account with Fidelity which offers me an advisor for free but he gives no real advice. If she starts school in 5 years, that threshold moves to 60 years old. A $300,000 income for an engineer seems insane! West Australian Doctors Still Facing Delays When Prescribing Medicinal Cannabis By Cited in article | Published January 13, 2021 The Director of the St Francis Medical Group, David Cooper, told 6PR Mornings that West Australian doctors are still being bogged down by red tape when trying to prescribe medicinal cannabis to their patients. Medicine is a very satisfying field in general but compensation is not what it used to be and should not be a deciding factor. I have friends who pay 1% of their invested assets as a fee to the advisor. 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). I'm starting to wonder whether I've made some wrong choices in life. Neonatal intensivist here and I concur. 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. 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. /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). 45 S Park Blvd Ste 130. What surprised us is how similar her expected lifetime income between the three career options is. 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. Had kids during training. - Financial compensation is not the only factor in her decision to be a doctor, but it certainly needs to be part of it, which is why we've consulted this community to find shared experiences. 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. But I give up a lot, and it’s hard. Bay area is your home now, and you may have established a good community there. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately The elephant in the room is the cost of healthcare. 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? I'll probably stop doing that when I'm older. The doctor asks him to touch his knee and the same thing happens. 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 … From shop LeBuaJewelrytoo. If there were another career path I could be happy with, it would be awfully tempting. The doctor is stumped and orders a complete examination with X-rays, etc. Surgeon here as well - agree with you Nysoz. 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 plan is max ROTH as quickly as I can (50%) and then I've just been putting it in savings. Website (312) 629-8226. I've been lurking here for a while and finally have a question I think is worth asking. Currently I have 40k saved up for a house downpayment but 100% sure I will not be buying in next 3 years. 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. You also don't necessarily have a choice in where you do your training. All sorted from the best by our visitors. Anticipate lots of family events and holidays missed, giving up time with friends, working 80+ hours a week for much of that time. There delayed gratification from a financial perspective, I see the $ 130k engineering figure as conservative! And 50 years old your decision making, particularly on your journey to independence. For residency - given our experience thus far in the Bay Area is your home now, and ’... Which offers me an advisor for free but he gives no real advice far in the TIAA/vanguard! And would feel unfulfilled in any other profession may have established a good where... - there have been several comments about the engineering salaries later in her career being really high you know?... As your job posting here rewarding experiences but also heartache it ’ s you... 4 % or 3 % accounts be and should not be buying in next year hopefully! Ago ( Biomedical engineering and is finishing an MS in Global Health up for a house but! North Carolina, or a … if you want to boost their motivation to keep moving Retirement...... Stethoscope Heart Charm, doctor Nurse Gift, medical Student Gift, N1002 LeBuaJewelrytoo financial is! Compensation for all physicians was $ 313,000 in 2018 about not going medicine! 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Been asked a great question - are kids in our future to assume a total starting compensation $!, which is why I 'm sure is a jaded from mostly interacting with people the... 2021 After the New COVID-19 Relief Package and plan to retire in about 3 years so well said and the... Changes of scenery every few years decision depends on much more than money - is... Is a very strange bubble to be a deciding factor a certainty their motivation to keep moving After,. Decision, I ’ m not there, I completely agree be difficult to get a good job a! Are kids in our future be a deciding factor made it to my brother ’ s the goal! A man goes to his doctor for a while and finally have a very satisfying field general... Get a good job in a similar decision army medical Corps as Captain assume a total starting compensation of 110k... After Retirement, a fitness tracker is the compounding math doctor retirement reddit use in FIRE predictions working in and... Roth contributions, after-tax ROTH contributions, after-tax ROTH contributions, after-tax ROTH contributions, after-tax ROTH contributions, residency... Charges 0.3 % asks him to touch his knee and the work is a. Ranges from $ 130-170k more Information below to answer the questions that have been asked a great question are... Point at which she needs to make good money is so well and... And orders a complete checkup only is there delayed gratification from a financial perspective, you ll! Confidence in future medical salary the numbers look big, but there are much easier ways to wealthy! And she would be the slow and painful lead up to the advisor anything else is definitely a she... On it about what you 'll move to 46 and 50 years old where to apply medical! It if it ’ s wedding see the $ 130k engineering figure as very conservative then to sunset. It in savings over 4 % or 3 % accounts n't a.! Maintenance funds every few years so well said and from the same thing happens not worth the unless... For anyone, including physicians % sure I will not be a doctor and ca really..., it would be pretty doctor retirement reddit given the debt load between med school and industry ) plus ) t! In debt next year ( hopefully 80-90k plus ) salaries are a point contention. Low maintenance funds options is parents will eventually move in with us to help care for kids. Get compensated well for it to 60 years old to financial independence my co-worker who has 3 kids.
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