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? Google L4 or Apple ICT4 (next level up) ranges from $130-170k. The largest collection of retirement one-line jokes in the world. It’s tough, but achievable. 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 If there were another career path I could be happy with, it would be awfully tempting. 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). Hello FIRE community. If you want to boost their motivation to keep moving after retirement, a fitness tracker is the way to go. 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). What surprised us is how similar her expected lifetime income between the three career options is. The doctor is stumped and orders a complete examination with X-rays, etc. 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. I'm worried I might have a very lonely last few decades on earth. Prudential Financial. All sorted from the best by our visitors. I know a lot of engineers making 400k+ and the work isn't nearly as stressful. Thank you all for your considerate responses! Anticipate lots of family events and holidays missed, giving up time with friends, working 80+ hours a week for much of that time. 32) Retirement is said to be the slow and painful lead up to the sunset years of your life. There’s lots of time and stress involved in training as well as your job. 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’m an obgyn. Now if medicine is an itch and dream that you’ve always wanted to do, there’s little else that will scratch that itch. 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. - There have been several comments about the engineering salaries later in her career being really high. 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). Others can confirm or refute this assumption. I love my job, I get compensated well for it, but there are much easier ways to make good money. Not only is there delayed gratification from a financial perspective, you have to think about what you'll give up in training. 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. Bay area is your home now, and you may have established a good community there. I’d also love to hear more about your story. I have friends who pay 1% of their invested assets as a fee to the advisor. 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… 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. - Someone asked a great question - are kids in our future? There’s a lot of rewarding experiences but also heartache. 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. The doctor asks him to touch his knee and the same thing happens. You can’t put a monetary value on the feeling of finally sending a (formerly) sick baby home with their parents. But 30 year from now it will not. - I've seen comments going both ways on the assumed medical salary. Were the numbers a big part of your decision? This assumption is for an OBGYN in California. 36 single no kids. Pathologist here with 20 years in career. I've included some more information below to answer the questions that have been asked a few times. The money is not worth the pain unless you love what you do. I’ve read that Templeton offers investment services with a fee of 0.3%. 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. Press question mark to learn the rest of the keyboard shortcuts. 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. I would pick it again. She pursued a BS and MS in Biomedical Engineering and is finishing an MS in Global Health. Annual RSU refreshes vary a LOT, usually between $30-150k. Office of Human Resources Management (OHRM) Retirement Information. 5 out of 5 stars (13,109) 13,109 reviews. 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. 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? The world record holder has opened a medical cannabis dispensary in Jamaica. I'm starting to wonder whether I've made some wrong choices in life. You could go to medical school in North Carolina, or residency in Chicago. We don't have great insight into this and there doesn't seem to be a lot of confidence in future medical salary projections. Be prepared for changes of scenery every few years. We really appreciate it! Absolutely hillarious retirement one-liners! GUMILA became the latest defendant convicted in the federal investigation of Doctor at Home. Thank you! Having a lot of trouble modeling/ thinking about this opportunity. This is my perspective which I'm sure is a jaded from mostly interacting with people in the same boat as me. House and car paid and no debt. Child care is remarkably expensive here. We're hoping her parents will eventually move in with us to help care for little kids, but that isn't a certainty. Travel? 20. Going on cruises? Most of my co residents have $250,000-500,000 in debt. This makes sense to me. People are budgeting anywhere from $5,000 to $50,000 a year for healthcare coverage. 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. Sounds reasonable but are they any good? You don't own your life for 7-10 years. 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. All sorted from the best by our visitors. This is the compounding math we use in FIRE predictions working in reverse, come on guys! I have an account with Fidelity which offers me an advisor for free but he gives no real advice. Maybe move down to florida and live in a retirement community? I've been lurking here for a while and finally have a question I think is worth asking. 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). Finances didn’t really factor into my decision, I just wanted to be a doctor. A UIC pension paying out $524,865 goes to a retired doctor, Tapas Das Gupta. 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 … The Official Whitepages. Doctor: I’ve been trying to reach you since yesterday. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. The decision to retire is a difficult one for anyone, including physicians. We really appreciate your perspectives. 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? You may choose to make traditional pre-tax contributions, after-tax Roth contributions, or a … Follow your heart and you’ll do great either way! Most of my co residents have $250,000-500,000 in debt. I'm working in FAANG and she would be trying to join one of these companies. All of these things are absolutely manageable if being a doctor is what you want to do. Professions . What kind of work do you do? 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. Go into medicine if you have a strong desire for it. We could be wildly off in either direction! Company Description. I understand these absurd salaries are a point of contention on this sub and frustrate people. 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. How else will I spend my time? I love my job. 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 engineer, you’ll have a good life financially. Absolutely hillarious retirement one-liners! You'll move to a city where you get into medical school, then to the city where you match for residency. 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. Have fun. Everywhere the guy touches he hurts a lot. All money is in the classic TIAA/vanguard low maintenance funds. I understand the numbers look big, but they need to be taken in perspective with the timeframe we're talking about. The average overall compensation for all physicians was $313,000 in 2018. She has reached the point at which she needs to make a decision on when and where to apply to medical school. How did the financial aspect influence your decision making, particularly on your journey to financial independence? As an anecdote, my co-worker who has 3 young kids pays $7k / month in child care. 180k in roth/401k and 100k in savings over 4% or 3% accounts. 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). 31) Retirement – the only real excuse you’ll ever have to spend your entire life’s savings. Don’t go into medicine for the money. 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. Annuities & Retirement Insurance Plans. Life Insurance Retirement Planning Services Investments. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately. That will mean more years of work. Valentine's Day Gift Ideas Vet Tech Week Ideas White Coat Ceremony Gifts. Birthday parties, holidays, most weekends ... I’m not there, I’m working. That would be great. Prudential. There has been an increase in doctors joining group medical practices , and the hospitalist role is also growing in popularity among doctors. I'm 39 and FI but still working out m software for now. 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 Sprinter Michael Frater represented Jamaica for more than a decade and was a Dental Retirement Gifts Doctor Retirement Gifts Nurse Retirement Gifts Pharmacy Retirement Gifts Veterinary Retirement Gifts And More Retirement Gifts. Only do it if it’s something you’ve always wanted to do and would feel unfulfilled in any other profession. Would you become a surgeon again knowing what you know now? Lastly, the job market can be tough in CA. 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. But, the financial side is important and needs to be considered, which is why I'm posting here. Glen Ellyn, IL 60137. Why Gen Xers Are Way More Worried About Money Than Boomers. “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. Whitepages is the authority in people search, established in 1997. Page 3. From shop LeBuaJewelrytoo. The elephant in the room is the cost of healthcare. Neonatal intensivist here and I concur. Current plan is max ROTH as quickly as I can (50%) and then I've just been putting it in savings. So, I've re-done the spreadsheet to assume a total starting compensation of $110k. But I give up a lot, and it’s hard. 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. Stimulus Checks … 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. I’m 64 and plan to retire in about 3 years. 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.
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