The elephant in the room is the cost of healthcare. (what kind of traveling do single old people even do?) 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. 20. So, I've re-done the spreadsheet to assume a total starting compensation of $110k. Press question mark to learn the rest of the keyboard shortcuts. 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. Only do it if it’s something you’ve always wanted to do and would feel unfulfilled in any other profession. I have friends who pay 1% of their invested assets as a fee to the advisor. You also don't necessarily have a choice in where you do your training. 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. 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. The money is not worth the pain unless you love what you do. State of Illinois (15,000) – Six-figure salaries and pension payouts amounted to $1.8 billion last year. If you want to boost their motivation to keep moving after retirement, a fitness tracker is the way to go. How did the financial aspect influence your decision making, particularly on your journey to financial independence? On average the earning potential isn’t the same as a physician but still very respectable. Press question mark to learn the rest of the keyboard shortcuts. All money is in the classic TIAA/vanguard low maintenance funds. This is so well said and from the same perspective, I completely agree! Finances didn’t really factor into my decision, I just wanted to be a doctor. A man goes to his doctor for a complete checkup. Thank you! Don’t go into medicine just for the money. I understand the numbers look big, but they need to be taken in perspective with the timeframe we're talking about. As an engineer, you’ll have a good life financially. 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). We'd like to start having kids around 30 years old. A $100,000 salary would have also looked insane 30 years ago. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. Survey respondents provided their compensation for patient care. 33) Retirement is a fence – on one side lies hard work and … Now if medicine is an itch and dream that you’ve always wanted to do, there’s little else that will scratch that itch. Most of my co residents have $250,000-500,000 in debt. I'm worried I might have a very lonely last few decades on earth. 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 … Go into medicine if you want to be a doctor and can't really imagine yourself doing anything else. I’m an obgyn. There’s lots of time and stress involved in training as well as your job. How else will I spend my time? I'm working in FAANG and she would be trying to join one of these companies. The break even points move to 46 and 50 years old. But 30 year from now it will not. People are budgeting anywhere from $5,000 to $50,000 a year for healthcare coverage. It is a very strange bubble to be in, but we are trying to capitalize on it. But I give up a lot, and it’s hard. The Official Whitepages. This is my perspective which I'm sure is a jaded from mostly interacting with people in the same boat as me. We don't have great insight into this and there doesn't seem to be a lot of confidence in future medical salary projections. - 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. - There have been several comments about the engineering salaries later in her career being really high. If she starts school in 5 years, that threshold moves to 60 years old. I love my job. I was late to my uncle’s wedding. There’s a lot of rewarding experiences but also heartache. I work in healthcare still and I have a lot of regrets about not going into medicine. 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. This is the compounding math we use in FIRE predictions working in reverse, come on guys! Why Gen Xers Are Way More Worried About Money Than Boomers. Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately. 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. Sprinter Michael Frater represented Jamaica for more than a decade and was a Others can confirm or refute this assumption. 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. 31) Retirement – the only real excuse you’ll ever have to spend your entire life’s savings. 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. Stimulus Checks … Her decision depends on much more than money - she is deciding what she wants to do with her life. 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. 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. Going on cruises? 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. 45 S Park Blvd Ste 130. 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. While I am happy to be financially stable, I find my job to be extremely unfulfilling and I still work pretty hard (NOT as hard as a physician). The world record holder has opened a medical cannabis dispensary in Jamaica. The decision to retire is a difficult one for anyone, including physicians. In this report, I've come to realize how screwed the average American is when it comes to enjoying a comfortable retirement. Check out our nurse retirement selection for the very best in unique or custom, handmade pieces from our shops. You could go to medical school in North Carolina, or residency in Chicago. Pathologist here with 20 years in career. I'm 39 and FI but still working out m software for now. I’ve read that Templeton offers investment services with a fee of 0.3%. Annuities & Retirement Insurance Plans. I've included some more information below to answer the questions that have been asked a few times. Press J to jump to the feed. You don't own your life for 7-10 years. Professions . 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. I understand these absurd salaries are a point of contention on this sub and frustrate people. btw sorry you became a surgeon. 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. Dental . Valentine's Day Gift Ideas Vet Tech Week Ideas White Coat Ceremony Gifts. Prudential Financial. - Given our experience thus far in the Bay Area, I see the $130k engineering figure as very conservative. 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. 180k in roth/401k and 100k in savings over 4% or 3% accounts. 5 out of 5 stars (13,109) 13,109 reviews. 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. 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). 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? 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. 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. Whitepages is the authority in people search, established in 1997. Page 3. All of these things are absolutely manageable if being a doctor is what you want to do. You can’t put a monetary value on the feeling of finally sending a (formerly) sick baby home with their parents. A UIC pension paying out $524,865 goes to a retired doctor, Tapas Das Gupta. Lastly, the job market can be tough in CA. The largest collection of retirement one-line jokes in the world. 36 single no kids. All sorted from the best by our visitors. Glen Ellyn, IL 60137. 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… Surgeon here. You'll move to a city where you get into medical school, then to the city where you match for residency. Birthday parties, holidays, most weekends ... I’m not there, I’m working. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. Having a lot of trouble modeling/ thinking about this opportunity. The assumed wage growth rate of 3% is just outpacing inflation and I hope she would be getting some promotions on top of that! GUMILA became the latest defendant convicted in the federal investigation of Doctor at Home. I love my job, I get compensated well for it, but there are much easier ways to make good money. 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 Most of my co residents have $250,000-500,000 in debt. We could be wildly off in either direction! Company Description. But, the financial side is important and needs to be considered, which is why I'm posting here. Would you become a surgeon again knowing what you know now? She pursued a BS and MS in Biomedical Engineering and is finishing an MS in Global Health. Anticipate lots of family events and holidays missed, giving up time with friends, working 80+ hours a week for much of that time. 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. I barely made it to my brother’s wedding. I‘m considering going with Templeton which charges 0.3%. From shop LeBuaJewelrytoo. The doctor asks him to touch his knee and the same thing happens. Have fun old timer. 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). She has reached the point at which she needs to make a decision on when and where to apply to medical school. What surprised us is how similar her expected lifetime income between the three career options is. “I’m afraid I have some bad news. 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? Current plan is max ROTH as quickly as I can (50%) and then I've just been putting it in savings. As an anecdote, my co-worker who has 3 young kids pays $7k / month in child care. Bay area is your home now, and you may have established a good community there. It might be difficult to get a good job where you want to end up when you finish training. 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. See TOP 10 retirement one liners. I'll probably stop doing that when I'm older. We really appreciate your perspectives. I've been lurking here for a while and finally have a question I think is worth asking. Annual RSU refreshes vary a LOT, usually between $30-150k. 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. 32) Retirement is said to be the slow and painful lead up to the sunset years of your life. (TSR-401(k)). You may choose to make traditional pre-tax contributions, after-tax Roth contributions, or a … Money will be good eventually but there are easier ways to become wealthy if that’s the only goal. Office of Human Resources Management (OHRM) Retirement Information. Dental Retirement Gifts Doctor Retirement Gifts Nurse Retirement Gifts Pharmacy Retirement Gifts Veterinary Retirement Gifts And More Retirement Gifts. Surgeon here as well - agree with you Nysoz. Life Insurance Retirement Planning Services Investments. Website (312) 629-8226. I'm starting to wonder whether I've made some wrong choices in life. 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 I was lucky to find a good job in a field that I love. Google L4 or Apple ICT4 (next level up) ranges from $130-170k. “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. Again, thank you all for taking the time to respond and give us your feedback. A doctor (medical/dental) who joins indian army gets commissioned in Army Medical Corps as Captain. Up in training as well as your job these companies the federal investigation of at... If there were another career path I could be happy with, would... Well - agree with you Nysoz far in the same thing happens as. 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