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. 32) Retirement is said to be the slow and painful lead up to the sunset years of your life. Dental . (what kind of traveling do single old people even do?) 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. As an anecdote, my co-worker who has 3 young kids pays $7k / month in child care. 45 S Park Blvd Ste 130. 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 … Everywhere the guy touches he hurts a lot. 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? There’s lots of time and stress involved in training as well as your job. 180k in roth/401k and 100k in savings over 4% or 3% accounts. The decision to retire is a difficult one for anyone, including physicians. I barely made it to my brother’s wedding. Only do it if it’s something you’ve always wanted to do and would feel unfulfilled in any other profession. Have fun old timer. 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). How did the financial aspect influence your decision making, particularly on your journey to financial independence? Whitepages is the authority in people search, established in 1997. Finances didn’t really factor into my decision, I just wanted to be a doctor. If you call them, they will come. In this report, I've come to realize how screwed the average American is when it comes to enjoying a comfortable retirement. 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… She pursued a BS and MS in Biomedical Engineering and is finishing an MS in Global Health. 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). Prudential. I‘m considering going with Templeton which charges 0.3%. State of Illinois (15,000) – Six-figure salaries and pension payouts amounted to $1.8 billion last year. You'll move to a city where you get into medical school, then to the city where you match for residency. Pathologist here with 20 years in career. What kind of work do you do? (TSR-401(k)). Would you become a surgeon again knowing what you know now? Survey respondents provided their compensation for patient care. Either way, there is definitely a chance she doesn't land a salary like that! You don't own your life for 7-10 years. Sounds reasonable but are they any good? I'm working in FAANG and she would be trying to join one of these companies. The Official Whitepages. Annuities & Retirement Insurance Plans. 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. This is my perspective which I'm sure is a jaded from mostly interacting with people in the same boat as me. Had kids during training. Doctor: I’ve been trying to reach you since yesterday. I love my job, I get compensated well for it, but there are much easier ways to make good money. Current ER resident here. Website (630) 469-0101. People are budgeting anywhere from $5,000 to $50,000 a year for healthcare coverage. We really appreciate your perspectives. 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. Birthday parties, holidays, most weekends ... I’m not there, I’m working. Life Insurance Retirement Planning Services Investments. The elephant in the room is the cost of healthcare. Lastly, the job market can be tough in CA. 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’m 64 and plan to retire in about 3 years. Now if medicine is an itch and dream that you’ve always wanted to do, there’s little else that will scratch that itch. 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. 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. Company Description. 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. 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.. This makes sense to me. 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. If she starts school in 5 years, that threshold moves to 60 years old. If you want to boost their motivation to keep moving after retirement, a fitness tracker is the way to go. We could be wildly off in either direction! All sorted from the best by our visitors. I am also making much less money now (50k) than I will be in next year (hopefully 80-90k plus). Maybe move down to florida and live in a retirement community? I would pick it again. All of these things are absolutely manageable if being a doctor is what you want to do. A $300,000 income for an engineer seems insane! The prior convictions include ALAN NEWMAN, a physician from Chicago, and JAMES ADEMIJU, a nurse from Matteson who operated two nursing agencies. Don’t go into medicine just for the money. Be prepared for changes of scenery every few years. I was late to my uncle’s wedding. I have friends who pay 1% of their invested assets as a fee to the advisor. I was lucky to find a good job in a field that I love. Travel? Financially we will be behind engineers until mid 40’s, but then generally surge ahead and can retire wealthy if we save adequately You can’t put a monetary value on the feeling of finally sending a (formerly) sick baby home with their parents. 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. - Given our experience thus far in the Bay Area, I see the $130k engineering figure as very conservative. Press question mark to learn the rest of the keyboard shortcuts. But 30 year from now it will not. Valentine's Day Gift Ideas Vet Tech Week Ideas White Coat Ceremony Gifts. Website (312) 629-8226. If there were another career path I could be happy with, it would be awfully tempting. How else will I spend my time? So, I've re-done the spreadsheet to assume a total starting compensation of $110k. How Retirement Planning Changes In 2021 After The New COVID-19 Relief Package. The largest collection of retirement one-line jokes in the world. Currently I have 40k saved up for a house downpayment but 100% sure I will not be buying in next 3 years. Annual RSU refreshes vary a LOT, usually between $30-150k. I guess that could be nice. Surgeon here as well - agree with you Nysoz. I know a lot of engineers making 400k+ and the work isn't nearly as stressful. House and car paid and no debt. The money is not worth the pain unless you love what you do. But, the financial side is important and needs to be considered, which is why I'm posting here. 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 may choose to make traditional pre-tax contributions, after-tax Roth contributions, or a … I’m an obgyn. 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. There’s a lot of rewarding experiences but also heartache. 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. 36 single no kids. Additionally, early retirement (pre-55) would be pretty difficult given the debt load. Going on cruises? You also don't necessarily have a choice in where you do your training. Anticipate lots of family events and holidays missed, giving up time with friends, working 80+ hours a week for much of that time. Again, thank you all for taking the time to respond and give us your feedback. 20 N Wacker Dr. Chicago, IL 60606. I’d also love to hear more about your story. This is so well said and from the same perspective, I completely agree! I'm 39 and FI but still working out m software for now. Hello FIRE community. Go into medicine if you have a strong desire for it. Check out our nurse retirement selection for the very best in unique or custom, handmade pieces from our shops. 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. Having a lot of trouble modeling/ thinking about this opportunity. 33) Retirement is a fence – on one side lies hard work and … Surgeon here. - 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. Hey there, I was in a similar situation about 3 years ago (Biomedical Engineering, deciding between med school and industry). Agree with this. They definitely are! I've been lurking here for a while and finally have a question I think is worth asking. Others can confirm or refute this assumption. A UIC pension paying out $524,865 goes to a retired doctor, Tapas Das Gupta. 5 out of 5 stars (13,109) 13,109 reviews. What surprised us is how similar her expected lifetime income between the three career options is. But I give up a lot, and it’s hard. I work in healthcare still and I have a lot of regrets about not going into medicine. That would be great. 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’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. 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. See TOP 10 retirement one liners. We'd like to start having kids around 30 years old. Don’t go into medicine for the money. A man goes to his doctor for a complete checkup. As an engineer, you’ll have a good life financially. 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? She has reached the point at which she needs to make a decision on when and where to apply to medical school. 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). Thank you all for your considerate responses! To 46 and 50 years old trouble modeling/ thinking about this opportunity thank you all for the... Home now, and you ’ ll do great either way have established a good life financially for! For a house downpayment but 100 % sure I will be good eventually but there are easier to! Having kids around 30 years old $ 50,000 a year for healthcare.! 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