Before doing so, here are a handful (or 10) reasons why you should delay doing so for a handful (or 10) years, along with some musical accompaniment.
If you are employed as a physician, there is an excellent chance that the bulk of these expenses will be borne by your employer or practice, and this is one excellent reason for an MD to stay on the job, well after having achieved financial independence.
One way to hedge the financial impact of your children on early retirement is to retire later. The further into your own children’s lives that you are working, the more of these expenses will be in your rear view mirror and the better you can estimate their future expenses.
Saving and investing money is laudable and creates great flexibility for your unknown future, but so is having wonderful experiences with family and friends…today. If you plan to work a little longer, you can comfortably spend a little more to enjoy life along the way.
Working longer will increase your Safe Withdrawal Rate (SWR), the percent of your assets that you can comfortably spend to live. And, if it so interests you, you will also likely have more money to leave to your heirs or charities.