Top 5 Expenses that Go Down in Retirement

boys fighting

In order to safely plan for a successful retirement, it’s imperative to have a general idea of what your spending needs will be when retired. We cannot calculate whether or not our anticipated withdrawal rate would be considered safe (in the range of 3% to 4%) without knowing the size of the annual withdrawal. That number can be difficult to pin down, as there are many variables. It can be informative to budget (we don’t) or track spending (we do), but this year’s spending might not look like last year’s, and could be entirely different than what we will end […]

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Regret After Leaving a Medical Career Behind

villa at night

“Can I look at that book?” said the man next to me in an accent I would soon learn to be Pakistani. I had placed the book face down on the park bench intentionally. In a busy, public place, I didn’t want to broadcast that I was reading The Doctors Guide to Smart Career Alternatives and Retirement. The back cover contained enough information to pique the polite man’s interest. “Sure,” I said. I was genuinely curious as to why the guy, who has holding a baby boy on a Thursday afternoon in Nickelodeon Universe, would be interested in a book […]

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Financial Implications of Leaving a Military Medicine Position

world war II museum

Today’s Saturday Selection from the White Coat Investor is a nod to current and former members of the military on Veteran’s Day. From both of us, thank you for all that you’ve done and continue to do to keep our nation safe and free! Dr. Jim Dahle, the author of this post, has experience as both a military and civilian physician, making him particularly qualified to explore this topic. This post originally appeared on The White Coat Investor in 2012, and has been partially updated for 2017. As noted by commenter Mike below, there have been additional changes in the last […]

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Look Mortality in the Eye Without Flinching: Simple Estate Planning

courthouse city hall

Our latest guest post comes courtesy of Mrs. BITA of Bayalis is the Answer. What is Bayalis, you say? The answer is 42 in Hindi, or the age at which Mrs. BITA plans to be financially independent. Mrs. BITA and her husband are raising a family in one of the highest cost of living areas in this great nation, and are managing to get far ahead in spite of the high rent district. They are also planning for a future beyond their FIRE timeline, as you will learn from today’s article. I had the pleasure of meeting Mrs. BITA a […]

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Lessons Learned at a Physician’s Retirement Planning Workshop

retirement planning workshop

When I saw these words in the ASA Annual Meeting schedule, I knew I had to check it out:   Successful Retirement Planning: Accumulating and Utilizing Your Well-Earned Savings in Retirement!   It was a three-hour tour, guided by pediatric anesthesiologist Jonathan D. Griswold, MD. I didn’t sign up to learn how to plan for retirement; I’ve got a pretty good handle on how I’m doing that. Curiosity drove me to add the item to my itinerary. I had questions. What would be covered? Would concepts of financial independence and early retirement be addressed? How many would attend? What would […]

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An Actuary’s Take on Longevity and Early Retirement

longevity feature

Today’s guest comes someone who loves numbers even more than I do. As an actuary, the guy practically bathes in numbers. He also spends a lot of time contemplating heartwarming topics like life expectancy and the factors that alter it. The Actuary on FIRE (clever name!) is not to be confused with actually on fire; but instead is an actuary with a family on the east coast and he’s revving up his game after a recent financially indolent interlude. So, how does an actuary approach early retirement?   Death. When life has slipped through your fingers like so many grains […]

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The Rollercoaster Ride of Retirement: How to Survive Market Meltdowns

Today’s post is a guest post from The Wall Street Physician, a former Wall Street trader turned physician who blogs on investing topics pertinent to physicians and high income professionals like us. Regular readers of this site should be familiar with the good doctor, as his writings have been featured a number of times in The Sunday Best. His posts have also appeared on KevinMD and The White Coat Investor, and I’m honored to share a post of his here with you today. Let WSP take you through the scenarios, and stick around for my comments at the end!   […]

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Don’t Retire To Something. Retire On Something.

hobie blue sky

Retire On something. And With something. And From something. And Under something. And Before something. And In something. And For something.   If you’ve read any advice related to early or standard retirement, you have encountered the following mantra: “Don’t retire From  something. Retire To  something.” Retire To Something is great advice and I’m not here to dismiss or disparage it. I could have just as easily written this post with the quote as the title, but where’s the fun in rehashing advice that appears on the pages of hundreds of other articles and forum threads on the subject? So […]

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The Ultimate Hedge Against Future Uncertainty

Navy Pier Ride

Dr. Curious was kind enough to submit today’s guest post on a topic that is near and dear to me and my readers. The good doctor is a radiologist married to a pediatrician. They’ve got two young human children and another of the canine variety. He started a blog of his own several months ago to explore his curiosities on life, money, and more in a two-physician household. If you enjoy this post, be sure to check out more thoughtful and curious posts at his site My Curiosity Lab. Dr. Curious, tell us more about this ultimate hedge against future uncertainty.     […]

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How To Punch Out of Medicine in 10 Years

wakeboard boat powell lake

Today’s Saturday Selection from The White Coat Investor is a guide to moving on from medicine in about as little time as possible. Personally, I didn’t punch out after 10 years, but I did realize I was in a pretty darned good position to do so in my tenth year out of residency. I didn’t follow this plan exactly, but whatever I lost in silly mistakes and departures from the prescription, I made up for with extra work and income. This post originally appeared just over a year ago on The White Coat Investor, and has been updated with some […]

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Social Security and Early Retirement: Know Your Bend Points!

Cheboygan River Sunset

Social Security is something we aspiring early retirees don’t spend much time talking about. While we may notice how much we’ve kicked in ($7,886.40 from me and $7,886.40 from my employer this year), we tend to largely ignore it when calculating safe withdrawal rates and our annual cashflow. If we mention it all, it’s usually with an asterisk because it’s so far off and somewhat uncertain. In all likelihood, some money will be there. The calculations may be different than they are today, but that’s true anytime we make projections based on current tax code, and that’s something we do […]

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What’s Your Part Time Number?

I recently revealed my plan to decrease my workload as a part-timer this fall. I detailed the schedule and the math behind the taxation in a post on this site (So Long, Full Time Employment!) and the news has also circulated amongst my real-life colleagues at work. While I do get my share of quizzical looks due to my relatively young age of 41, I honestly haven’t been on the receiving end of much negative feedback, at least not to my face. More often than not, the response is some combination of “good for you,” and “I wish I could […]

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Retired from Medicine at 37: The Finances Behind Her Decision

newborn baby

Today’s article is a guest post from Valerie A. Jones, MD, a way early retiree who left behind a medical career at the ripe young age of 37. To learn why, check out her post at OB Doctor Mom entitled Retired at 37: Breaking Up With a Career in Medicine. To learn about the finances that allowed her to do this, read on.   I am a 37-Year Old Retired OB/Gyn   Usually, when I tell people I retired from my physician career at age 37, they respond with shock. Some look at me like I am the most foolish person they […]

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Confessions From a Physician Who Failed Early Retirement

May 2017 calendar

Today’s article is a guest post from Douglas Segan, MD JD, a doctor and lawyer who seems to like going to work as much as he did going to school. Dr. Segan is an expert on insurance and asset protection, having written on the topics in numerous guest posts at The White Coat Investor. I am honored that he asked to share a story that fit best on this site — the story of the failed early retiree. Let’s hear it, Dr. Segan, Esquire. I Tried to Retire Early   Financial independence is an admirable goal for every physician. I believe […]

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Beyond Enough

louvre sculptures

Today’s article is an original guest post from the White Coat Investor. Like the good Dr. Dahle, I have crossed the threshold of having Enough to consider our family financially independent, but I continue to work one more year after another. Read further as he delves into some of the lifestyle and financial considerations for those of us in the extremely fortunate position of having Enough and then some.   Beyond Enough   Physician on FIRE (the blog, not the person) is all about Financial Independence and Retiring Early. Over the last year or so, I’ve had to grapple with […]

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Early Retirement Chose Me

Vieques Plane

Why on earth would someone put themselves through twelve years of education and training for a career of only twelve years? It’s a great question, and one that I had best be prepared to answer again and again.  It’s looking more and more likely that I will begin a sabbatical in 2018 or 2019, and my time away from clinical medicine will be extended and perhaps permanent. If I put myself in the position of an outsider looking in at this situation, it doesn’t make a lot of sense. Here’s a guy who saves all this money just so he can quit […]

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Should I Take 40 Weeks Off Every Year?

john mulligan dublin

Here’s a job description to consider.   Wanted: Anesthesiologist to work extraordinarily family friendly schedule. Work one week a month or three weeks every three months. Call is negotiable, but not required. Salary: $72,000 to $108,000 per year. Well, that sounds like a dream job, now doesn’t it? The salary would be enough to cover our typical expenses, and I’d have a boatload of time off to do all those things I wish I had more time to do. If I were willing to accept the low end of that pay scale, I wouldn’t even have to take call! Where […]

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My Retirement Outlook is Rainy? The Problem With Assumptions

Just when I’m starting to feel good about my future, Transamerica rains on my future parade with a lousy e-mail. “Your retirement outlook is… Rainy.” They insert a cute little stormy cloud in case I didn’t get their point the first time.     Do these downer e-mails leave me in a state of despair? Of course they don’t. I know something that Transamerica doesn’t. Namely, that the money I’ve got stashed in their accounts represents less than 20% of my retirement assets. The rest is in Roth and taxable accounts with Vanguard. It’s not entirely Transamerica’s fault. After all, I didn’t […]

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