How Much Money Does a Doctor Need to Retire?

Thousands of people retire every day with less than one million dollars in retirement assets, and many physicians can retire quite comfortably with retirement assets in a range of $2 Million to $5 Million in today’s dollars.

What’s your number? Let’s examine the variables to come up with our best guesstimate.

Examine Your Current Lifestyle

A good starting point is to track your spending. What does your life look like today? What creature comforts have become customary? How much do you spend in a year?

Determine Your Anticipated Retirement Spending Needs

Once you’ve determined about how much your household spends right now and what expenditures you could live without if necessary, you can estimate what your future spending needs might be.

How Long Will You Be Retired?

I like to use estimates of living to 85 to 100 years of age. If you retire at 55, expect to be retired for 30 to 45 years. Retiring at 70? Expect another 15 to 30 years. Retiring exceptionally early at 43 as I did? Plan to fund the next 42 to 58 years!

What’s your number? At what age do you think you could achieve it?

Check out the full article by clicking Read more below.

Want to learn more? Visit us at...

Physician on FIRE

more articles...

Top Paid Medical Surveys in 2021

Investing Basics for Professionals With Little Time or Experience

Credit Cards for Free Travel & Cash Back