Will You need $10 Million to Retire?

How much money does a doctor need to retire and enjoy a typical “doctor retirement”?

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The number will vary from person to person depending on a wide variety of circumstances, but that shouldn’t stop us from coming up with an estimate for you.

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How Much Money Does a Doctor Need to Retire?

$10 Million is a lot of money. Few physicians will ever be able to claim a net worth of $10 Million, let alone retirement savings of $10 Million.

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A good starting point is to track your spending. When I tracked mine for a few years, I used Personal Capital; others find You Need a Budget more useful.

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You may choose to downsize your home or move to a lower cost of living area. You’ll be able to drop disability and term life insurance.

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A longer retirement may require a lower initial withdrawal rate or plans to either increase income or decrease spending if needed.

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If you plan to retire within the next five years, you can probably get by with less than a $10 Million dollar nest egg. Probably a lot less.

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If your risk tolerance is low, you’ll sleep best with a nearly 100% chance of having your money last a lifetime.

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If your risk tolerance is high, you could be happy with a projected success rate of greater than 50%.

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Will You need $10 Million to Retire?

How much money does a doctor need to retire and enjoy a typical “doctor retirement”?

The number will vary from person to person depending on a wide variety of circumstances, but that shouldn’t stop us from coming up with an estimate for you.

How Much Money Does a Doctor Need to Retire?

$10 Million is a lot of money. Few physicians will ever be able to claim a net worth of $10 Million, let alone retirement savings of $10 Million.