Chief among the benefits is the ability to retire early; your investments should adequately provide for your spending needs indefinitely at a withdrawal rate less than or equal to four percent.
But what if, like me, you’re not ready to hang up the stethoscope quite yet. You know you’ll miss your patients and colleagues, and frankly, you’re too young and good looking to be retired!
OMY syndrome is often looked down upon in the forums as a weakness in fortitude. If you can afford to retire early and choose not to, you are clearly guilty of some sort of moral failing.
In one year, a physician with a high savings rate can not only cover living expenses for the year, but also put away anywhere from $50,000 to $250,000 or more depending on specialty and salary.
What if you let your OMY money ride? Using a compound interest calculator, you can see that $200,000 left alone for 40 years can be expected to become millions.
My OMY giving plan is this: use my last several years of paid employment to build up a sizable DAF, giving up to 30% of adjusted gross income (AGI) each year until the DAF is equal to 10% of my own invested assets.