Any pharmacists retiring early?

[wagrxm2000]

I'm guessing this thread may stay empty since most are recent grads but is there anyone here that retired/plan on retiring early and if so what do you do with your time?

After 16 years and the kids quickly approaching college (I have a fund but seeing as I paid for mine, they will be paying for a majority of theirs), work won't be very important anymore.

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[Amicable Angora]

I'm guessing this thread may stay empty since most are recent grads but is there anyone here that retired/plan on retiring early and if so what do you do with your time?

After 16 years and the kids quickly approaching college (I have a fund but seeing as I paid for mine, they will be paying for a majority of theirs), work won't be very important anymore.

You never know what happens in life. One of your kids could end up failing out of college and needing to rely on you for financial aid for the rest of their lives.

 

[wagrxm2000]

You never know what happens in life. One of your kids could end up failing out of college and needing to rely on you for financial aid for the rest of their lives.

I'm creating this to see if anyone here is or did retire early not for situations where you can't.

 

[Eichhoernchen]

Yes, can you guys please retire so we can pay our student debt? Lol

 

[Gombrich12]

Most of the pharmacists I know think they will be working till damn near 70. They don't seem to realize just how replaceable they are and how pharmacists are viewed by management.

 

[Amicable Angora]

I'm creating this to see if anyone here is or did retire early not for situations where you can't.

What I'm saying is, you THINK you can retire, and bam a few years later, your kids end up being useless which was unanticipated.

 

[wagrxm2000]

What I'm saying is, you THINK you can retire, and bam a few years later, your kids end up being useless which was unanticipated.

Again I'm just looking to see if anyone here has retired early. Not scenarios.

I don't have high hopes but all other threads are practically the same thing.

 

[BMBiology]

I may be able to retire in my early 50s if I play my card right in the next few years. I am in my 30s now so I still have some time to go.

I am not frugal but I am a big saver and I invest.


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[PAtoPharm]

I may be able to retire in my early 50s if I play my card right in the next few years. I am in my 30s now so I still have some time to go.

I am not frugal but I am a big saver and I invest.


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Didn't you say in another thread a while back that you were making six figs/year off your investments?

 

[PAtoPharm]

I'm guessing this thread may stay empty since most are recent grads but is there anyone here that retired/plan on retiring early and if so what do you do with your time?

After 16 years and the kids quickly approaching college (I have a fund but seeing as I paid for mine, they will be paying for a majority of theirs), work won't be very important anymore.

If you don't mind me being nosy (nobody knows our first names on here, LOL), can I ask approx. how big your retirement account is? Are you getting close to the point of being able to simply stop working and retire completely, or are you talking about reducing your hours to PT (10-15 hrs/week)?

 

[BMBiology]

Didn't you say in another thread a while back that you were making six figs/year off your investments?

Yup..just to be honest with you I don't think I would have been able to duplicate the same result if I had graduated today.

I got into pharmacy school when it was difficult so when I graduated there was a shortage of pharmacist. Finding a job was easy but then the economy collapsed. I kept on working hard, paying off my student loans, investing in my retirement fund. Things were dirt cheap back then. That was the key. I invested and it is paying off.


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[BMBiology]

The problem with many people is that they don't like to or feel comfortable talking about money so they are ignorant when it comes to money.

If you make good money and people know about it then they become jealous of your success. Instead of learning from you, they feel like crap around you because you are better off. I didn't learn how to make money from my parents because they didn't have any money. I learned it from successful people. People who have actually "made it". It is not even that difficult.


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[wagrxm2000]

If you don't mind me being nosy (nobody knows our first names on here, LOL), can I ask approx. how big your retirement account is? Are you getting close to the point of being able to simply stop working and retire completely, or are you talking about reducing your hours to PT (10-15 hrs/week)?

Its in the 500ks, the second I was able to contribute I did which I believe everyone should do. I believe back then max was 10,500 so it has quickly moved up and might be 18.5 next year or after that. I along with my wife also max our ira. She doesn't do a 401k outside her match since that would be overkill. Its not much though.

Yes, I wouldn't fully retire I would hopefully go part time. This obviously will depend on what the market is like in ten years. I would hopefully rely on the salary of 16 to 24 per week and drain my trading account and index fund until I completely retire.

 

[rph3664]

I did in 2012. It's a VERY long story that I don't wish to tell again, but I realized that I could, so I did, and I've had 100% support for my decision and no regrets so far. Still licensed in 3 states, too and have no intention of giving that up; I worked too hard for those to completely walk away. You never know what might happen in the future.

I was 48 years old, and did not have children. My portfolio is very diversified, and I put myself on an allowance that meets my needs; my home-based business isn't enough to live on but it keeps me busy and provides a little extra money.

 

[wagrxm2000]

I did in 2012. It's a VERY long story that I don't wish to tell again, but I realized that I could, so I did, and I've had 100% support for my decision and no regrets so far. Still licensed in 3 states, too and have no intention of giving that up; I worked too hard for those to completely walk away. You never know what might happen in the future.

I was 48 years old, and did not have children. My portfolio is very diversified, and I put myself on an allowance that meets my needs; my home-based business isn't enough to live on but it keeps me busy and provides a little extra money.

Well its good to hear someone has done it.

 

[pezdispenser]

I've considered it. I'm in my mid-30s now, and could probably reach the point where I could retire comfortably in my 40s. Even if I get laid off today, I'll be fine for 10+ years but will probably go back to work perhaps in a different field.

The thing is, I'm enjoying working as a pharmacist right now. A lot of it has to do with the fact that I've paid off all my student loans, car loans and my mortgage. So I'm not slaving away just to see all my hard earn money go right out the door in debt payments. Instead, I get to keep it and watch it pile up, or spend it and enjoy it. Makes a huge difference in your attitude towards work and money.

I don't mind talking about my money either because I'm not vying to be the richest guy on the internets, and I've earned it all through honest, hard work. Not through narcotics or compounding scams, or cheating on my taxes. So here it is, and anyone is welcome to critique my finances:

Assets:
400k house paid off
200k 401k
60k Roth (original contributions can be withdrawn tax and penalty free)
100k in taxable accounts
car worth 20k, paid off

Liabilities: 1-2k on credit cards that get paid in full every month
Net worth: 780k

168k gross income
-18k 401k
-32k federal income taxes, 0 state
-10k SS and Medicare
=108k take-home
-18k base living expenses
=90k disposable income

So what to do? Keep loading up the retirement and investments? Remortgage the house? Work less? Splurge more?

 

[Old]

Most of the pharmacists I know think they will be working till damn near 70. They don't seem to realize just how replaceable they are and how pharmacists are viewed by management.

Yes, we know we are replaceable but so are you. We all are. Keep in mind that pharmacist salaries weren't the same years ago. My first job after being licensed was with an independent pharmacy making 7.50 per hour which was the going rate back then. Steel mills back then paid 2 to 3 times as much per hour.

Its funny but I read comments on here that the "baby boomer generation" spent money like there was no tomorrow. We did not make the same $ as the salaries today. We also wanted our kids to have more opportunities than what we did so we probably spent more on them than necessary. I doubt that any of us have regrets about that.

We paid for our kids college education which was something we never had done for us because our parents couldn't afford it. . If I were retired and our kids were struggling to survive working at the gas station or Walmart I would be ashamed of myself. Like another poster said we don't know the path our kids lives will take. We chose not to burn up our assets and save some so our kids lives maybe better or they will have the help they may need someday. Seriously, if you place your early retirement or not helping your kids get a start in life first, you should never have had kids. Maybe a plant or two.

So, I think if you asked some of those old pharmacists why they are still working , my guess is because of the above. Sometimes you have to put family before yourself. We, the old ones, aren't really that dumb. "Old" said it best once. We, as are you, are held by "Golden Handcuffs" with the pay check we get. However, those high paying salaries seem to be going down quite a bit in a lot of areas as well are hours available to new grads. The gold is starting to tarnish.

I am fortunate that I could leave tomorrow on my own or otherwise and be just fine. It gets closer and closer and I couldn't be happier. I truly feel bad the new pharms coming out.

 

[rxdawg21]

I definitely envisioned retiring in my late 40's when in high school dreaming of becoming a pharmacist. Got into a state school in 2009 and should have had <40k in loans had the state not changed the HOPE scholarship last second and a grocery store I was working for stop offering their 5k a year scholarship the year I got in. Instead I ended up with 80k, and married another pharmacist with almost double the debt load, fortunately we should be able to do PSLF for her and end up only paying about 80k for her loans as well over 10 years.

We max out our 401ks right now, with the match that is 46k a year. We don't have much savings as we have just started our working career and had to pay for a modest wedding, nice honeymoon, etc. We like to vacation so probably spend 6-8k a year minimum on that, more some years especially when we plan on going to Europe. Now that we work at a place with a pension I plan on retiring at 57. Maybe earlier if the market does better then my 5-6 % estimated return. We should have >4million in 401k at 57 if the market returns 5-6% and would each pull in 40-50k a year in a pension.

Of course no one knows future returns, inflation, etc.

We are also planning on starting a family in the next few years so I'm sure that will eat into our savings outside of 401k.

I have less then 4 years on my student loans (at 3.5%), and both our vehicles (1.69%) so no hurry to pay them off ahead of time (except the student loans if I get extra money saved up), I'm focusing on liquidity. With those 3 things paid off it'll free up an extra 2k to 2100 a month in cash flow.

We make a relatively low salary at just at 100k (each) give or take a few k. So we don't have a huge sum left over, about 1000-1500 a month, are in a modest house at 250k+ purchase price.

 

[wagrxm2000]

Its good to see there are some smart savers out there.

 

[wagrxm2000]

While I don't believe you should just kick your kids out right when they turn eighteen, I do believe they should be responsible for their future. I would definitely help them if needed.

I come from a family of hard workers. My parents have very little college education but made sure I had a good childhood. I have been with my wife since high school and worked throughout my schooling. It allowed me to have very few loans since we lived off her paycheck. This helped us out tremendously. This is what I expect out of my kids. Work hard and you'll come out fine.

 

[rxdawg21]

We paid for our kids college education which was something we never had done for us because our parents couldn't afford it. . If I were retired and our kids were struggling to survive working at the gas station or Walmart I would be ashamed of myself. Like another poster said we don't know the path our kids lives will take. We chose not to burn up our assets and save some so our kids lives maybe better or they will have the help they may need someday. Seriously, if you place your early retirement or not helping your kids get a start in life first, you should never have had kids. Maybe a plant or two.
QUOTE]




This rings home for me, my family wasn't well off, but was well off enough to help their kids out. Unfortunately, my parents were more concerned with having material things, and living for themselves then helping their kids out at all. One of my brothers received help during college (rent and some food money) due to losing his HOPE scholarship and being viewed as less likely to succeed (said brother thought partying and living life was more important then his grades) while I chose the latter help and didn't receive a dime other then car insurance and cell phone. Needless to say I wasn't happy about that. I hope to do better by my kids if I am fortunate to have them

 

[rxdawg21]

While I don't believe you should just kick your kids out right when they turn eighteen, I do believe they should be responsible for their future. I would definitely help them if needed.

I come from a family of hard workers. My parents have very little college education but made sure I had a good childhood. I have been with my wife since high school and worked throughout my schooling. It allowed me to have very few loans since we lived off her paycheck. This helped us out tremendously. This is what I expect out of my kids. Work hard and you'll come out fine.

I worked throughout my schooling, it allowed me to pay my rent and some food as I made about 10k a year. School was close to 20k a year at a public university. To pay for gas, activities etc. I spent a little extra then 10k a year. Rent was around 5k. I do not want my children burdened with debt before they have a chance to start their lives. I wont pay for a private school (unless significant scholarships are involved) but I will try to pay as much as I can afford to assure they aren't in debt when they graduate.

I also know of families whose single kid came home after college and lived their just like in high school and was able to save 80% of their income. That gives you a huge head start in life, which I think is invaluable and as a parent what you should want for your kids. (not every kid would want this obviously)

 

[wagrxm2000]

I worked throughout my schooling, it allowed me to pay my rent and some food as I made about 10k a year. School was close to 20k a year at a public university. To pay for gas, activities etc. I spent a little extra then 10k a year. Rent was around 5k. I do not want my children burdened with debt before they have a chance to start their lives. I wont pay for a private school (unless significant scholarships are involved) but I will try to pay as much as I can afford to assure they aren't in debt when they graduate.

I also know of families whose single kid came home after college and lived their just like in high school and was able to save 80% of their income. That gives you a huge head start in life, which I think is invaluable and as a parent what you should want for your kids. (not every kid would want this obviously)

I would be completely fine with them living with us after college. Their rooms will be empty anyways until I decide to do anything with them. They can live rent free but will pay for everything else.

 

[PAtoPharm]

I will have probably close to $200k or more in loans when I graduate in 2020. Assuming I am able to find a full-time job here, should I consider living at home and paying off my loans as quickly as possible? Or should I just resign myself to doing IBR and start saving as much as I can of my monthly paycheck in a retirement account? I don't know if I'll be able to do this, but I will see about living at home for at least 6-12 months after graduating.

 

[wagrxm2000]

I will have probably close to $200k or more in loans when I graduate in 2020. Assuming I am able to find a full-time job here, should I consider living at home and paying off my loans as quickly as possible? Or should I just resign myself to doing IBR and start saving as much as I can of my monthly paycheck in a retirement account? I don't know if I'll be able to do this, but I will see about living at home for at least 6-12 months after graduating.

I'm all for being debt free. If and that's a big if you can find full time that's near your parents and your single I would try staying there for three years. Again if you can pull in $120k there's no reason why you can't live under $20 to $30k per year and toss $60k at your loans for 3 years. If you're dating you just have to be straight up with them and if they are "the one" they should understand you are living cheap now so you don't have to stress over it. Hopefully they have a job which would make things easier.

 

[PumpkinSmasher]

Partner and I plan on retiring or cutting back a lot in late 50s hopefully. Currently in our young 30s working fulltime.

-We max out 3 tax deferred accounts., along with employer match it ends up being ~60k
-I have a pension (who knows how much it will be when i retire if I stay with the company).
-We also backdoor money into Roth IRA, 10 year
-Rental properties are co owned with family members

-Mortgage note has ~800k left.
-one car paid off and the other at low rate with 15k left.
-putting away money in state sponsored college savings plan for kid college
-student loans will be paid off for me in 6 years and for my partner in 10yrs. Both have interest rates below 3%

Will be looking at other investment opportunities. We save fairly heavily but also love to travel very nicely and enjoy our hobbies, so we could probably invest more and pay down somw more debt but are happy with things right now.

Anyway if all goes well we hope to retire in our late 50s. I think we are saving well and hopedully will keep it up

 

[radio frequency]

Retiring early or at least being financially independent is part of my plan. I'm a newish grad, but this was part of the plan even before school. $42k left on loans. I own my car outright. Meeting the match until loans are paid off next year, then planning to max out the 401k and an IRA for myself and the sig fig. Currently maxing out the HSA, too. I like being frugal, it's a winnable challenge and rather fun.

If my calculations are right, it will probably take 15 years before I'm really free to choose my work. Honestly, I'll probably always work, but would prefer to cut back on hours, travel more, and seek more creative outlets in my free time.

 

[Wickett]

I'm all for being debt free. If and that's a big if you can find full time that's near your parents and your single I would try staying there for three years. Again if you can pull in $120k there's no reason why you can't live under $20 to $30k per year and toss $60k at your loans for 3 years. If you're dating you just have to be straight up with them and if they are "the one" they should understand you are living cheap now so you don't have to stress over it. Hopefully they have a job which would make things easier.

Yes. This. I know it's fashionable for some to say it's better to pay the minimum and invest the rest, but for me personally, you can't underestimate the freedom and flexibility being free from school loan debt will provide.

I would rather not maximize supposed future returns and instead know I can leave a situation/the profession if I choose to or if something unforeseen affects my ability to work.

I just graduated with about 130k in loans. With a 132k salary starting salary, combined with my girlfriend working, we are dumping about 5.5k/month into my loans starting this fall to get rid of it within 2.5 years.

 

[pezdispenser]

Its good to see there are some smart savers out there.

Actually, I have renewed faith that there are a lot of smart but quiet savers out there from every generation from Boomers to Millennials. Just look at The Millionaire Next Door, Dave Ramsey's Millionaire Theme Hour, and Bogleheads forum. Unfortunately the only people you hear from are those who didn't save and are crying out for the government to help them.

 

[wagrxm2000]

Actually, I have renewed faith that there are a lot of smart but quiet savers out there from every generation from Boomers to Millennials. Just look at The Millionaire Next Door, Dave Ramsey's Millionaire Theme Hour, and Bogleheads forum. Unfortunately the only people you hear from are those who didn't save and are crying out for the government to help them.

I actually listened to that a month ago.

 

[rxdawg21]

Actually, I have renewed faith that there are a lot of smart but quiet savers out there from every generation from Boomers to Millennials. Just look at The Millionaire Next Door, Dave Ramsey's Millionaire Theme Hour, and Bogleheads forum. Unfortunately the only people you hear from are those who didn't save and are crying out for the government to help them.

I've been amazed at how many 60+ year old people are using cocaine yet can't support themselves. I wonder why (it's actually not rare at all to see this where I work, at least weekly).

You are a bad person if you don't want to take care of your fellow American who is broke due to just bad luck. They weren't fortunate. You are fortunate, it is by good grace that you got into pharmacy school, you were blessed with intelligence and most likely came from a good stable family environment. most importantly you were born in the USA and not some 3rd world country (sarcasm*)

Just in my close circle of friends/family I have several that are living for today, saving nothing, going on trips, sport events, concerts multiple times a month. Most of these people make <100k and are in jobs that quite frankly could end at any moment (not critical positions). I guarantee they will be the ones without anything. If you want to live for today that is fine, you shouldn't expect the rest of the population to care for you when your out of a job etc cuz you didn't have the discipline and foresight to save money for a rainy day. (I am all for helping people get back on their feet/need it, it's just sickening how average young americans live then bitch about not having money etc.)

I'm actually quite envious, I wish I could just blow my money and live for today, I care about my future however, hopefully the government doesn't take it from me.

 

[PumpkinSmasher]

I've been amazed at how many 60+ year old people are using cocaine yet can't support themselves. I wonder why (it's actually not rare at all to see this where I work, at least weekly).

You are a bad person if you don't want to take care of your fellow American who is broke due to just bad luck. They weren't fortunate. You are fortunate, it is by good grace that you got into pharmacy school, you were blessed with intelligence and most likely came from a good stable family environment. most importantly you were born in the USA and not some 3rd world country (sarcasm*)

Just in my close circle of friends/family I have several that are living for today, saving nothing, going on trips, sport events, concerts multiple times a month. Most of these people make <100k and are in jobs that quite frankly could end at any moment (not critical positions). I guarantee they will be the ones without anything. If you want to live for today that is fine, you shouldn't expect the rest of the population to care for you when your out of a job etc cuz you didn't have the discipline and foresight to save money for a rainy day. (I am all for helping people get back on their feet/need it, it's just sickening how average young americans live then bitch about not having money etc.)

I'm actually quite envious, I wish I could just blow my money and live for today, I care about my future however, hopefully the government doesn't take it from me.

If you are able then you should create a balance between living in the now and saving. You could die tomorrow or you could live until 100, embrace both possibilities at some level and enjoy life responsibly...Be well.

 

[Humble Sloth]

I definitely envisioned retiring in my late 40's when in high school dreaming of becoming a pharmacist. Got into a state school in 2009 and should have had <40k in loans had the state not changed the HOPE scholarship last second and a grocery store I was working for stop offering their 5k a year scholarship the year I got in. Instead I ended up with 80k, and married another pharmacist with almost double the debt load, fortunately we should be able to do PSLF for her and end up only paying about 80k for her loans as well over 10 years.

We max out our 401ks right now, with the match that is 46k a year. We don't have much savings as we have just started our working career and had to pay for a modest wedding, nice honeymoon, etc. We like to vacation so probably spend 6-8k a year minimum on that, more some years especially when we plan on going to Europe. Now that we work at a place with a pension I plan on retiring at 57. Maybe earlier if the market does better then my 5-6 % estimated return. We should have >4million in 401k at 57 if the market returns 5-6% and would each pull in 40-50k a year in a pension.

Of course no one knows future returns, inflation, etc.

We are also planning on starting a family in the next few years so I'm sure that will eat into our savings outside of 401k.

I have less then 4 years on my student loans (at 3.5%), and both our vehicles (1.69%) so no hurry to pay them off ahead of time (except the student loans if I get extra money saved up), I'm focusing on liquidity. With those 3 things paid off it'll free up an extra 2k to 2100 a month in cash flow.

We make a relatively low salary at just at 100k (each) give or take a few k. So we don't have a huge sum left over, about 1000-1500 a month, are in a modest house at 250k+ purchase price.

Have you considered buying out an independent? with you and your wife as pharmacists it would be easier to staff and the pay is better than retail or hospital. Of course this would then make your wife ineligible for income based repayment.

The data reveal that independent pharmacy owners are doing better than you might expect. In 2014, the average pharmacist owning a single pharmacy earned about $228,000. The number of independent pharmacies continues to hold steady.

 

[rxdawg21]

If you are able then you should create a balance between living in the now and saving. You could die tomorrow or you could live until 100, embrace both possibilities at some level and enjoy life responsibly...Be well.

I definitely enjoy my life now, just not to the extent that I wish I could (taking more sensible vacations at this stage instead of the extragavant 2 weeks a year in Europe). But I definitely agree with a good balance.

Have you considered buying out an independent? with you and your wife as pharmacists it would be easier to staff and the pay is better than retail or hospital. Of course this would then make your wife ineligible for income based repayment.

The data reveal that independent pharmacy owners are doing better than you might expect. In 2014, the average pharmacist owning a single pharmacy earned about $228,000. The number of independent pharmacies continues to hold steady.

That is something I would consider if the town was right and the pharmacy was right. Most Pharmacy's that we evaluated in school would cost a pretty penny to buy out, then that expense on top of having to foot the cost for my own health insurance, etc. I would want to make a tad more then $228,000, depending on the volume. I know the Wal-mart I use to work at was doing quite well, they also did 3k +a week in script count, not an easy feat to build up to with the current climate.

For me personally the current environment (and uncertain future) makes me hold off from looking into it further. Maybe that will change in the future.

 

[PAtoPharm]

I'm all for being debt free. If and that's a big if you can find full time that's near your parents and your single I would try staying there for three years. Again if you can pull in $120k there's no reason why you can't live under $20 to $30k per year and toss $60k at your loans for 3 years. If you're dating you just have to be straight up with them and if they are "the one" they should understand you are living cheap now so you don't have to stress over it. Hopefully they have a job which would make things easier.

At this point, I am never planning on getting married, and I absolutely know for a fact that I don't want to have kids, so the logistics & lifestyle factors associated with living with my family shouldn't present too much of an issue when it comes to social factors. I think the main variable that is still up-in-the-air at this point is whether or not my family will still be living here, whether they'll actually want me living with them when I'm well into my 30s, etc.

 

[lord999]

I'm in a similar position to Pez (paid 30k/year less though ) but kicked myself upstairs to a position where I don't have direct professional liability anymore and everyone I interact with is seen on my terms. It's financially possible for me to retire without any spending sacrifice in 6 years (I can retire today and immediately due to a rolling buyout offer in the civil service right now, draw a $32k/year pension, and deal with a $350k 401k or I can wait for 6 years and draw a $50k/year pension and deal with a $380k pension since it's all stack in extremely conservative things now). If I wait to retire at Social Security age, the pension would be $69k in 2015 dollars and who knows what my 401k would be (probably only $500k due to the no growth).

I don't know what the future holds and I know I wouldn't right now as we face a 1970s situation at least right now. I'm rather uneasy about the future in terms of inflation. Even in the private sector, for the very senior Walgreens pharmacists who retired at the final year with pension eligibility in the 1990s, at present there is no corporate pension that pays more than $41k outside of Deerfield positions. If you had retired as a pharmacist at my rank and at the ceiling step 30 years ago, my pension would be $26k today and that's without the Carter and most of the Reagan inflation of the 70s-early 80s and with the COLAs of the old system which are better than today's. If you had retired 10 years earlier than that, the absolute max pension being paid out to the GS-18 (yes, that rank used to exist before the SES) is $28k now. I can honestly say that I do enjoy my job, my job is fairly impregnable in terms of being fired for cause, is practically impregnable from layoffs (my RIF order is among the lowest in the VA as I qualify under multiple rules), but I don't know what the future may bring and I don't know what I'd do with that much time. And it may be the wrong thing, but I do have my professional identity tied into my personal one.

A lot of is I think:
1. Do you have a particular reason to not work? I'd even take a career break if I had something that required me to be in prime condition (like surfing or climbing) and then work later into my life. Since mine is reading...
2. Do you have any worries about inflation on the things that matter to you?
3. Do you have dependents that you have to care for?
4. How long do you intend to live post retirement? If 30 years, then it's fairly likely that what provided a comfortable existence when you retired would be threadbare now.
5. Do you have some problem with maintaining a quality of work that doesn't get you sued?

I think the biggest thing in the long run is as you accumulate assets is that you find some way to negate those liabilities that could jeopardize those assets especially ones where the risk is higher the longer you are at it. I used to like line professional work, and still do, but I got out of it after I paid off my house. I found that having all those assets even with a running Pharmacists Mutual plan with the civil liability rider isn't generally enough to survive a lawsuit even now. I think it is too expensive for me to be in a job that has direct professional liability now as I have too much to lose for little gain. Ironic how actually possessing real assets becomes a liability in itself to maintain or protect them.

 

[xiphoid2010]

my entire plan is around retiring around late 50 to early 60's if the money put towards those goals return 6%/yr on average. But knowing myself, I would never fully retire. My father retired pretty recently, and seeing how he turned from a proud research chemist helping to push the frontier of human knowledge into a someone who just killing time makes me realize that I don't want to retire that way. I believe in meaning of life being defined by what a person contributed to the society. To idle away for the last 20 or so years makes me sad.

 

[TheBlaah]

My father retired pretty recently, and seeing how he turned from a proud research chemist helping to push the frontier of human knowledge into a someone who just killing time makes me realize that I don't want to retire that way.

Personally that sounds like a good time to me. But to each his own.

 

[xiphoid2010]

Personally that sounds like a good time to me. But to each his own.

To each his own, I know. But he was someone who drove me forward all those years; someone one I rebelled again and fought with during my youth, but deep down secretely proud of, wanted to be, and look up to as what a man should strive to be -- someone who advanced the greater good through self sacrifice and self discipline. He is now but a shadow of himself, surfing the news, sharing gossipy articles, calling me more than ever to find connection and meaning during his boredom. He was a great man, but seeing him wasting away like this breaks my heart.

 

[wagrxm2000]

To each his own, I know. But he was someone who drove me forward all those years; someone one I rebelled again and fought with during my youth, but deep down secretely proud of, wanted to be, and look up to as what a man should strive to be -- someone who advanced the greater good through self sacrifice and self discipline. He is now but a shadow of himself, surfing the news, sharing gossipy articles, calling me more than ever to find connection and meaning during his boredom. He was a great man, but seeing him wasting away like this breaks my heart.

I don't think this is what anyone wants to do when they retire early. While I enjoy what I do, after doing this for 25 years I'm not going to be as committed.

I'll probably "try" to stay on as part time but early retirement is about doing what you enjoy again.

You can have the greatest job in the world but doing it for 30 years will get boring.

 

[sakigt]

Right now Im scheduled Part time with benefits 50 hours PPP. My goal is to stop picking up extra shifts and just do that for the rest of my life. Its tempting to go full time with nicer hours (right now Im evening shift) but my clinical job is sweet and I was grandfathered into my pension plan that increases until 30 years and Ive been at the same place since I was 19 years old. The plan is calculated on # of years in and final 5 years salary before retirement so I may do something with that. I may retire at 60 or 62 to travel/babysit/volunteer. Being the pharmacist at the local zoo sounds like fun

 

[txpharmguy]

Have about $1.2M in assets (excluding house which will be paid off in a few more years). We have no other debt except the monthly credit card bill we pay off in full each month. I have 3 teenagers. We contribute quite a bit to their 529s. Once they're on their own, I'll probably work part time and my wife won't work at all. (She's also a pharmacist, but works part time). I'll probably work some until I'm dead. I'm a a cheap bastard and could live on a lot less, but I don't want my kids to have to work full time in college (like I did for pharmacy school). All my neighbors have bigger houses and nicer cars, but I'm sure they're far from being paid off

 

[El Trombopag]

For some, the 'marry well' plan can help. My amazing wife is pretty much covering our retirement on her own. Successful software engineers...she makes over twice what I do and doesn't look nearly as beleaguered after a day of work


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[txpharmguy]

For some, the 'marry well' plan can help. My amazing wife is pretty much covering our retirement on her own. Successful software engineers...she makes over twice what I do and doesn't look nearly as beleaguered after a day of work app

So true, want to marry the "take home mom" type vs "take home to dad" type
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[boriqua]

wish i could retire right now. and i'm only 26 lol