Career Change or Early Retirement at 33 (1 Million NW+)

[quickpic007]

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For those in a similar situation, how do you proceed?

I've been feeling the itch to get out for some months now. Maybe its browsing here and reddit pharmacy too much.

Retailer just keep upping the metrics and workload. I enjoy only half my shifts...When I first got licensed everyday in retail was a challenge, and enjoyable daily. Now, many days I return home exhausted..

Is this just burnout? I know I am well paid (140+), but I am uncertain this is the best use of my time after hitting the 1M mark...

Thanks

 

[PharmDminus]

For those in a similar situation, how do you proceed?

I've been feeling the itch to get out for some months now. Maybe its browsing here and reddit pharmacy too much.

Retailer just keep upping the metrics and workload. I enjoy only half my shifts...When I first got licensed everyday in retail was a challenge, and enjoyable daily. Now, many days I return home exhausted..

Is this just burnout? I know I am well paid (140+), but I am uncertain this is the best use of my time after hitting the 1M mark...

Thanks

congrats on the milestone. I am 34 and only at 800k NW. You have done well. At 4% withdrawal rate in perpetuity, that is only 40k/year, not to mentiob you are not old enough to withdraw 401k without penalty. I always had in my mind 2 million would be a good quitting point

 

[PharmDBro2017]

That doesn't sound like nearly enough to retire, especially at your current age.

All debt paid off? (mortgage and student loans)

 

[quickpic007]

congrats on the milestone. I am 34 and only at 800k NW. You have done well. At 4% withdrawal rate in perpetuity, that is only 40k/year, not to mentiob you are not old enough to withdraw 401k without penalty. I always had in my mind 2 million would be a good quitting point

I used to have the 2M figure in mind, but there is no way I can do this job till 2M...

800 @34 is quite an accomplishment as well.Glad to hear others in the same boat

That doesn't sound like nearly enough to retire, especially at your current age.

All debt paid off? (mortgage and student loans)

Looking for decent investments as always to live off the 1M...

No house, no mortgage. No loans or debts...

 

[pezdispenser]

You don't have to leave pharmacy altogether. Just get out of retail. It just sucks. It was affecting my personal life as well because I was also exhausted and crabby all the time. So I left retail 7 years ago for a work at home data review job with no customer contact and it's total bliss. No stress and I'm relaxed even after a 10 hour shift. I can even watch my stocks and stuff during the day.

 

[wagrxm2000]

The biggest question (s) you have to ask yourself is if your net worth doesn't increase with inflation will you still be ok when prices double?

More importantly, what are you going to do with yourself?

 

[CetiAlphaFive]

For those in a similar situation, how do you proceed?

I've been feeling the itch to get out for some months now. Maybe its browsing here and reddit pharmacy too much.

Retailer just keep upping the metrics and workload. I enjoy only half my shifts...When I first got licensed everyday in retail was a challenge, and enjoyable daily. Now, many days I return home exhausted..

Is this just burnout? I know I am well paid (140+), but I am uncertain this is the best use of my time after hitting the 1M mark...

Thanks

Just do PRN work if youre in a metro area

 

[wagrxm2000]

Just do PRN work if youre in a metro area

Yeah I would definitely consider still working.

Most early retirement people either find a hobby that still pays, live cheap (seems horrible), or travel the world which you probably don't have enough for.

 

[lord999]

I'm in the position right now (with better numbers), and I continue to keep working. There's no reason not to, and I know what happens to opt-out workers as I see those resumes from return to work mothers all the time...in the trash.

The Opt-Out Generation Wants Back In

 

[Gombrich12]

I would run out some projections and see if you have enough money to have to never contribute to retirement again and can coast. If that's the case and you don't have to worry out about saving money anymore I would either go part-time or leave pharmacy altogether for a job that enhances your life. I think your biggest challenge with be worrying about health insurance and your health in general.

 

[Sine Cura]

I enjoy approximately 0% of my shifts. However it's work and you get paid decently for this drudgery.

I would not leave pharmacy altogether because it would be pretty much impossible to get back in after a time. I also need health insurance and I would never in a million years get on Medi-Cal (at least not in certain counties) seeing what I see on a regular basis.

Here's a pharmacist who retired at 38 (rural TN) if you haven't come across this:

 

[farmadiazepine]

Net worth of $1 million is too little to even think about an early retirement at age 33. How are you calculating your net worth if you don't mind me asking?

How to set up a personal net worth statement.
Setting up a net worth statement is as easy as creating a simple checklist and doing some basic math.

1. List your assets (what you own), estimate the value of each, and add up the total. Include items such as:
   • Money in your bank accounts
   • Value of your investment accounts
   • Your car
   • Market value of your home
   • Business interests
   • Personal property, such as jewelry, art, and furniture
   • Cash value of any insurance policies
2. List your liabilities (what you owe) and add up the outstanding balances. Include items such as:
   • Mortgage
   • Car loan
   • Credit card balance
   • Student loans
3. Subtract your liabilities from your assets to determine your personal net worth.

 

[Gombrich12]

"Net worth of $1 million is too little to even think about an early retirement at age 33."

Of course, but it buys them the opportunity to now take a job that they may get some enjoyment from or to even work 24/32 hours a week which would be amazing.

 

[Ra1nMak3r]

Work less or do part time and do something you enjoy the rest of your time.

 

[lord999]

I'm in the position right now (with better numbers), and I continue to keep working. There's no reason not to, and I know what happens to opt-out workers as I see those resumes from return to work mothers all the time...in the trash.

The Opt-Out Generation Wants Back In

Also, I too did the numbers, and serve as one of the OPM actuaries for the people still alive who retired in 1988 (30 years ago). Right now, the maximum pension for anyone from that period is $4.5 k. And this is with a low inflation rate over 30 years. If you believe in the demographic destiny that we age out of inflation, you'll have enough if you budget (and that becomes your job). I don't, because I am a believer of how recessions work. Most of you haven't been through one yet, and it does change your outlook on the rice bowl.

I am in my retirement job in the civil service. I made quite a bit more consulting, but I can afford to work for government with the nest egg saved up.

 

[Momus]

Depends on how liquid that NW is... If you have 800k tied to a house and 200k liquid, you ain't retiring anytime soon... If it's all liquid in stock, you can withdraw 3% (safe %, need to be lower the longer your time horizon is), 30k only forever without touching the principal. I honestly can live with that, with some left overs. Can you?

Find something else you are passionate about and pursue it. Cut back a little to 24-32 hours to do it if you must.

 

[BMBiology]

I am in my 30s and I am planning to retire after the next recession.

I don’t see myself doing nothing so I will either work per diem or volunteer as a math tutor.

You need to ask yourself what are you planning to do with your time? How are you going to get health insurance? How are you going to support your family?

If you want to travel, you can do it in 3-6 months.

Yes, get out of retail. Pharmacy is actually pretty good if you don’t work in retail.


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[wagrxm2000]

Net worth of $1 million is too little to even think about an early retirement at age 33. How are you calculating your net worth if you don't mind me asking?

How to set up a personal net worth statement.
Setting up a net worth statement is as easy as creating a simple checklist and doing some basic math.

1. List your assets (what you own), estimate the value of each, and add up the total. Include items such as:
   • Money in your bank accounts
   • Value of your investment accounts
   • Your car
   • Market value of your home
   • Business interests
   • Personal property, such as jewelry, art, and furniture
   • Cash value of any insurance policies
2. List your liabilities (what you owe) and add up the outstanding balances. Include items such as:
   • Mortgage
   • Car loan
   • Credit card balance
   • Student loans
3. Subtract your liabilities from your assets to determine your personal net worth.

I wouldn't do any of this. Unless you plan on selling assests now, just look at anything that's fairly liquid so bank and investments.

 

[wagrxm2000]

I am in my 30s and I am planning to retire after the next recession.

I don’t see myself doing nothing so I will either work per diem or volunteer as a math tutor.

You need to ask yourself what are you planning to do with your time? How are you going to get health insurance? How are you going to support your family?

If you want to travel, you can do it in 3-6 months.

Yes, get out of retail. Pharmacy is actually pretty good if you don’t work in retail.


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So you want to get a place in a tropical area together?

 

[BMBiology]

So you want to get a place in a tropical area together?

I would rather be working until 65!


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[BMBiology]

If you have $1M and the house has been paid for, then I think you can “retire” and work odd jobs here and there.


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[lord999]

I would rather be working until 65!


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I wouldn't plan on it in pharmacy. I think that many of us will be involuntarily retired in our 50s. I think the same thing is happening to IT staff right now.

But your idea of doing some work, odd jobs and precarious labor, that does work too.

 

[gwarm01]

I wouldn't plan on it in pharmacy. I think that many of us will be involuntarily retired in our 50s. I think the same thing is happening to IT staff right now.

But your idea of doing some work, odd jobs and precarious labor, that does work too.

I'm hoping to be in administration by that age because I've seen what happens to the old system's expert when the new one comes along.

Hopefully I'm still young enough whenever Epic is dethroned in the EMR space. I'd like to get one more notch on the belt before I'm sent out to pasture.

 

[wagrxm2000]

NYC is limiting Uber and Lyft. Stupid idea. I had used these yellow cabs and they were horrible.

If there is a traffic problem then the yellow cabs need to get off the road.

New York City just voted to cap Uber and Lyft vehicles, and that could make rides more expensive

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Here's your part time job. Maybe they will pay Uber drivers more?.... Doubtful

 

[quickpic007]

You don't have to leave pharmacy altogether. Just get out of retail. It just sucks. It was affecting my personal life as well because I was also exhausted and crabby all the time. So I left retail 7 years ago for a work at home data review job with no customer contact and it's total bliss. No stress and I'm relaxed even after a 10 hour shift. I can even watch my stocks and stuff during the day.

How often do they hire at WG for this? I'm licensed in mult. states if it helps..

The biggest question (s) you have to ask yourself is if your net worth doesn't increase with inflation will you still be ok when prices double?

More importantly, what are you going to do with yourself?

I'm not sure on the inflation part..How would I protect myself? Save up to 1.5M?

It will be easy, just slow the pace of everything haha. Also pickup new hobbies-pool,pickeball,table tennis, birdwatching. Read books from the library,watch netflix. Work on a garden

I'm in the position right now (with better numbers), and I continue to keep working. There's no reason not to, and I know what happens to opt-out workers as I see those resumes from return to work mothers all the time...in the trash.

The Opt-Out Generation Wants Back In

I'd say if I pull the trigger on this I would be done with retail and hospital work for good!

 

[PromethazineDM]

1 million in high cost area of living is not much (NY, CA, SF) but in another country or flyover state, you can make it stretch.

Also, I would never quit working even if I have 1-2 millions in the bank NW. If your job is stressful, quit and find a less stressful. There are plenty of easy job in LTC and mail order service. Pay is lower but very boring and stress free.

If you have a medical problem/accident, it can wipe you out.

My job is pretty sweet and not stressful. I am taking more vacation and work more on my side jobs.

 

[BMBiology]

1 million in high cost area of living is not much (NY, CA, SF) but in another country or flyover state, you can make it stretch.

Also, I would never quit working even if I have 1-2 millions in the bank NW. If your job is stressful, quit and find a less stressful. There are plenty of easy job in LTC and mail order service. Pay is lower but very boring and stress free.

If you have a medical problem/accident, it can wipe you out.

My job is pretty sweet and not stressful. I am taking more vacation and work more on my side jobs.

Health problem doesn’t whip you out anymore even if you don’t have health insurance. There is no more pre-condition. If you got sick, just enroll in a healthcare plan. Problem solved.


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[wagrxm2000]

1 million in high cost area of living is not much (NY, CA, SF) but in another country or flyover state, you can make it stretch.

Also, I would never quit working even if I have 1-2 millions in the bank NW. If your job is stressful, quit and find a less stressful. There are plenty of easy job in LTC and mail order service. Pay is lower but very boring and stress free.

If you have a medical problem/accident, it can wipe you out.

My job is pretty sweet and not stressful. I am taking more vacation and work more on my side jobs.

Fly over state....... enjoy your high cost of living for no benefits.

 

[PharmDminus]

OP has only been a pharmacist for 5 years and already has $1MM in the bank? That doesn't sound right unless s/he inherited most of it.

Source: I'm worth much, much less than OP

where did she say 5 years? Could have been licensed for 10 years at that age

 

[lord999]

Fly over state....... enjoy your high cost of living for no benefits.

And no state bankruptcy fear and people are generally reasonable and civil.


I've known pharmacists to do this and a couple from my 04 class year did retire with that number from two incomes. I don't think it's the right decision as one bad market forces everyone's flexibility and they have none.

The actuary in me keeps on having to remind people that they outlive their nest eggs, except for the 42 yo retired uniform.

 

[Dr Wario]

Career change is fine, but I would not retire completely unless you had at least 2x your current expenses in cashflow. Remember, when you are less than 60, you are still very active and have a lot of life left to live, you will likely need more money in retirement (whereas the conventional wisdom for normal retirees 65+ is less of a need for money).

The real unfortunate thing is that you really should test out early retirement for at least a year or two before committing, but going back to work with a gap this long in your employment is difficult.

 

[croquemonsieur]

where did she say 5 years? Could have been licensed for 10 years at that age

post history, of course

 

[Chrish]

If you think you are close to meeting your financial goal, then it should be the most productive and happiest work years of your life for only one reason: You can work now WITHOUT any fear. Not really sure why you would run away from this. If anything now is the time to go crazy with extra shifts and increase your net worth even more!!

 

[Momus]

post history, of course

9 yrs (age 24, no student loan) to get $1M is pretty good. But anyway if you invest well during the housing boom and stock market boom with tons of OTs, 5 yrs to get $1M is doable. Don't dream to repeat the performance of stock and housing nowadays tho...

 

[mentos]

OP can you share your portfolio? Is that 1 mil pre or post tax? How long did it take to pay off your student loans? If the stock market crashes tomorrow what will be your net worth? You said you have no house/mortgage, do you plan on renting forever?

I hope to be in your position one day.

 

[pezdispenser]

How often do they hire at WG for this? I'm licensed in mult. states if it helps..

Once in a blue moon to be honest. You only need a license in the state you are in so multiple licenses does not help.

 

[quickpic007]

I enjoy approximately 0% of my shifts. However it's work and you get paid decently for this drudgery.

I would not leave pharmacy altogether because it would be pretty much impossible to get back in after a time. I also need health insurance and I would never in a million years get on Medi-Cal (at least not in certain counties) seeing what I see on a regular basis.

Here's a pharmacist who retired at 38 (rural TN) if you haven't come across this:

Good post there from TN...
If you are in CA, should be good to hit the 1M due to OT and high wages. Dump it in a mortgage and cash it out for 1M a few years later and move to TN LOL...

Net worth of $1 million is too little to even think about an early retirement at age 33. How are you calculating your net worth if you don't mind me asking?

How to set up a personal net worth statement.
Setting up a net worth statement is as easy as creating a simple checklist and doing some basic math.

1. List your assets (what you own), estimate the value of each, and add up the total. Include items such as:
   • Money in your bank accounts
   • Value of your investment accounts
   • Your car
   • Market value of your home
   • Business interests
   • Personal property, such as jewelry, art, and furniture
   • Cash value of any insurance policies
2. List your liabilities (what you owe) and add up the outstanding balances. Include items such as:
   • Mortgage
   • Car loan
   • Credit card balance
   • Student loans
3. Subtract your liabilities from your assets to determine your personal net worth.

Because I have no loans or debts (I am renting) its all in column #1.
I am just at the 1M mark. I am thinking grind it out a bit more to have 1M + paid home in my modest area (130K home)

Depends on how liquid that NW is... If you have 800k tied to a house and 200k liquid, you ain't retiring anytime soon... If it's all liquid in stock, you can withdraw 3% (safe %, need to be lower the longer your time horizon is), 30k only forever without touching the principal. I honestly can live with that, with some left overs. Can you?

Find something else you are passionate about and pursue it. Cut back a little to 24-32 hours to do it if you must.

0% in home. Virtually all liquid.
Dude I can live easy on 30K in this area for just me. Not like its Sun Diego or anything HAHA

If you have $1M and the house has been paid for, then I think you can “retire” and work odd jobs here and there.


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This is the dream! But should I actually do it in my 30s?

 

[mentos]

If you are single with no spouse/kids/parents to support and intend to stay that way forever in TN then yeah 1mil is probably enough to retire.

 

[bacillus1]

I'm in the position right now (with better numbers), and I continue to keep working. There's no reason not to, and I know what happens to opt-out workers as I see those resumes from return to work mothers all the time...in the trash.

The Opt-Out Generation Wants Back In

But but the VA is supposed to not discriminate for periods of long unemployment...it says so right there in the announcements....

 

[BMBiology]

This is the dream! But should I actually do it in my 30s?

The economy and stock market are doing too well for me to retire. Now it is the time to keep on building your NW. I have been building my cash reserve and when the economy goes into a recession, I am going to get some deals and then I am going to retire.




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[PromethazineDM]

Health problem doesn’t whip you out anymore even if you don’t have health insurance. There is no more pre-condition. If you got sick, just enroll in a healthcare plan. Problem solved.


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That's based on current law. Here is Trump proposal. Got a preexisting condition? The Trump administration wants insurers to deny you coverage

Do you think that clause will be able to survive through multiple administrations? I don't know.

Fly over state....... enjoy your high cost of living for no benefits.

I don't have any issue with where anyone live. Everywhere you live there are pro and cons - weather, real estate, etc. I travel through alot of other states pleasures and doing business as my part time gig, I can't imagine any other places than where I am. My family and I benefited greatly from where I live.

 

[BMBiology]

That's based on current law. Here is Trump proposal. Got a preexisting condition? The Trump administration wants insurers to deny you coverage

Do you think that clause will be able to survive through multiple administrations? I don't know.



I don't have any issue with where anyone live. Everywhere you live there are pro and cons - weather, real estate, etc. I travel through alot of other states pleasures and doing business as my part time gig, I can't imagine any other places than where I am. My family and I benefited greatly from where I live.

They can charge me whatever they want but since it is income based, if I don’t work then I won’t pay anything.


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[UGAZ]

Reading this makes me super depressed. I am near 40....My NW is -400K....

 

[wagrxm2000]

Reading this makes me super depressed. I am near 40....My NW is -400K....

How is this possible?

 

[mentos]

How is this possible?

Come on there can be plenty of reasons... Kids and other dependents (some of us take care of our parents financially), alimony, consumer spending, medical bills, bad investments, not maxing out retirement accounts etc.

 

[wagrxm2000]

Come on there can be plenty of reasons... Kids and other dependents (some of us take care of our parents financially), alimony, consumer spending, medical bills, bad investments, not maxing out retirement accounts etc.

That wasn't an actual question.

I would find it hard though to have spent another 2.5 million outside what our family already spent in our lives.

 

[gwarm01]

Reading this makes me super depressed. I am near 40....My NW is -400K....

Did you recently buy a gigantic house? Graduate later in life? Medical crisis?

Surely there is a reason. Everyone's life circumstances are different.

 

[wagrxm2000]

Did you recently buy a gigantic house? Graduate later in life? Medical crisis?

Surely there is a reason. Everyone's life circumstances are different.

A house wouldn't make your net worth negative assuming it's worth more than his mortgage.

 

[Momus]

He just doesn't know how to calculate NW. Occam's razor.

 

[quickpic007]

Health problem doesn’t whip you out anymore even if you don’t have health insurance. There is no more pre-condition. If you got sick, just enroll in a healthcare plan. Problem solved.


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ACA is making this plan a reality...

If you think you are close to meeting your financial goal, then it should be the most productive and happiest work years of your life for only one reason: You can work now WITHOUT any fear. Not really sure why you would run away from this. If anything now is the time to go crazy with extra shifts and increase your net worth even more!!

I get what you are saying, but I have been doing that the entirety of my career. I am not sure what fear you are talking about? More graduates? More metrics?

OP can you share your portfolio? Is that 1 mil pre or post tax? How long did it take to pay off your student loans? If the stock market crashes tomorrow what will be your net worth? You said you have no house/mortgage, do you plan on renting forever?

I hope to be in your position one day.

Mostly post tax.
No loans.
If stocks crash NW closer to 930ish.

Not sure on renting forever, but I feel buying a home in my rural area would be less than stellar (hard to sell, stagnant increases)

Reading this makes me super depressed. I am near 40....My NW is -400K....

Not sure how long you been in pharmacy but with all the money/wages Ive seen in this field since 2005 (technician) I feel that many of us should be bathing in money. As recently as two years ago, retailers throwing around 20K sign ons haha.