Stick around for Fed pension, or go private practice -- how to decide

[SeniorWrangler]

How does one go about deciding whether to stick with a decent job with a Federal defined-benefit pension or go for broke in private practice? At my age, I probably don't have time to do both, which I would otherwise pursue.

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[abolt18]

I imagine you would just have to run the numbers while considering things like, how long you want to work, how much the pension is worth if you ride it out, the income lost each year by not going to private practice, difference in benefits, access to retirement accounts, work environment, differences in the job like hours, environment, and production pressures.

If private practice would pay you a LOT more, and you could easily save enough to exceed the value of any pension in the amount of time you wish to continue working, then it seems easy. But if the PP job is brutal and burns you out too fast to work that long or has a small pay bump, then it doesn't seem worth it.

 

[marySQ]

How does one go about deciding whether to stick with a decent job with a Federal defined-benefit pension or go for broke in private practice? At my age, I probably don't have time to do both, which I would otherwise pursue.

And how old are you?

 

[clubdeac]

Well I can give my experience having worked in both the private and public sector. I worked in the VA for 6 years. I ventured out to private practice twice and I'm currently still at the second gig. The first gig was a bust and I ended up making about 1/2 as much as I was making at the VA. second gig has been way better and I'm currently making almost double what I made at the VA. plus surprisingly the benefits are 100% better despite everyone telling me how amazing the gov't benefits were. So basically it's a risk but in my situation it turned out to be well worth it. I say venture out. Chances are if it doesn't work out they'll take you back. That's what happened after my first gig