Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Hi everybody
Old 03-11-2015, 08:04 PM   #1
Dryer sheet wannabe
Join Date: Mar 2015
Posts: 10
Hi everybody

Hospitalist checking in.

Thank you everybody for all the knowledge provided, i have been a lurker for long time.
I came to US in 1999 with nothing but debt and a medical school diploma. Did the necessary tests that year and started my residency in 2000, finished in 2003 and started my real job then. I have been working very hard and started my own small group of hospitalists. My family consists of me, my wife and my 6 years old daughter. We are debating the idea to retire early but feels like we are still young and may keep working for a few years. I am 39, wife 38, who works as an assistant of a small company's COO

We have about 5 million in retirement account (4 M in after tax and 1 M in tax deferred, tIRA, rIRA, SEP, 401K, HSA) all invested in low cost index funds at vanguard and fidelity.
House worth around 600 K mortgage free and daughter's 529 plan around 250 K, which are not part of the retirement account.
Our expenses are around 120 K per year including taxes and healthcare.

Thank you for reading my post

Sent from my iPad using Early Retirement Forum

Rainbowdash is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-11-2015, 08:33 PM   #2
Recycles dryer sheets
Join Date: Feb 2014
Location: SF Bay Area
Posts: 264
Welcome! Well yours is certainly a unique backstory. Impressive. I'll offer a welcome to the forum and let others who have a more entrepreneurial history chime in. Suffice to say, you are well positioned.

Some questions you might hear may surround the details of your work. Most folks here tend to be employees rather than owners. Will there not be a sale of assets in your retirement?

"The only function of economic forecasting is to make astrology look respectable"
- J.K. Galbraith
FireBug is offline   Reply With Quote
Old 03-11-2015, 08:38 PM   #3
rodi's Avatar
Join Date: Apr 2012
Location: San Diego
Posts: 9,270

That's a 2.4% withdrawal rate. (Not counting real estate or 529). There are some who'd say you're cutting it to close given your relatively young ages. Others would disagree.

I assume you've got enough SS & Medicare quarters to qualify for SS, since you've been here more than 10 years.

I think you'd be fine to pull the plug if you're willing to pull in the spending if there were an extended downturn.

Again, Welcome to the forum.
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 03-12-2015, 08:42 AM   #4
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 640
Congrats on your success and welcome to the active forum.

Based on your assets and how you have them invested, I'd say you are good to go. There are not too many sure bets in life, but you are very well positioned to have a successful ER from a financial standpoint. I do agree with Rodi in that if you only have a short stay left to qualify for SS, you should wait till that ticket is punched.

Again, welcome.
Retired July 2013 at age 49.

Lazy Portfolio Investor:
AA: 55% Stocks
35% Bonds
10% Cash
NanoSour is offline   Reply With Quote
Old 03-12-2015, 10:07 PM   #5
Dryer sheet wannabe
Join Date: Mar 2015
Posts: 10
Thank you for your responses

We do qualify for social security and medicare as we both have accumulated more than 40 working credits already, however i have not had the chance to calculate how much my benefits will be once we reach retirement age, i am not even sure if social security will still be there at that time. I hope at least medicare will be there...

My small hospitalist company may have some value to be sold once we decide to retire, but not counting on that as minor healthcare changes by the goverment can wipe us out easily.

Our investment is around 70% stocks and 30% bonds. Recently met a financial planner for the first time in my life, he wanted me to move my assets to his investment company for a "low fee" of 1% of my assets annually, and emphasized how well they do. I told him that I am getting charged around 0.1%. I went to a financial planner because i wanted reality check by a professional, and to see what else can I do to legally minimize my tax burden, but instead i sat there for 2 hours listening to them trying to convince me move my assets, anyways not a good experience...

Sent from my iPad using Early Retirement Forum
Rainbowdash is offline   Reply With Quote
Old 03-13-2015, 06:24 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 17,887
Originally Posted by rodi View Post

......I think you'd be fine to pull the plug if you're willing to pull in the spending if there were an extended downturn.

Again, Welcome to the forum.
+1 You're good to retire anytime you want to as long as you stay away from those leech FAs.

Since you are Vanguarding, you could have them do a retirement plan for you.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 11-29-2016, 07:17 PM   #7
Dryer sheet wannabe
Join Date: Mar 2015
Posts: 10
Update on our situation
I am 41 now, wife 40, daughter 7
Bought a new house, sold previous one, equity new house around $400K (worth 1.6M), daughters 529 $260k, retirement account $6.1M, most of this in after tax money.
Just setup our will with our lawyer, trust setup in case one of us die first to avoid estate tax.

Sent from my SM-T530NU using Early Retirement Forum mobile app
Rainbowdash is offline   Reply With Quote
Old 11-29-2016, 08:08 PM   #8
Full time employment: Posting here.
Join Date: Jul 2014
Posts: 630
Thanks for the update and great progress!
Katiek is offline   Reply With Quote
Old 11-28-2017, 03:38 AM   #9
Dryer sheet wannabe
Join Date: Mar 2015
Posts: 10
Hi, new update
I am 42, wife 41, daughter 8
Hospital that I worked at has implemented new policies to kick out all the private physicians like me, they are moving towards a model where all hospital physicians should be employed, which means 2 things, first my practice is no longer a sellable asset, second, my income will likely drop because I am going to see fewer patients
House equity $400K, 529 $300k, retirement accounts including 401k, SEP IRA, rIRA, tIRA, HSA, taxable account all adds up around $7.85M
Target retirement set at may 2019, or total NW of $10M whichever comes first
Rainbowdash is offline   Reply With Quote
Old 11-28-2017, 06:57 AM   #10
Full time employment: Posting here.
Golden sunsets's Avatar
Join Date: Jun 2013
Posts: 857
Would the hospital purchase your practice now for some $$$ to bring your group under their roof sooner rather than later? That is what we see in our area. Large practices gobbled up by the hospital.

Sent from my iPad using Early Retirement Forum

"Luck favors the prepared mind"
Golden sunsets is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Hello everybody... AnemicOak Hi, I am... 5 03-05-2006 04:54 PM
Everybody Back To Work! yakers Other topics 6 02-20-2006 10:28 PM
Everybody put down your guns... dory36 Forum Admin 20 07-30-2005 07:06 PM
Imagine: Can lots of people ERing make things better for everybody? ESRBob Life after FIRE 50 07-02-2005 06:47 PM
Hello to everybody Andina Hi, I am... 7 09-04-2002 03:08 PM


All times are GMT -6. The time now is 02:28 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.