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Old 12-27-2015, 03:29 PM   #21
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Jump right in! Locum work can be very lucrative and there is no shortage of firms that will find you a job anywhere in the country (and most will help you get licensed in different states). Based on your income, I'd guess that you are a specialist - again, no shortage of jobs and the locum work can have some alternative scheduling. Buy that RV and start exploring, picking up a locum position here and there.

You will still be paying into SS as locum is 1099 work and you will be responsible for your own FICA taxes.

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Old 12-27-2015, 06:40 PM   #22
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Too bad with doctors it's either all or nothing.

If OP could work just one day/week at 1/5 what he's now making, that's ~85K. Seems like the OP would be happy at half that.

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Old 12-28-2015, 06:19 AM   #23
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It isn't all or nothing.

Hospitalists frequently work in chunks of time, or a fixed number of 12 hour shifts per month. ER physicians can do the same. A specialist in an outpatient setting may only need to see patients one or two days a week in any given location. The biggest problem is follow up of labs and other tests if you are not there.

I found working one week on, one week off was delightful. It was if I had two one week vacations per month.

I worked nights through the week, always had Saturday off, and worked 24 on Sunday. I traded with another pediatrician. When either of us wanted a long vacation, we would swap weeks and hire a moonlighted for Monday nights so the person doing 3 weeks in a row had a 36 HR break each week. Then both of us got 3 weeks off instead of one!

I could have done that forever.

The biggest hurdle is malpractice insurance. In many surgical specialties, depending on the state, malpractice insurance premiums can be up to $200K, whereas primary care can be under $15K. Surprisingly, due to malpractice insurance reform in 1975 in California, that state has much lower costs.

With locum tenens work, the company arranging your work also covers your malpractice insurance. You apply with the company, they vet you then they offer you positions. They help you get licenses for many states. If you work in the Indian Health Services or at VA or military facilities, any state license will do.

The OP may want to check out: There are a ton of jobs, even in Hawaii.

It's pretty eye opening. For someone without kids, it could really rejuvenate one's career. Have another 5 happier years, save some more for retirement, see the country at the same time. If DW likes to travel, it could really be fun.

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Old 12-28-2015, 08:14 AM   #24
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IMO you biggest factor here is kids.

I'm also 40. My DW isn't gainfully employed. Our burn rate is closer to 120 but LNW is around 4.2. We also have 2 kids (1 and 3).

ER for me means going from 60 hrs/week of pretty interesting high paying work to 60 hrs additional family time at 0 pay . Family time is great, but young kids are A LOT of work.

Eg. Wake up at 630 w 1 year old, make food, clean bottles, go for a walk, go back home. 830 DW and DD wake up. Make breakfast, coffee eat. At 9-930 go to park. At 10:30 go home... Do some kid fun stuff. At 11:30 lunch. 12:30put 1 yo to nap. 1:00 put 3 year old down. 2 hours for chores/clean house. Kids wake up at 3. Play/ go to park till 5 ish. Start dinner, feed, bath, play a bit more. 630pm 1 year old to bed. Relax till 730. Read books/sing 3 year old to bed by 830. 1 hour of clean up/ chores. 930-? Relax sleep...

That's a normal day. 7 days a week... No vacation. They get sick hang out with friends, take classes, etc.

The retirement picture is 180 degrees different if it just DW and I .

Financially I just whack about 250k for school. Personally I haven't found them that expensive because really they just want time which means you don't have time to spend much money .

My DD gets VERY car sick so we don't really travel much either .

Work is WAY easier than staying home but also way less satisfying.

So I think decide that part before ER.

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Old 12-28-2015, 10:39 AM   #25
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Your spouse and you should have long discussions on this and be in complete agreement on your leaving your job - at whatever age. A divorce in ER is disastrous as some here will confirm.
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Old 12-28-2015, 06:56 PM   #26
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Originally Posted by rvbound View Post
Current income is 420k...So my assets are a 450k home with no mortgage, 450k in retirement accounts, $1.2 million in non-retirement accounts. Spending currently is about $80k per year. Married, no kids at the moment
Shouldn't you have a lot more saved if you are only spending $80K a year?

Originally Posted by EastWest Gal View Post
Also, I don't think you have quite enough saved. The likely market correction in the next few years has me concerned, and I'm 16 years older and have not quite double your assets.
My thoughts too. I have about double that you have as well, and am 56 year old. I will not have any kids (snip), while you seem to have left open the possibility.

You might want to think about a plan B... Working part time might be a good option, as a physician, not a park ranger. Do some volunteer park ranger stuff, if you want the adventure.
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Old 12-29-2015, 10:10 AM   #27
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If you don't want kids I would suggest setting a time limit and retiring then, otherwise you will continue to work yet another year.

As a doctor I guess you realize people don't get any younger. There are a lot of things you can do in your 40s that really are not practical in your 60s.
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Old 12-29-2015, 03:57 PM   #28
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Originally Posted by rodi View Post
As for the kid thing ... I had my older son at 39 and my younger son at 41... so I'm familiar with the late to parenting thing. Kids are a cost and a joy and a PITA. (I say that on Christmas as they bicker over stupid stuff... sigh). It will change your life - mostly for the better. But I'll admit I'm envious of friends who are child-free... more often than most will admit. But then again - my kids are young teens... a less than easy stage.
It's so funny and sincere and very true . Maybe because it's not politically correct, people don't say such things about their kids. Of course, you'd never ever say this to your kids' faces.
I actually share your opinion, though my X'mas day was very nice (OTOH, my kids are not teens yet).

To OP: like others have said, I also agree that another 3-5 extra years of work would go a long way. In addition to your savings of $130k/year, you also save in your 401k, right? If the market is going down (if your crystal ball is working correctly), you'd be buying low and then retire at the end of the bear market.

Healthcare is the scariest part and I wouldn't say it's of the best quality either. But it makes me wonder why people curse Obamacare and how the healthcare before it was any better. I know so little about either one.

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