Doctor (dentist, etc.) over age 50?

[Rich_G]

Hope this fits here; there is a brand new forum which complements this one nicely, targeted at doctors and similar health care providers age 50 and above. While it deals a bit with retirement, it is more lifestyle oriented, lighthearded.

So, please pass along (or check out yourself if it fits):

http://DocsOver50.com

Rich

 

[Jay_Gatsby]

Thanks Richard. I'll pass the link over to my father, who is a retired physician (going on 4 years). Well, actually he's not technically retired anymore, having taken a 1 day-a-week job working for the state reviewing patient files for benefits claims. Not really an exciting way to continue one's practice, but it is a good way to keep a medical corporation running (and the attendant tax benefits) as well as keep his mind relatively sharp.

 

[retire@40]

Maybe we can find out why doctors and dentists don't RE, even though many feel the burnout and hate the liability.

Maybe they feel that they have a mission more than a job?  Or maybe they live such a high lifestyle that they can't lower themselves to an average joe lifestyle?

It's an honorable and tough profession, but dealing with sick people all the time, being on call, dealing with insurance companies, getting sued, and ever-increasing liability insurance just isn't my cup of tea.

 

[Jay_Gatsby]

Maybe we can find out why doctors and dentists don't RE, even though many feel the burnout and hate the liability.

Maybe they feel that they have a mission more than a job?  Or maybe they live such a high lifestyle that they can't lower themselves to an average joe lifestyle?

It's an honorable and tough profession, but dealing with sick people all the time, being on call, dealing with insurance companies, getting sued, and ever-increasing liability insurance just isn't my cup of tea.

Yeah, I'd expect the negative aspects of the medical profession would get to me as well.

 

[cute fuzzy bunny]

Maybe we can find out why doctors and dentists don't RE, even though many feel the burnout and hate the liability.

"The Millionaire Next Door" analyzed this, and found that medical professionals (among others) often come from high spending UAW families, run up a big debt at a university with lots of high spending UAW peers, become lifetime friends with many high spending UAW's, and end up living in "look at me, my house/car/stuff is better than yours!" neighborhoods. They're trained and massaged to live the high spending, high credit, high life.

As a function of that, they're unable or unwilling to step off the hamster wheel (maybe its a beaver wheel?) and retire.

Hey, maybe thats the way to do it...take on a few million in debt, live a millionaires life, and when you're 70, step in front of a bus.

My dentist brought back an old retired partner last year. Guy looks to be in his late 60's/early 70's. Every time he gives me a checkup he asks leading questions designed to help him launch into a monologue about how many airplanes he's owned, the huge one he just bought, the ferrari his surgeon son just bought, or the five figure vacations his family takes together every year. Apparently once the money tap turned off on retirement, he wasnt able to turn down the spending jets. So back to work sticking your fingers into peoples mouths...

I wish I had some headphones or something...

 

[Mr._johngalt]

"The Millionaire Next Door" analyzed this, and found that medical professionals (among others) often come from high spending UAW families, run up a big debt at a university with lots of high spending UAW peers, become lifetime friends with many high spending UAW's, and end up living in "look at me, my house/car/stuff is better than yours!" neighborhoods.  They're trained and massaged to live the high spending, high credit, high life.

As a function of that, they're unable or unwilling to step off the hamster wheel (maybe its a beaver wheel?) and retire.

Hey, maybe thats the way to do it...take on a few million in debt, live a millionaires life, and when you're 70, step in front of a bus.

My dentist brought back an old retired partner last year.  Guy looks to be in his late 60's/early 70's.  Every time he gives me a checkup he asks leading questions designed to help him launch into a monologue about how many airplanes he's owned, the huge one he just bought, the ferrari his surgeon son just bought, or the five figure vacations his family takes together every year.  Apparently once the money tap turned off on retirement, he wasnt able to turn down the spending jets.  So back to work sticking your fingers into peoples mouths...

I wish I had some headphones or something...

You would think leaving the "big spender" life behind would be
agonizing. Once I had my epiphany, I went from "livin' large"
to dumpster diving practically overnight. The simple answer is:
I was no longer willing to use the unknown amount of time I had
left making money to keep up with the Jones (hell, at one time we
were the Jones). Time baby...........that's what is important.
Time and what you do with it. OTOH, if your thing is impressing
friends and neighbors with your purchasing power, then I suppose it all
makes sense.

JG

 

[Mr._johngalt]

Dentists and even more so doctors get a late start at earning money. Eight or more years post high school before to get the MD. Then a residency which lasts a minimum of 4 years and often much more, during which they are paid, but not very much. Same with "post doc" fellowships of 2 or 3 years, during which they become specialists such as gastroenterologists, cardiologists, etc.

They often have pretty heavy debts from all the school, and not much chance to get started paying it down until they are well into their 30s. By this time both the doc and his/her spouse have some pretty heavy Jones for spending a little dough, as they have been scrimping for so long.

I think that by the standards of most people on this board many doctors and dentists have plenty money to retire by early middle age --say 50 or so.  But remember, they have no corporate or government  benefits to take along with them, and many have started families relatively late in life, since they were so involved in training and trying to get by when they were younger.

If one of my kids were interested in one of these careers, I would strongly advise him to "go Navy". They would do the same work, on behalf of good people, but not start out poor and heavily in debt. And retirement at a fairly young age is in the bag, if they should want that.

Ha

I know quite a few doctors and dentists. No early retirees. One was a
suicide (the ultimate escape from work) but otherwise they all worked until traditional retirement age.

JG

 

[LovesLife]

A friend of mine knows a doctor pretty well that is on the verge of bankruptcy. After med school he and his wife bought the 1/2 mil $ house, all new furniture, cars, etc. and borrowed heavily to do so. He had to work overtime just to pay the bills. He commented his dog had a better life then him.

He started having health problems from all his stress and ended up in the hospital with heart problems. End result: he is on disability, unable to work, and filed bankruptcy. I also think there is a law suit in there, somewhere.

 

[Nords]

If one of my kids were interested in one of these careers, I would strongly advise him to "go Navy". They would do the same work, on behalf of good people, but not start out poor and heavily in debt. And retirement at a fairly young age is in the bag, if they should want that.

Not a bad deal if the Navy is paying for medical school & liability insurance. Of course some surgeons are given their war/trauma training by being temporarily assigned to hospitals with high numbers of gunshot patients. Those are pretty tough neighborhoods.

We know a couple who met in the Navy-- she was a brand-new doctor and he was a brand-new pilot.

They both left the service after their minimum obligations and decided to sail around the world before settling down and getting real jobs. Sailing from Hawaii to Singapore went great until they realized that she was pregnant... with twins.

Today she's a doctor on Michigan's U.P. (near her family) and he's the at-home parent taking care of four kids. He's one of the happiest guys I've ever known.