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Old 03-16-2012, 06:41 PM   #21
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Won't he have to pay Mass state taxes on his retirement income if he sets up domicile to get access to health insurance? IIRC Florida has no state taxes, so this might be a large incremental amount. It may be worth it to get health insurance, just another factor to consider.
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Old 03-16-2012, 07:03 PM   #22
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How are you funding DS's college expenses? Is that part of your annual spending totals? If so, then you will see a HUGE drop in expenses when he graduates.

Even with high maintainance costs on your primary residence, your spending totals seem quite high to me. Are there places you can cut back without feeling deprived? Understand you haven't been tracking closely up to now, but once you have a few months of expense records if you feel comfortable you can post the details here. We're pretty good at doing "tough love" on people's budgets. You don't have to take anyone's suggestions, obviously, but sometimes it helps to get feedback from different perspectives.

What would your retail property get if you closed the practice and sold it? It might generate less income than your current rentals, but you would be relieved of the stress and pressure of managing property.

Are there medical programs in your area where you could start scouting for someone to come in and share or possibly take over your practice? Being a a bit proactive on that front might be a win-win situation for you and another young doctor.

Good luck working this out. Hope you are able to find a way to retire early with solid health insurance coverage.

lhamo
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Old 03-16-2012, 07:41 PM   #23
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Even with high maintainance costs on your primary residence, your spending totals seem quite high to me. Are there places you can cut back without feeling deprived? Understand you haven't been tracking closely up to now, but once you have a few months of expense records if you feel comfortable you can post the details here.
+1. The OP's numbers look great to me apart from planning to spend $120K *and* a $25K cushion "just in case". It would make me wonder if someone has some to terms with the adjustments needed for true ER, which in my opinion is about retiring to have more time, even if that means fewer toys.
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Old 03-16-2012, 08:03 PM   #24
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lhamo- Our 529 plans savings like I said in my first post, will be enough for his education including his graduate school, he goes to a local state school now. The Real Estate market is quite down now, for what it is worth, a realtor informally estimated the present price to be less than the cost of the construction built in 1999 and that convinced us to hang on to it for now.

$ 10000 is a very conservative number, MINT shows an average monthly expense as $ 7000. After a few more months in Mint, my estimate will be more closer to reality and then I will post the numbers.

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Old 03-17-2012, 03:06 AM   #25
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Hello rkser - I am a few years younger than you are, with NW numbers in the same ballpark. However, my expenses are much, much lower than yours. With your level of expenses it might be wise to wait and check if you may be able to cut down on expenses (?). Have you entered your numbers in this free tool :

Merrill Edge| See Where You Stand

Good luck

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What would you do ?
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Old 03-17-2012, 01:18 PM   #26
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Hi Rkser.
I am a 62 yrs old physician on the verge of retirement. I have more on the liquid asset and retirement fund. I also have a daughter that got married. I also sent her to college(2 degrees), before finding gainful employment.
From this age till 65.5 I have to fund my health insurance thru BLue S and C, and pay for our long term insurance. This is a big expense for us.

In the last few years, we have been trying to "downsize" on everything. We discover, we really don't need all these crap to be happy, and have been trying to emphasize in doing more(experiencing life), rather than buying stuff.

Although I'm healthy and working full time, we figure we can reduce our yearly expense to about 80K +SSS. In a good year when the market is up, we can spend more. We'll downsize in house, and will keep the 3 vehicles until they are very old. I'll focus on some hobbies, and some travel.
I plan on daily vigorous exercises, and afternoons reading and monitoring our investments.

Good luck to you.
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Old 03-17-2012, 02:13 PM   #27
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Can you establish a domicile in Mass? We have the health exchanges here, no pre-existing conditions, you can insure. It's not going away, people love it.

We won't leave the state because we don't have to worry about health care.
Not new news, but interesting in itself given the health care debate...no hijack intended!
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Old 03-17-2012, 02:28 PM   #28
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Can you establish a domicile in Mass? We have the health exchanges here, no pre-existing conditions, you can insure. It's not going away, people love it.
This had actually crossed my mind. But this requires establishing legal residency doesn't it? It's not a bad idea if someone was considering retirement there (but because of weather and taxes I don't think many people do), but if guaranteed access to health insurance without underwriting is one of the most important factors -- possibly important enough to overshadow weather and taxes -- then yeah, Mass would probably be on a short list of possibilities.
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Old 03-17-2012, 05:50 PM   #29
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The taxes are not that bad, flat rate,slightly over 5%. But if he can live from cash until medicare, who cares? I am not sure what you have to do to establish here, but the health insurance is required. 98% of the state is now insured.
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Old 03-18-2012, 07:52 AM   #30
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Thanks to ObGyn65 and each one who contributed to this thread,

A Good Calculator from Merrill, it said we are good for retiring .


Thanks and regards
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Old 03-18-2012, 08:28 AM   #31
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A Good Calculator from Merrill, it said we are good for retiring .
Before you become too enamored with the results from that particular calculator, you might want to read this thread, beginning with post #8: So many calculators, so little time
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