59 y/o physician retiring the end of this year—happy to join this community

[DangerDad]

Hi folks..I’m excited to be retiring at the end of this year and eager to learn from and contribute to this community.

I have one daughter, one son and one DW. Kids are teenagers in high school. I enjoy mountain biking, fitness, finance/investing and reading/learning.

I’m pretty confident re our FI and yet the upcoming transition from earning/accumulation to distribution feels momentous and a bit unnerving.

I’ve enjoyed my career very much—I love taking care of my patients and everything that involves. But it’s also demanding and stressful. After many years of education and training and coming up on 26 years in practice—I’m just so ready for a new phase.

Most of my investment decisions have been made and I’m comfortable with them—but I’m open minded and would welcome any input and advice. I’ll share details another time in a different thread...perhaps in the FIRE and Money section..?

The main decision that’s still pending is whether to retire fully versus continue as a Partner Emeritus working something like 15-20 hours/week—and I’m leaning toward the latter. I imagine doing this for 1-2 years as a transition to full retirement.

Even if I continue part time, it’s still officially considered a retirement with my “last day” of work being 12/31/21–I can’t wait!

Sincerely

DangerDad

 

[RetireeRobert]

Congratulations!

You say you are leaning toward working part time for 1 or 2 years as a transition to full retirement. Sounds like a good plan to me. From within that part-time status you can adjust further as you see fit.

Enjoy!

 

[harley]

I thought you were going to be telling us why you were still working with a net worth of $59M.

Congratulations on the retirement. My BiL retired last year, but is continuing as a Prof. Emeritus. I don't think he loves the work, but a lot of his self image is tied up in what he does/did. It can take awhile to make the transition. So whatever works for you, go for it! And enjoy your new life.

 

[Bamaman]

Congratulations on your pending "retirement." It will be nice to be so young and ER.

My wife had a pain mgmt. doctor in a 48 member neurosurgeon/neurologist practice, and he quit to open a camera store.

Her primary physician is in a 4 doctor practice, and he says he's never going back to in person medicine. He's strictly online and loves it. All tests are ordered thru LabCorp, and they have storefront lab collection centers in Walmart.

We have no idea what physicians have been going through during the last year's pandemic. Losing so many patients has had to be tough. My wife's in rehab and she says you should see all the Covid patients there that were on ventilators and trying to regain strength.

So you go enjoy life and be glad you've been a good steward with your money. If you decide you want to get back into business or even do mission work, the job's still going to be there.

 

[Out-to-Lunch]

Welcome!

 

[skyking1]

Congrats on setting the date
I may do a little work for a while after I retire, I can work up to 50 hours a month without affecting my pension. I'll do it if it is still fun.

 

[DangerDad]

I thought you were going to be telling us why you were still working with a net worth of $59M.

Omg I wish!
I should have said 59 y/o male!
Thanks everyone, for the nice welcome.
DD

 

[Dawg52]

We will keep you busy with all our inquiries for free medical advice.

Enjoy your retirement.

 

[Ronstar]

Congrats! Your plan sounds solid to me. I did the transition thing - it was great. Allows you to get your hobbies/ retirement interests going gradually instead of retiring at once wondering what to do all day.

 

[Dtail]

Omg I wish!
I should have said 59 y/o male!
Thanks everyone, for the nice welcome.
DD

That was my initial thought, but quickly changed tunes. lol
Congrats and nice to see doctors embracing the ER mode. You will love this phase of life.

 

[Aerides]

Even if I continue part time, it’s still officially considered a retirement with my “last day” of work being 12/31/21–I can’t wait!

Congrats - but don't be surprised if someone from the retirement police comes along to say that's not officially retired. We have some card carrying members who will just not stand for that!

As far as your transition, it sounds like a good plan. But I wouldn't commit to the 1-2 year thing, just a "see how it goes", in case once you get 1 foot out the door you are ready to speed things up, or in case 20 hours is more like 35 every week.

 

[Venturer]

We will keep you busy with all our inquiries for free medical advice.

Enjoy your retirement.

Hey Doc every time I maqsh this sore place on my head it hurts. What should I do about that? Welcome to retirement!

 

[Bryan Barnfellow]

We will keep you busy with all our inquiries for free medical advice.

Enjoy your retirement.

Ha ha, I think he's kidding. Now, if you have a minute, I have this throbbing pain...

Seriously, welcome to the other side. I, too, FIRED at 59 years young. I originally had set the age at 53, but the 2008 financial crisis forced a course correction.

I am betting that your family will be very happy with your new status and that you will be over the moon, as so many of us were, and remain so today!

-BB

 

[RVplusDog]

Welcome! And I hope you’re not my oncologist.

 

[MRG]

Congratulations.

 

[Jerry1]

Omg I wish!
I should have said 59 y/o male!
Thanks everyone, for the nice welcome.
DD

Changed it for you. Hope that’s okay.

 

[ducky911]

I retired all at once at 59 and was happy with that decision. I was a general engineering contractor (pipeline). I didn't realize that there was a certain amount of things I needed to have memorized (details of business) that bothered me. The feeling of the info draining from my memory was amazing. Now I drive by projects in progress and wonder "how much do you think that cost".
You will miss out on this if you work part time.

 

[DangerDad]

I retired all at once at 59 and was happy with that decision. I was a general engineering contractor (pipeline). I didn't realize that there was a certain amount of things I needed to have memorized (details of business) that bothered me. The feeling of the info draining from my memory was amazing. Now I drive by projects in progress and wonder "how much do you think that cost".
You will miss out on this if you work part time.

Hi and thanks for all of the responses thus far--such a kind and welcoming community!

I realize there are pros and cons re part time work following "retirement"

However I think it will be good for me, in part because my career is a big part of my identity and a transition rather than abrupt stop could be helpful. I'm really not worried about being bored--my hobbies and interests keep me active and engaged.

The other reason I'm favoring part time work as a transition relates to finances. On paper everything looks good but I'm eager to see how things actually play out.

Thanks again for the warm welcome.

DD

 

[NW-Bound]

Hi folks..I’m excited to be retiring at the end of this year and eager to learn from and contribute to this community.

...

Even if I continue part time, it’s still officially considered a retirement with my “last day” of work being 12/31/21–I can’t wait!

Welcome aboard. We have quite a few MDs here. Many also worked part-time for a while before throwing in the towel for good, claiming too much BS at work. Yes, it happens like that when retirement grows on you, plus it allows time for one to get used to the idea of living with no paycheck coming in. It felt weird, like going out in public in your underwear or something like that. OK, OK, it's an exaggeration. More like sleeping in your RV while parked at a Walmart. I still remember that 1st night.

Same as you I enjoyed my work and would still be working, but for me it was not the stress of the work, but the Dilbert environment. I am an engineer, but also find the part-time period made it a lot easier than quitting cold-turkey. In addition, I did not have enough then to simply quit while my two children were in college. I might have been able to handle it, but might not feel secure. That would be exchanging one stress for another.

Welcome again.

 

[38Chevy454]

Welcome to the forum. Congrats on having a successful career and a planned retirement. I was an engineer, but I worked my last year as part time before final retirement. It was great way to make a transition, although I mainly stayed on for the insurance benefit. Sounds like you have enough outside interests to keep busy and you do not define yourself solely by your work, that's good.


I bet the last year has been tough on the work environment for you. Hopefully this year can be a little better so you end more like it should be for your profession.

 

[OldShooter]

... The main decision that’s still pending is whether to retire fully versus continue as a Partner Emeritus working something like 15-20 hours/week—and I’m leaning toward the latter. ...

I think you'll like it. I did something like that when I sold my business. I enjoyed it quite a bit because many of the CEO/Ownership hassles and responsibilities were gone and I could pretty much just do the fun stuff. I also didn't have to get up at 6:30 any more; my arrival was typically around 10.

 

[RetMD21]

I think part time is a good transition.It wasn't available to me but after I retired they ended up needing help so I am back a couple of days a week.

 

[DangerDad]

Thanks again for the warm welcome.

I'm wondering...where's the best place to share my current financial plan and seek input? I see some folks doing that here, but maybe the FIRE and Money section would make more sense...?

DD

 

[street]

I couldn't imagine the stress and human suffering that you have witnessed through your practicing years. I wish you and your family more time together and have fun.

 

[powerplay]

Welcome DD! Your retirement plans sound wonderful.