43, FI, inheritance, psychology

[Danmar]

So you are basically in the same boat as others who find themselves FI at a fairly young age. Your work is stressful but you really haven't decided what you would like to do with the rest of your life if not working, kids are fairly young. Only you can figure this out. Less hours/part time? Volunteering? Spend more time with kids? I'm sure you will figure this out over time. I agree with the others who say you don't have some "debt to society to keep working". A very good "problem " to have. Good luck.

[Hermit]

The guy I bought my sports car from did surgery in Haiti several times a year. I am sure it was his passion. If you have a passion, now would be a good time to explore doing more in that area of interest.

[Totoro]

You got a financial boost, good. This does not imply you have to take any action.

So I'll just echo most others here:

• Let it sink in a while, park it somewhere safe.
• Start working on a 'hit-by-bus' scenario.
• Work on figuring out what works for you in this life. Whatever that means.

My impression is you just lost an important excuse to having a less than ideal life ahead of schedule, so now you have to decide what that ideal life is for you.

Sounds like great news to me, but it can be a bit unsettling.

[CaliKid]

I am in a similar situation. So far I have worked less and vacationed more but otherwise still working. Just like you it's a combination of factors that keeps me going to the office. You might think about keeping your mind open to your "dream job." For example, maybe you can find something part-time, allows vacation time without guilt for patients, etc.... The pay is not the issue as even part-time will be more than you spend. Good luck!

[OldShooter]

Quote:

Originally Posted by Blueskies123 So after all life and society has given you, you want to retire? Assuming you are a doctor then you have only been working for 10-15 years. You inherit all this money and want to do what good with it? Retire? Good grief, why not donate half you money to helping autism, poverty, child abuse, etc... and then continue to work to support yourself. Or take all your money and open a homeless shelter and work there. Society has invested all this education in you just so you can sit on beach and do what, drink and smoke too much? Think about how how fortunate you are and do something good with your life.

Please, go and lay by your dish until this urge to pontificate passes. I, too, would have been much less polite than the OP if your rant had been directed at me.

[Walt34]

Quote:

Originally Posted by Blueskies123 So after all life and society has given you, you want to retire? Assuming you are a doctor then you have only been working for 10-15 years. You inherit all this money and want to do what good with it? Retire?

And why not? Life has given him the chance to do what he wants, to live as he pleases, to spend time with his family, etc. rather than working. Plenty of people on this forum (including some other physicians) have done that and no one gave them any grief about it.

After all, this is an early retirement forum.

I think it's great that he's considering the effect of his retirement on the patients and wants to take steps to assure that they get good care afterward. So many others would simply give a minimum time notice and bail.

[evilanne]

Quote:

Originally Posted by brainsqueeze Now I feel I'm too young to retire but also don't want to work so much.

Quote:

Originally Posted by brainsqueeze Part of my ambivalence is about honoring my parents, not just my patients. . . Before the inheritance I had a plan to cut back in the next few years anyway, to 0.8 FTE. I had planned to give 2 years' notice. Now, I have other options but the suddenness of the inheritance has me verklempt.

Quote:

Originally Posted by brainsqueeze I am not looking to retire completely but my days are long and I would like to work fewer of them. I currently work 200 days per year and would like to work 100-150.

Give yourself time to grieve the loss of your parents, which includes taking some time for yourself to deal with your loss and figure out your future path. Your posts indicate a sense of responsibility to your patients, parents and family plus a desire to cut back on working hours. You have the financial means to do whatever you wish but it sounds like you have a strong work ethic and sense of responsibility. It is OK to cut back and find the right balance that allows you more personal time and time with family while also contributing to your chosen field of work.

[EastWest Gal]

I'm going to give my opinion, as someone who was and still is impossible to replace. I inherited about $1M+ in 2010. Added that to my portfolio and could have squeaked into ER somewhat frugally then. By 2014 I had enough of being chronically overworked and burned out. I gave my notice, and a week before I was set to be done, there was an emergency situation at another hospital staffed by our group and I filled in (it was much easier and way more interesting). The group hired about 5-6 independent contracting physicians to do my job and also had a nurse practitioner fill in once a week (she still does this work). I was hired back on an hourly basis since they never hired anyone to do the job itself, but there were more and more holes in the schedule and I was nearly full time, with more pay but less benefits the last couple of months I worked in 2016. So I gave final notice last April and finished at the end of July. That nearly two year time frame of part time work, taking off and traveling when I wanted to, putting more time into my home and my own health, was a great transition period.

If you enjoy some of your work, but don't want to do so much of it, get out of the directorship, and cut back clinical hours. Depending on your specialty, you may still have long days, or maybe your days will be shorter. Certainly you should work fewer of them. You will continue to feel useful and valuable, and you will have increased time to remember how to live the rest of your life. Think and remember the things you enjoyed doing and think of the things you would like to start doing.

In general, 6 months notice should be enough time. However, there are physician shortages in many parts of the country, and just recruiting a good candidate may take a long period of time. So if you think 2 years notice is helpful, for your organization, then go ahead and do it. Once you have decided to cut back, give a long notice time, as long as you can. Medicine is not like working for a big corporation. They will not kick you out. They will keep trying to drag you back in!

When I first stopped working full time, it was abrupt. I felt rather sad for awhile. I kept thinking I should have had "x" kind of career, but instead I had "y" kind of career. But that quickly eased. But since I ended up continuing to do some work training others, and very part time, easing into ER was so much easier. You are wise to consider the part time path. And I would cut back to half time. Don't just cut to 0.8 FTE. I tried to cut back to 0.8 FTE in 2013, but since my days were 12 hours long, I worked 48 hours instead of 60 hours per week. It was still too much work.

From a fellow physician, 10+ years older than you: remember: time>money. You can't buy more time to live your life. You don't owe medicine any more time than you want to give it. There is no debt to society that you personally have to pay with your time and your life.

One other thing, see a good estate planning attorney regarding the inheritance. As a physician, you are more vulnerable than many to lawsuits, and you want to protect your estate and structure it in a way for asset protection and estate planning. It is money well worth spending.

[retire2020]

Quote:

Originally Posted by EastWest Gal remember: time>money. You can't buy more time to live your life. You don't owe medicine any more time than you want to give it. There is no debt to society that you personally have to pay with your time and your life.

+1. Well said!

OP: Ignore that huge lecture from blueskies123....was rude and way out of context. Spend inheritance for family time and kids' future....will make your parents happy where ever they are! They worked hard to see you happy and thats the only thing which matters!

[imoldernu]

Quote:

Originally Posted by brainsqueeze Your feedback, suggestions, thoughts, experiences would be appreciated. Note I would not take any imminent action. I would defer any decisions for a year at least.

Not for me to give advice. Everyone is different, and we all try to find our happiness in our own way.

With little more than minimal means to retire at age 53, some 28 years ago, our retirement was based on hope, and the excitement of being able to explore life on our own terms. While going to live in a 55+ community provided a happy base for life, a big part or the satisfaction came from giving back. The social part came from working to keep activities busy.... planning parties, emceeing events, running a computer class and a community website. Some time on the side to help with local Boy Scouts, and teaching a small business class for the local SBA.

Like you, an educational background major in psych (no graduate degree), with a learned interest in helping others. Perhaps the greatest joy was in helping... counseling others who had problems in retirement , with family deaths, financial hardships, and those situations when a friend was needed.

Ya know, I don't think anyone can say what to do. It's a built-in factor. Nothing wrong with enjoying life, and... really... no obligation to anyone to follow one path or another. People who give of themselves to others don't do it as a matter of conscience, but because it's built in.

Happiness come from doing what feels good... inside and out.