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How old do you have to be to retire as a pediatrician?

I need to know how old I need to be to be able to retire. #pediatrics #medicine #healthcare

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Teresa’s Answer

Hi Rebecca- Retirement age is optional in the medical field (as well as many other fields) so you could decide on your own how old you want to be when you retire. However, many people decide to retire based on financial security and insurance. Because of those factors, people often chose to retire when they can afford to do so. My husband is a financial counselor, so I have heard his advice over the years-- He says that you should begin savings as soon as possible and invest your money so it can multiply for you over the years. I would suggest that you find a financial counselor when you begin working in order to plan for the retirement age you have in mind! Best of luck to you in your future!
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Richard’s Answer

If you save 30% of your salary and invest wisely you should be able to retire after practicing about 15 years. However, most physicians don't retire early for 3 reasons.
First, you have worked hard to become a physician and invested most of your youth in pursuit of the profession. It becomes part of your identity.
Second, most physicians experience "lifestyle creep" and buy big houses and fancy cars. They aren't saving 30% of their income
Third, many physicians have high debt loads and don't finish paying off student loans for 10-15 years.
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