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Feb 26, 2021
2:38
:24
pm
doctorcoug
All-American
I can verify that this is true. My HSA is being invested currently as my future
Nursing home plan. I hope to have nearly $500k in there in the future to pay for my nursing home when I'm 80.
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doctorcoug
Previous username
1viking1
New username
Uno Doctoro
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doctorcoug
Joined
Aug 11, 2007
Last login
Oct 6, 2023
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Messages
Author
Time
Saving for Retirement...how much should you have saved by specific age groups
doctorcoug
2/26/21 1:50pm
The more I’ve looked into the age related recommendations the more I’ve realized they don’t apply to physicians
Slim
2/26/21 1:51pm
None of my clients, even with twice that amount, only live off the interest.
dratax
2/26/21 1:53pm
They could easily live off the interest comfortably of the wanted to.
Jdoc
2/26/21 1:56pm
What interest rate do you think banks pay on $4m?
hamaca
2/26/21 2:05pm
I think when he says interest, he really means interest + capital gains +
Pickett
2/26/21 2:09pm
I assume it’s invested in a mix of stocks and bonds with at least a 5-8%
Jdoc
2/26/21 2:23pm
Interest was specifically mentioned, not dividends or capital gains
dratax
2/26/21 2:41pm
I understand low risk tolerance for people with more normal amounts of
benny1982
2/26/21 2:59pm
Interesting Explain why not what is the biggest expenses that tap in principle
germ1
2/26/21 2:15pm
You have some extravagant clients or don't manage money well.
Lance71
2/26/21 2:26pm
They have to fund his retirement. That advice doesn't come cheap.
Baron
2/26/21 2:27pm
It ain't cheap to manage those assets (and put you in actively managed funds with front end load fees mind you).
TheLoneCougar
2/26/21 3:16pm
It's less dependent on salary and much more dependent on expenses.
Broda
2/26/21 1:54pm
But there is a reason they use salary.
Eddie
2/26/21 2:04pm
Salary is horrible indicator for someone who has a very high savings rate (30%+).
TheLoneCougar
2/26/21 2:27pm
Yup. It is.
Eddie
2/26/21 2:31pm
I get where you are coming from and I don't really have an answer for the general population.
TheLoneCougar
2/26/21 2:33pm
Any rules of thumb based on salary are garbage. Base it on your annual expenses
Baron
2/26/21 1:57pm
Hack!
Baron
2/26/21 1:58pm
I spend so much money on my kids, it is really hard to judge what is going to
doctorcoug
2/26/21 2:01pm
It is but you can figure it out. Lots of data out there.
Baron
2/26/21 2:05pm
Regarding spending more in early retirement than later, I had a set of
BerkeleyCoug
2/26/21 2:33pm
Yes there are outliers but for most that is not true. Vanguard had a great
Baron
2/26/21 2:36pm
Here is some actual data on healthcare costs:
Baron
2/26/21 2:41pm
I can verify that this is true. My HSA is being invested currently as my future
doctorcoug
2/26/21 2:38pm
There is long term care facility insurance.
Lance71
2/26/21 2:39pm
The amount multiplier by income is done that way due to a belief...
Eddie
2/26/21 2:01pm
I'm techinically retired, but my spending is a fraction of what it was before.
Nat Gas Man
2/26/21 2:29pm
Much different to have $100K saved as a 40 yo doctor vs. as a 40 yo HS teacher.
dYrtbYkerYder
2/26/21 2:06pm
Not if the doctor lives like the teacher.
Baron
2/26/21 2:08pm
The point is, maybe the doctor just finished paying off student loans, and now
dYrtbYkerYder
2/26/21 2:10pm
I remember early on watching my 401K grow. When I hit $100K in the account, it
doctorcoug
2/26/21 2:29pm
Compounding interest is your friend.
Eddie
2/26/21 2:33pm
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