Physician's Money Digest outlines five reasons physicians should not retire early.
1. You need to save more money. The cost of living often makes it challenging to save money. If you are paying for a mortgage and college tuition, it may not be feasible to retire early.
2. You still enjoy practicing. After countless years of school and training, you have the opportunity to see patients and improve their lives. Many physicians still enjoy practicing medicine, and don't want to give that up any sooner than necessary.
3. You could lose money. If you make an average of $250,000 annually and you retire 20 years early, you risk losing $5 million. Physicians should weigh if they would rather accrue more capital or spend their time doing what they wish in retirement.
4. You don't have another passion. Many physicians stop working and don't have a hobby to consume their time. Often, working part-time or taking a sabbatical may help physicians find what their path may be in retirement.
5. You can't forgo health insurance. Many physicians will have to find health insurance if they retire early unless they:
• Have a spouse with health insurance
• Have retiree benefits from a past employer
• Served in the military and have Tricare
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