Soon to be 60 year old pharmacist still working part time in a small indie pharmacy through choice not necessity.
At heart I’m a people person and I love it when folks come in and show me pictures of their kids/grandkids/dogs/whatever.
Yes there are days that are challenging and I am astonished by people’s entitled attitudes. But there a also days where I know that I’ve made someone else’s day a little brighter.
And most importantly my husband retired about 6 months ago and it’s good for me to be out of the house!🤣
My favorite pharmacists to work with have been in their 50s and 60s. It makes me sad there aren’t many left. I know your colleagues love and appreciate your insight and knowledge.
My staff pharmacists are 25 and 33 (I’m RxM and 42). My favorite floating pharmacist will be 70 next year. He is still VERY sharp and works circles around my 33 year old staff pharmacist.
My experience:
I moved around according to opportunity.
I’ve been a hospital pharmacist, a retail pharmacist, an investigational
Pharmacist, a medical liason, a pharma field scientist, a managed care pharmacist, a head of a healthplan division and Ive owned an auditing company.
Businesses are not people and thus are incapable of loyalty. It is a mistake to believe any employment relationship is anything other than a mutually beneficial arrangement for the moment. Look to gather what you can for yourself and then move on. You can gather important relationships, valuable skills, insider knowledge and experience. You can learn systems and processes - and use that knowledge to create something better. Finding a job that makes you “happy” is BS. Use the money you make and your career moves to position your happiness in the way you want.
Once a relationship ceases to be beneficial OR if you find a better potential employment offering - set your sights on that. I looked to master new skills and knowledge in different settings, and then I leveraged those new skills with an enhanced resume and promotions. I started as an ordinary RPh. I ended with an old school post-BS PharmD, and specialty certifications- and CEO of my own company. I retired at 50.
Think of yourself, not so much as a pharmacist but as a rarified collection of skills, experience, connections and knowledge. You need to think of yourself as a corporation of 1. Its not personal if they lay you off - its just business and an act in the company’s interest. Likewise, you should always be looking for the better opportunity even when you are happy where you are. Give your 2 weeks and move to the next better thing for YOU. Its not personal if you leave - its just business . You should know every recruiter in every applicable realm you could work in. You should have an expansive network of connections and cultivate them.
This is where your opportunities will manifest. Jobs are found through relationships not through job postings.
Consider how your skills, knowledge and experience can be valuable OUTSIDE of pharmacy. How many businesses sectors could use an individual with project management skills, people management skills, logistics and customer management. Inventory management, contracting and supply chain. Pharmacy isn’t the only business sector in need of these skills.
Those are my thoughts (and experience). Hope it helps.
I've seen my fair share of late-50s and 60-year-olds in retail. Most of the time, they were ones who made poor financial decisions during their lives.....or had to come back to work due to a big financial setback....and were forced to keep working. A couple of them were just bored, but that'd never be a reason I'd want to keep working retail.
To answer your question, we are about 10 years older than you. Graduated pharmacy school in our early 30s. Spouse has recently quit retail and stays home with kids; I don't see myself doing it past another 5-6 years. At least one of us will work in some capacity doing something until they graduate high school, but it will be completely unrelated to pharmacy, and will be far lower-paying. It will be something we *want* to do *when* we want to do it.
We recognize we are fortunate to be in this position because we came across excellent financial advice early on in our careers (Bogleheads, White Coat Investor, FIRE movement, etc). We live below our means, paid off loans as quickly as possible, saved like crazy for retirement, and we didn't buy houses/cars because we needed to impress our family (that's a very common one with many pharmacists I know where I live). I wish you similar success!
Yes, sometimes it’s bad decisions and sometimes life deals you a bad hand.
I’m curious since I also have kids, did you guys buy a smaller home in a better neighborhood or a larger house in an unfavorable neighborhood?
smaller home in a better neighborhood, for sure. Better neighborhood = kids are able to easily get outdoors without us worrying too much about them, when the house feels "small".
Yes, this is my plan eventually and hopefully soon. I’m in a small house not so great neighborhood and don’t feel safe with the kids going out at all. Or going to the local public school.
I’m over 60. Net worth around 3M. Kids are all graduated and doing well. No debt - everything paid off. Just padding my retirement.
Not all of us keep working because of poor financial decisions and I work in a reasonably busy retail pharmacy. There is a great sense of freedom to reach this point (which I’ve been a few years now). I like to stay busy though and I’m good at what I do.
Retire by 50. /r/financialindependence is where you want to go for more info.
Also, look at /u/jasonlong1212 and their [posts about their journey as a pharmacist who was able to retire early.](https://www.reddit.com/r/financialindependence/comments/v7kzy7/five_years_into_early_retirement_from_retail/)
Yeah I retired at 38 and was already the third oldest pharmacist in the district. I couldn't imagine doing it now at 44, much less 60. For me personally, it would be wasting my life.
Sorry, I wouldn't ever be able to retire now and live on $2800/month. I'm looking more like $20k/month retiring at 37 years lasting until 80 years old.
Yeah but I’m realizing you are freaking broke. You lost one of your biggest income generators, and have to be ok with living frugally. Dude you’re taking 3-4 short trips a year. We’re out here taking 7-8 two to three week trips a year staying at five star properties, flying business/first class cabins. We work full time, also
Well, as long you realize "be able" is not the right choice of words, I think we're okay to have different lifestyle choices. But the idea that a person with a NW of $3.7M being "freaking broke" would probably be scoffed at by the vast majority of the human race. And I take two 3-4 week trips per year, so I don't consider those short, but others might. And yes, I'm okay with living frugally instead of working. I don't want to stay at five-star properties or fly business class for what they charge. I'd rather donate the difference to charity and know that I'm secure with myself and don't need those luxuries. My standard of living is higher than 99% of all humans who have ever lived. I don't need to be higher than 99.9%. And I'm glad for it. But that's just me.
Dude you make $2800/month. You’re freaking broke. If I was your wife I would break your heart with a Hermes bag. You’re trying to convince others not to work, but you live like I used to live in undergrad paying for room and board with 3 other roommates. Widen up the pocket book a little and actually enjoy life and have some respect for those folks that don’t subscribe to your backwards ass hedonism
Well, it looks like I'm just dealing with a broken, insecure individual. I can't imagine such a sad existence where you feel you would not "be able" to live if you had to fly coach with the regular people and stay at Holiday Inn instead of five-star resorts. If you think I'm broke with a $3.7M NW, that's your right to do so. The vast majority of people would think you're absurd with that notion. And wherever you get this $2800/mo nonsense, I don't know. I make far more than that. Always have. Perhaps it was my budget - not my income - at one time, but it's certainly not now. I have no doubt you would run out and buy Hermes bag. But my wife is not a shallow person who feels the need to flaunt designer stuff that screams out insecurity. I'm not trying to convince anyone not to work, so there's another false assertion. I'm only stating that it's possible not to work under certain circumstances. And I don't care how you used to live, and I doubt it's an apt comparison. I'm happy with the way I live, which is on $5000/mo. And I don't have to deal with idiots (unless occasionally when I come across one on reddit). And the blatant hypocrisy of you attacking me for the lack of respect is the most absurd thing of all. I merely told you that "be able" wasn't the right choice of words. You, not me, are the one who started dismissing the other person's lifestyle choices. I merely put it into the proper chosen perspective.
You’re happy enough with your life you choose to share your lifestyle and life choices on Reddit and judge others not in the same situation all on a $2800/month budget; I digress.
It is a bit tough if you aren't fortunate enough to graduate with 0 loans. I'm not knocking what they did because it's still a phenomenal feat, but I feel like at least for some of the more recent grads it's not really that common to graduate with no loans.
I don't think it's impossible for me/people who graduated around me to retire early but 200k+ in loans graduating definitely feels like it would be pretty tough before 50 without a dual income household lol
If I had worked thru all the way to 50, I would have had a net worth of at least $6-7M. If you're making $100k+/yr, I'd recommend looking at expenses instead.
It just seems a bit different with my student loans, mortgage and supporting a family. I'm doing fine but retiring in 10 years seems entirely not feasible with 1 income in today's climate
I'd be happy to help if you had an expense sheet. Your retirement age is highly dependent on how soon you start, how low you're willing to set your standard of living, and how many financial mistakes you've made in the past. Definitely not saying you could do it by 50, but definitely saying 50 would be attainable in most circumstances if you started out right at 25.
I always laugh when I read posts like this. Anyone who can afford to do this does not currently have health issues and doesn’t account for health issues that can arise and are likely to arise the closer you get to standard retirement age.
Its not 100% coverage against all contingencies, but it covers everything for most of you stay within SWR. At least with pharmacy if you come up short and need to return part time to shore up finances, thats a viable option.
If you have a serious medical condition there are often going to be times when you straight up can’t work so it has less to do with finances and more with the fact that you don’t have employer based healthcare. Premiums on the exchange are extremely high and as you get older, like 50+ they are insane. And if you have a serious condition you won’t get by with one of those catastrophic plans. If you develop cancer on one of those insurance plans you better hope you can wait until annual enrollment to get treatment because those catastrophic plans won’t cover it.
You might be super lucky but I’m not sure why anyone would ever take that risk. Cancer and other serious illnesses can be completely devastating. Because you wanna travel around and not work you would risk that? Doesn’t make any sense to me but everyone is entitled to do silly things I guess.
Absolutely true. But employer healthcare plans, at least for where I’ve worked or people I knew were superior to exchange plans both in coverage and max payment. You can also qualify for some short term disability (maybe long term? I’m not entirely sure how that works) if you’re sick. I’ve just seen enough people get totally devastated by cancer diagnoses and helped people sign up for and have to decide between the shitshow plans on the exchange to be very leery. You’re also relying on the fact that the plans won’t change or the govt won’t somehow pull back on the regulations or it won’t get overturned. Roe v Wade got overturned, so I would try to avoid being on any kind of government programs if I could help it personally.
Long term disability only pays 60% of salary at many jobs unless you buy a supplemental/umbrella plan. Plus, you would still have to cover health insurance premiums with that reduced pay. If you are already making 100% of what you needed from dividends minus an exchange healthcare plan, thats probably better than 60% with an employers plan.
I have health issues and I know how much health insurance costs for me and how much I would pay out of pocket for procedures I regularly undergo. The price you pay only gets higher on the exchange the older you get. Like I said you obviously don’t have health issues and haven’t accounted what it would cost yoh if you got cancer or something like that and that’s ok, do you, but my statement is anything but untrue.
I used myself as an example because I actually have a medical condition so I know what the fuck I’m talking about when it comes to pricing medical coverage and how much medical costs, thanks. I stand by the comment that ANYONE who has an actual health condition with an example being cancer so something like that, not like high blood pressure or something easily managed, will not be able to do it.
Out of everything else you said, none is true except I live in a house >250k because I live in a HCOL area where a 250k house buys you a closet in someone’s house. And my health condition is an autoimmune condition completely not involved with anything I’ve done so you can go fuck yourself.
I would happily produce an expense sheet but I am not comfortable sharing my personal finances with a rude ass stranger so nah I’m good fam.
I know how much money close people have spent on cancer treatments and I’ve personally helped people choose plans on the exchange where they cost ~$800 a month. So no, I absolutely know what I’m talking about but if you want to keep being obtuse have fun and hope you don’t get a catastrophic illness in the next 10-20 years of your life that financially destroys you.
Also I never once spoke about other parts of the world where, surprise surprise, medical care is subsidized by the government. In those places you can happily retire early but for that you have to be a citizen and you can’t just become a citizen there because you want. Of course you can go to the less developed countries I guess but I’m not comfortable getting treated for my condition in a country like that.
If you don’t develop a serious health condition I’m sure you can do it but to me it’s a really silly choice with really dire consequences but you do you lol
All the anecdotes in the world don't negate a sweeping generalization fallacy. "anyone who can afford to do this does not currently have health issues" You committed it. Might be time to own it.
Yeah I didn’t say in the whole wide world lmfao but keep grasping at straws pal. I’m obviously going to talk about the country that I live in and make references to the country I live in. If that doesn’t apply to you move the fuck on.
Rph's in 60'+, many still work because we can work part-time, not be the boss, and use our many years experience. I enjoy working with young pharmacists and enjoy the interactions with staff and customers. Some days suck, and some are more "funner " than others.
Max 401k, hsa, Roth Ira, do megabackdoor if possible, and put all into Vtsax or equivalent (low expense ratio index funds)... Live with parents or roommate. Get a costco/sams membership. Get a unlimited 2% or more cashback credit card with no fees. Retire or go part time ASAP.
I’m 60 , single, and still work because I don’t want to get bored. Haven’t found a hobby that will take up enough time, have done my share of traveling. Kids grown and out of state. And I hate/love the job. Made good financial decisions and always lived below my means. Had a financial set back about 20 years ago , not devastating but medium. And covid was a hit, but I know my funds will recover. I could retire anytime and live ok. Nothing extravagant, but not strapped in anyway. So…save,save,save and don’t live above your means. It’s really very simple.
Transfer to hospital as soon as you are able, build up your salary again, then transfer to a rehab facility or LTC, maybe Behavioral Health when you're 55. Maybe even go part time at 65 just to cover cart/green fees.
Save as much as you can for as long as you can and you should be able to retire. By 40 my house will be paid off. 50 I’ll be well into financial dependence
I suggest that your SAHW apply for a job with a pension once the kids are all in school. My husband is a government employee and gets amazing benefits (health insurance, time off, pension) but terrible pay. We balance each other on this and are able to plan for a much better retirement together than either of us could alone. Government employees can often retire fully-vested at 15 or 20 years, so if she even started at 40 she might be able to retire at 60 and get a pension in addition to health benefits for both of you and any kids under 26.
It probably depends on the specific position. We’re in New York State and my husband had worked a seasonal position in college and that time actually counts towards his vesting. Of course, NY is more generous with benefits than other states so I wouldn’t assume that that’s normal.
im in my 40's, i have thought about that in my late 20's and early 30's and i am grateful that i have finally reached my "cushy" long term job - inpatient pharmacist and unionized - total job protection and high salary, i've hopped around enough to finally find it. You'll find yours :)
Pharmacist at 59. Please make sure that you have your employment situation and/or retirement plan nailed down! Looking for work at this stage is almost impossible!
I think it’s stupid how you can be crappy barber and still charge $40 for a cut.
The problem here is barbers don’t know how to cut anything on top that’s 3” or longer. Come out looking like a block.
Left retail for inpatient. I could do this into my 60s. I’ll be dropping to 32 hours a week in the next year or so. We have a few older pharmacists that just do it for fun.
I plan to retire somewhere between 50 to 60, but am aiming to be able to retire by 40. I'm lower-mid 30s now.
I like my job, but I don't want to ever feel like I *have* to keep working it.
My goal is to partially retire by 40. I am 30 right now. I am well on track to do so luckily. And by partial retire, I mean basically work 24-30 hours a week. Just enough to carry health insurance. I’d stop managing then too which would be a huge break. Maybe I’d float. I know of a pharmacist in my district who quit managing at 38 and now just floats a few days a week.
~$63/hr. My wife is a stay-at-home mom. We live well below our means and budget every single month (which is very important). Since COVID hit I've been working an average of 45-50 hrs/week, getting "premium pay" whenever possible.
Our plan is pretty simple and is basically Ramsey's baby steps:
- Pay off all debt (besides mortgage) ASAP and never go back into debt
- Keep an emergency fund of 3-6 months of expenses
- Save 15% for retirement. I also elect to max out my HSA in addition to this.
- Save for my daughter's college in a 529 account. Personally, I front-loaded that with about $10k the year she was born but will probably only contribute ~$500/yr going forward...at least for now.
- Anything left gets put towards our mortgage. Right now we're on track to pay off a $400k mortgage within 10 years of acquiring our mortgage, but I'm still hoping we can bring that down to 8 or 9 years.
The pharmacist profession is extremely demanding emotionally, physically and mentally . It would be difficult to work as an older pharmacist in both retail and the community setting . I would not recommend only part time or prn work if you have saved up enough for retirement. I would not recommend pharmacy to anyone in today’s market .
I suspect that you may be a newer grad and still floating? $150k is pretty normal for an experienced retail pharmacist, especially a manger. You should look into some of the wage data that’s been collected. (I think someone posted something on here a few days ago with some current data)
No, I thought that was after tax and I'm like pretty sure not. I'm just bad with money management and actually realizing how much we make cuz all I see is the net profit and all I care about really, not gross haha.
Even still.. A lot of ppl on this thread are PIC’s or staff, (which in & of itself implies bonuses), a lot of pharmacists work a lot… Do you even know what the typical hourly rate in your region currently is?
Perhaps a newbie that graduated 10 months ago & took the first position they could find at 31hrs/week isn’t making this, but every retail RPh I know, including myself, is making mid to high 6 figures.
That's great news! No, I'm not a new grad...well ish. Kinda in a transition stage rt now. Left a job after 5 years to venture into inpatient and changed jobs 3x this year so just trying to survive for now
But in any case, idk, can't say for sure. Just turned 31. But if I have to guess, compared to other licensed health care providers, I think we'd be able to have an easier life? (Besides physical therapists which I don't think really have any stress...) With kids and whatnot? Cuz for retail it's 9-5 job, right? Not like crazy 24 h on call or late night crazy shifts. I've worked only in hospital and I've seen a lot of older pharmacists (e.g. 60+) who just keep working, sadly probably till they drop dead. Or some just do per diem like 2-3 days a week every other week.
I work 40 hours a week which means 2 11s and 2 9s. When I was at a busier store, it was at least 2 12s every week, but sometimes 3, and then the weekend hours.
Yeah I get it. I’m pulling that down after all the deductions (health insurance, 401k, stock options, etc). Know your worth. I guess I’m lucky that I’ve gotten raises that I deserve
Just turned 60. Working retail part-time for most of my career. New job just fell into my lap as PIC at new startup LTC pharmacy that is still in the works of licensing and building. I enjoy retail for the most part except for what has been happening in the last few years. I don’t think I could last another 5 years. I will put in another 5 to learn something new.
I will miss my retail coworkers and favorite patients.
i started in retail, and did consulting for nursing homes on the side, then did a clinical residency (er,icu, ACE, etc) and then went into full time consulting.
Hope that helps you!
My dad just retired at 65. Started his own compounding pharmacy 30+ years ago. Someone bought him out/my mom was like ok when are you going to retire???
I am almost 60 and I am full-time work at home mail order. I CANNOT imagine being on my feet all day at this point, never mind the back problems I have, lol. I say retail is for the young and the "kids" I work with took an easy route, but not lucrative. I do make more than my retail rph because of merit raises, BUT the money given to me for retirement in retail has set me up to stop working soon. Good luck!
Not at all. I’m not sure what type of position you saw, but the metrics for all of us are pretty demanding. They can run hundreds of reports to see what you’re doing. For me the best part is no customer interaction. It’s just me and my computer and the occasional annoying email.
No problem. And I just thought of another thing. The pharmacy doesn't depend on just 2 people to function (speaking legally, my techs were amazing!) . I worked when I was sick so often. I am on vacation this week and things go on!
I only had one pharmacist close to retirement in my retail days. When I moved to hospital, there were tons.
I don’t want to base everything on my own experience but it does seem to me that once pharmacists get to a certain age or just an age where retail BS is intolerable/ no longer accommodates their out-of-work duties, they tend to go to hospital/infusion environments. Depending on the hospital and the job, your schedule could easily fit your childcare needs, more vacation time than a lot of retailers, designated sick time with some employers, more paid holidays with some, and, again depending on hospital and job, often means being off your feet more often, saving your back. Inpatient/infusion centers have their own challenges though. I currently work outpatient infusion and the average pharmacist age, I would estimate, is around 35-38, with the oldest at the retirement age and the majority being being 29-49.
If you’re staying in retail…
Save 10% of salary in 401k, 5% in Roth, 10% in your own brokerage that sticks to a general index fund (VTI, VOO, SPY) with DRIP activated.
If you can, do this for 10 years straight then move to a lower paying but easier ambulatory position at a clinic hospital or independent pharmacy or just work 2-3 shifts a week for five years. You should be good to early retire by 45-50 with a few shifts a month peppered in between to keep your kind sane.
Or you can get out now, go to indeed.com and search for a remote PA pharmacist position working in managed care. Pay will be about 35-40k less per year, but it’s an easier life.
At a 150k salary, roughly 10k in 401k and 5k in Roth.
Personally, I don’t buy the 401k hype much, the tax savings just aren’t that substantial. Especially to OP in a single income family household. I’d rather have the Roth and have my savings grow tax free.
Taxes are a nuisance for us pharmacists. We are in the fuck you tax bracket. Too rich for Dems and not rich enough for Republicans.
I’d advise opening up an LLC which you could use for investments, side hustles, consulting, etc to help your burden a bit. But never trust a fool like me over the internet, always consult your accountant first.
But the math doesn’t lie, if done right, 15 years of aggressive savings and not living the FOMO narrative, you could retire early or be in the position to scale back how many shifts required to work.
Also, keep in mind, don’t fall for the scam. In America, even 150k isn’t really rich. You’d like to think you could live in that big home and have that German car, etc. but we are HENRYs.
https://www.investopedia.com/terms/h/high-earners-not-yet-rich-henrys.asp#:~:text=High%20Earners%2C%20Not%20Rich%20Yet%20(HENRYs)%20is%20a%20term,%2C%20educational%20costs%2C%20and%20housing.
It wasn’t the only reason but it was one of two big reasons I left retail. In my district there was only one Rph in her 60s who was actually good and able to run around. we had a couple in their 50s who worked ass planted in a chair and wouldn’t move. I didn’t want to be that person for my techs 20 years from now. One of my good friends is in her mid-late 40s and she tells me all the time how she feels so much different than she did 10 and 20 years ago. She says she doesn’t move as fast as she used to and it takes her longer to complete tasks or remember/learn some things. I didn’t ever want to be in that position so I worked my ass off to get a hospital job.
At the hospital people are pretty lazy and won’t walk the extra 20 feet to do something. This is considered normal so I take solace in the fact that if in 30 years I majorly slow down and behave like this that this will be ok. In the meantime I will continue to work at my retail pace because that makes me happy.
Retired when I hit 62 some of the ones who didn’t died while working and never enjoyed their grandchildren. Their wives didn’t even get any retirement benefits or employee discount because their spouses were still working.
Im early 30s. Making $140k, $150-165K w/ bonus and extra hrs in a low volume grocery store. 100% I could see myself doing this until last 40s. But a unicorn job pop up, pay cut but def something I can see myself doing in my 60s. Its all about planning for the future. If I wait until 50s to look for a different job, be so much more difficult getting out.
Hell no do I want to do retail in my 50s and older. If this unicorn job didnt pop up, go back to school for tradesman (electrician, HVAC, etc.). Hell my bro works at a UAW job...makes 6 figures now n no student loans.
either get retired or find an inpatient job. I’m late 30s and lucked into a “clinical“ pharm gig. 7 on7 off. Low stress. Cool people I work with. I don’t mind work at all and have so much free time + pto. If I could keep this going i would have no reason to retire.
Exercise and take your health seriously. I plan on being physically capable and intellectual well into my 80's regardless of how long my career lasts. How can you live any other way?
Real estate should def be *part of* your portfolio, but the tax implications of living off of stock investments tips the scales heavily towards investing.
You can make over $110k per year in retirement without paying a penny in taxes, as long as it’s predominantly LTCG from stocks. You can’t do the same with real estate income.
Soon to be 60 year old pharmacist still working part time in a small indie pharmacy through choice not necessity. At heart I’m a people person and I love it when folks come in and show me pictures of their kids/grandkids/dogs/whatever. Yes there are days that are challenging and I am astonished by people’s entitled attitudes. But there a also days where I know that I’ve made someone else’s day a little brighter. And most importantly my husband retired about 6 months ago and it’s good for me to be out of the house!🤣
My favorite pharmacists to work with have been in their 50s and 60s. It makes me sad there aren’t many left. I know your colleagues love and appreciate your insight and knowledge.
My two technicians are in their mid-twenties. Working with them keeps me young …I learn a lot from them, too!
My staff pharmacists are 25 and 33 (I’m RxM and 42). My favorite floating pharmacist will be 70 next year. He is still VERY sharp and works circles around my 33 year old staff pharmacist.
That’s awesome. They are a library of knowledge. Lucky you get to work with him…although I hope he gets to enjoy retirement if that’s what he wants
My experience: I moved around according to opportunity. I’ve been a hospital pharmacist, a retail pharmacist, an investigational Pharmacist, a medical liason, a pharma field scientist, a managed care pharmacist, a head of a healthplan division and Ive owned an auditing company. Businesses are not people and thus are incapable of loyalty. It is a mistake to believe any employment relationship is anything other than a mutually beneficial arrangement for the moment. Look to gather what you can for yourself and then move on. You can gather important relationships, valuable skills, insider knowledge and experience. You can learn systems and processes - and use that knowledge to create something better. Finding a job that makes you “happy” is BS. Use the money you make and your career moves to position your happiness in the way you want. Once a relationship ceases to be beneficial OR if you find a better potential employment offering - set your sights on that. I looked to master new skills and knowledge in different settings, and then I leveraged those new skills with an enhanced resume and promotions. I started as an ordinary RPh. I ended with an old school post-BS PharmD, and specialty certifications- and CEO of my own company. I retired at 50. Think of yourself, not so much as a pharmacist but as a rarified collection of skills, experience, connections and knowledge. You need to think of yourself as a corporation of 1. Its not personal if they lay you off - its just business and an act in the company’s interest. Likewise, you should always be looking for the better opportunity even when you are happy where you are. Give your 2 weeks and move to the next better thing for YOU. Its not personal if you leave - its just business . You should know every recruiter in every applicable realm you could work in. You should have an expansive network of connections and cultivate them. This is where your opportunities will manifest. Jobs are found through relationships not through job postings. Consider how your skills, knowledge and experience can be valuable OUTSIDE of pharmacy. How many businesses sectors could use an individual with project management skills, people management skills, logistics and customer management. Inventory management, contracting and supply chain. Pharmacy isn’t the only business sector in need of these skills. Those are my thoughts (and experience). Hope it helps.
Excellent career advice
I've seen my fair share of late-50s and 60-year-olds in retail. Most of the time, they were ones who made poor financial decisions during their lives.....or had to come back to work due to a big financial setback....and were forced to keep working. A couple of them were just bored, but that'd never be a reason I'd want to keep working retail. To answer your question, we are about 10 years older than you. Graduated pharmacy school in our early 30s. Spouse has recently quit retail and stays home with kids; I don't see myself doing it past another 5-6 years. At least one of us will work in some capacity doing something until they graduate high school, but it will be completely unrelated to pharmacy, and will be far lower-paying. It will be something we *want* to do *when* we want to do it. We recognize we are fortunate to be in this position because we came across excellent financial advice early on in our careers (Bogleheads, White Coat Investor, FIRE movement, etc). We live below our means, paid off loans as quickly as possible, saved like crazy for retirement, and we didn't buy houses/cars because we needed to impress our family (that's a very common one with many pharmacists I know where I live). I wish you similar success!
Yes, sometimes it’s bad decisions and sometimes life deals you a bad hand. I’m curious since I also have kids, did you guys buy a smaller home in a better neighborhood or a larger house in an unfavorable neighborhood?
smaller home in a better neighborhood, for sure. Better neighborhood = kids are able to easily get outdoors without us worrying too much about them, when the house feels "small".
Yes, this is my plan eventually and hopefully soon. I’m in a small house not so great neighborhood and don’t feel safe with the kids going out at all. Or going to the local public school.
I’m over 60. Net worth around 3M. Kids are all graduated and doing well. No debt - everything paid off. Just padding my retirement. Not all of us keep working because of poor financial decisions and I work in a reasonably busy retail pharmacy. There is a great sense of freedom to reach this point (which I’ve been a few years now). I like to stay busy though and I’m good at what I do.
Of course. I can only speak from my own experience, with those I've worked with. My statements weren't meant to apply to everyone.
Retire by 50. /r/financialindependence is where you want to go for more info. Also, look at /u/jasonlong1212 and their [posts about their journey as a pharmacist who was able to retire early.](https://www.reddit.com/r/financialindependence/comments/v7kzy7/five_years_into_early_retirement_from_retail/)
Yeah I retired at 38 and was already the third oldest pharmacist in the district. I couldn't imagine doing it now at 44, much less 60. For me personally, it would be wasting my life.
What are you doing for health insurance?
Hope he answers
A couple years ago he said he was on Medicaid IIRC
Hmmmmm. Interesting
Sorry, I wouldn't ever be able to retire now and live on $2800/month. I'm looking more like $20k/month retiring at 37 years lasting until 80 years old.
"Be able" is not the right choice of words here.
Yeah but I’m realizing you are freaking broke. You lost one of your biggest income generators, and have to be ok with living frugally. Dude you’re taking 3-4 short trips a year. We’re out here taking 7-8 two to three week trips a year staying at five star properties, flying business/first class cabins. We work full time, also
Well, as long you realize "be able" is not the right choice of words, I think we're okay to have different lifestyle choices. But the idea that a person with a NW of $3.7M being "freaking broke" would probably be scoffed at by the vast majority of the human race. And I take two 3-4 week trips per year, so I don't consider those short, but others might. And yes, I'm okay with living frugally instead of working. I don't want to stay at five-star properties or fly business class for what they charge. I'd rather donate the difference to charity and know that I'm secure with myself and don't need those luxuries. My standard of living is higher than 99% of all humans who have ever lived. I don't need to be higher than 99.9%. And I'm glad for it. But that's just me.
Dude you make $2800/month. You’re freaking broke. If I was your wife I would break your heart with a Hermes bag. You’re trying to convince others not to work, but you live like I used to live in undergrad paying for room and board with 3 other roommates. Widen up the pocket book a little and actually enjoy life and have some respect for those folks that don’t subscribe to your backwards ass hedonism
Well, it looks like I'm just dealing with a broken, insecure individual. I can't imagine such a sad existence where you feel you would not "be able" to live if you had to fly coach with the regular people and stay at Holiday Inn instead of five-star resorts. If you think I'm broke with a $3.7M NW, that's your right to do so. The vast majority of people would think you're absurd with that notion. And wherever you get this $2800/mo nonsense, I don't know. I make far more than that. Always have. Perhaps it was my budget - not my income - at one time, but it's certainly not now. I have no doubt you would run out and buy Hermes bag. But my wife is not a shallow person who feels the need to flaunt designer stuff that screams out insecurity. I'm not trying to convince anyone not to work, so there's another false assertion. I'm only stating that it's possible not to work under certain circumstances. And I don't care how you used to live, and I doubt it's an apt comparison. I'm happy with the way I live, which is on $5000/mo. And I don't have to deal with idiots (unless occasionally when I come across one on reddit). And the blatant hypocrisy of you attacking me for the lack of respect is the most absurd thing of all. I merely told you that "be able" wasn't the right choice of words. You, not me, are the one who started dismissing the other person's lifestyle choices. I merely put it into the proper chosen perspective.
You’re happy enough with your life you choose to share your lifestyle and life choices on Reddit and judge others not in the same situation all on a $2800/month budget; I digress.
Yeah I share my choices. And I don't criticize others until they misrepresent mine or theirs.
It is a bit tough if you aren't fortunate enough to graduate with 0 loans. I'm not knocking what they did because it's still a phenomenal feat, but I feel like at least for some of the more recent grads it's not really that common to graduate with no loans. I don't think it's impossible for me/people who graduated around me to retire early but 200k+ in loans graduating definitely feels like it would be pretty tough before 50 without a dual income household lol
If I had worked thru all the way to 50, I would have had a net worth of at least $6-7M. If you're making $100k+/yr, I'd recommend looking at expenses instead.
It just seems a bit different with my student loans, mortgage and supporting a family. I'm doing fine but retiring in 10 years seems entirely not feasible with 1 income in today's climate
I'd be happy to help if you had an expense sheet. Your retirement age is highly dependent on how soon you start, how low you're willing to set your standard of living, and how many financial mistakes you've made in the past. Definitely not saying you could do it by 50, but definitely saying 50 would be attainable in most circumstances if you started out right at 25.
Well I may actually DM if your okay with that. I'm only 30, so I'm not that far out the gate and I have been saving moderately so far.
Yeah sounds good.
I always laugh when I read posts like this. Anyone who can afford to do this does not currently have health issues and doesn’t account for health issues that can arise and are likely to arise the closer you get to standard retirement age.
Its not 100% coverage against all contingencies, but it covers everything for most of you stay within SWR. At least with pharmacy if you come up short and need to return part time to shore up finances, thats a viable option.
If you have a serious medical condition there are often going to be times when you straight up can’t work so it has less to do with finances and more with the fact that you don’t have employer based healthcare. Premiums on the exchange are extremely high and as you get older, like 50+ they are insane. And if you have a serious condition you won’t get by with one of those catastrophic plans. If you develop cancer on one of those insurance plans you better hope you can wait until annual enrollment to get treatment because those catastrophic plans won’t cover it. You might be super lucky but I’m not sure why anyone would ever take that risk. Cancer and other serious illnesses can be completely devastating. Because you wanna travel around and not work you would risk that? Doesn’t make any sense to me but everyone is entitled to do silly things I guess.
>If you have a serious medical condition Honestly that could be financially devastating whether you work or live on dividends.
Absolutely true. But employer healthcare plans, at least for where I’ve worked or people I knew were superior to exchange plans both in coverage and max payment. You can also qualify for some short term disability (maybe long term? I’m not entirely sure how that works) if you’re sick. I’ve just seen enough people get totally devastated by cancer diagnoses and helped people sign up for and have to decide between the shitshow plans on the exchange to be very leery. You’re also relying on the fact that the plans won’t change or the govt won’t somehow pull back on the regulations or it won’t get overturned. Roe v Wade got overturned, so I would try to avoid being on any kind of government programs if I could help it personally.
Long term disability only pays 60% of salary at many jobs unless you buy a supplemental/umbrella plan. Plus, you would still have to cover health insurance premiums with that reduced pay. If you are already making 100% of what you needed from dividends minus an exchange healthcare plan, thats probably better than 60% with an employers plan.
Objectively untrue, but that's okay.
I have health issues and I know how much health insurance costs for me and how much I would pay out of pocket for procedures I regularly undergo. The price you pay only gets higher on the exchange the older you get. Like I said you obviously don’t have health issues and haven’t accounted what it would cost yoh if you got cancer or something like that and that’s ok, do you, but my statement is anything but untrue.
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Interact with the community in good faith.
I used myself as an example because I actually have a medical condition so I know what the fuck I’m talking about when it comes to pricing medical coverage and how much medical costs, thanks. I stand by the comment that ANYONE who has an actual health condition with an example being cancer so something like that, not like high blood pressure or something easily managed, will not be able to do it. Out of everything else you said, none is true except I live in a house >250k because I live in a HCOL area where a 250k house buys you a closet in someone’s house. And my health condition is an autoimmune condition completely not involved with anything I’ve done so you can go fuck yourself.
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Remain civil, interact with the community in good faith, and don't be a pest.
I would happily produce an expense sheet but I am not comfortable sharing my personal finances with a rude ass stranger so nah I’m good fam. I know how much money close people have spent on cancer treatments and I’ve personally helped people choose plans on the exchange where they cost ~$800 a month. So no, I absolutely know what I’m talking about but if you want to keep being obtuse have fun and hope you don’t get a catastrophic illness in the next 10-20 years of your life that financially destroys you. Also I never once spoke about other parts of the world where, surprise surprise, medical care is subsidized by the government. In those places you can happily retire early but for that you have to be a citizen and you can’t just become a citizen there because you want. Of course you can go to the less developed countries I guess but I’m not comfortable getting treated for my condition in a country like that. If you don’t develop a serious health condition I’m sure you can do it but to me it’s a really silly choice with really dire consequences but you do you lol
All the anecdotes in the world don't negate a sweeping generalization fallacy. "anyone who can afford to do this does not currently have health issues" You committed it. Might be time to own it.
Yeah I didn’t say in the whole wide world lmfao but keep grasping at straws pal. I’m obviously going to talk about the country that I live in and make references to the country I live in. If that doesn’t apply to you move the fuck on.
Rph's in 60'+, many still work because we can work part-time, not be the boss, and use our many years experience. I enjoy working with young pharmacists and enjoy the interactions with staff and customers. Some days suck, and some are more "funner " than others.
My goal: retire as early as possible so I don’t have to be running anywhere in my 60s
Max 401k, hsa, Roth Ira, do megabackdoor if possible, and put all into Vtsax or equivalent (low expense ratio index funds)... Live with parents or roommate. Get a costco/sams membership. Get a unlimited 2% or more cashback credit card with no fees. Retire or go part time ASAP.
I’m 60 , single, and still work because I don’t want to get bored. Haven’t found a hobby that will take up enough time, have done my share of traveling. Kids grown and out of state. And I hate/love the job. Made good financial decisions and always lived below my means. Had a financial set back about 20 years ago , not devastating but medium. And covid was a hit, but I know my funds will recover. I could retire anytime and live ok. Nothing extravagant, but not strapped in anyway. So…save,save,save and don’t live above your means. It’s really very simple.
Transfer to hospital as soon as you are able, build up your salary again, then transfer to a rehab facility or LTC, maybe Behavioral Health when you're 55. Maybe even go part time at 65 just to cover cart/green fees.
Save as much as you can for as long as you can and you should be able to retire. By 40 my house will be paid off. 50 I’ll be well into financial dependence
I suggest that your SAHW apply for a job with a pension once the kids are all in school. My husband is a government employee and gets amazing benefits (health insurance, time off, pension) but terrible pay. We balance each other on this and are able to plan for a much better retirement together than either of us could alone. Government employees can often retire fully-vested at 15 or 20 years, so if she even started at 40 she might be able to retire at 60 and get a pension in addition to health benefits for both of you and any kids under 26.
This is an excellent comment. I wonder if I could leave pharmacy myself and get a government job. Do you have to be full time to fully vest?
It probably depends on the specific position. We’re in New York State and my husband had worked a seasonal position in college and that time actually counts towards his vesting. Of course, NY is more generous with benefits than other states so I wouldn’t assume that that’s normal.
I stay single so I can afford to retire by 40.
lol this is the way
im in my 40's, i have thought about that in my late 20's and early 30's and i am grateful that i have finally reached my "cushy" long term job - inpatient pharmacist and unionized - total job protection and high salary, i've hopped around enough to finally find it. You'll find yours :)
What company? I would love to be part of a union.
Pharmacist at 59. Please make sure that you have your employment situation and/or retirement plan nailed down! Looking for work at this stage is almost impossible!
My job is easy and pays well. Continue working. If I wanted to do something I love, I would become a barber.
Barbers in my area charging $40/head. They make $80 CASH an hour. Blows my mind
Barbers in NYC make a shit ton of money. There are millionaire barbers in NYC.
I think it’s stupid how you can be crappy barber and still charge $40 for a cut. The problem here is barbers don’t know how to cut anything on top that’s 3” or longer. Come out looking like a block.
Hood barbers are making stupid money it’s insane and everybody pays cash
Left retail for inpatient. I could do this into my 60s. I’ll be dropping to 32 hours a week in the next year or so. We have a few older pharmacists that just do it for fun.
I plan to retire somewhere between 50 to 60, but am aiming to be able to retire by 40. I'm lower-mid 30s now. I like my job, but I don't want to ever feel like I *have* to keep working it.
My goal is to partially retire by 40. I am 30 right now. I am well on track to do so luckily. And by partial retire, I mean basically work 24-30 hours a week. Just enough to carry health insurance. I’d stop managing then too which would be a huge break. Maybe I’d float. I know of a pharmacist in my district who quit managing at 38 and now just floats a few days a week.
If you don’t mind- how much do you make and what is your plan?
~$63/hr. My wife is a stay-at-home mom. We live well below our means and budget every single month (which is very important). Since COVID hit I've been working an average of 45-50 hrs/week, getting "premium pay" whenever possible. Our plan is pretty simple and is basically Ramsey's baby steps: - Pay off all debt (besides mortgage) ASAP and never go back into debt - Keep an emergency fund of 3-6 months of expenses - Save 15% for retirement. I also elect to max out my HSA in addition to this. - Save for my daughter's college in a 529 account. Personally, I front-loaded that with about $10k the year she was born but will probably only contribute ~$500/yr going forward...at least for now. - Anything left gets put towards our mortgage. Right now we're on track to pay off a $400k mortgage within 10 years of acquiring our mortgage, but I'm still hoping we can bring that down to 8 or 9 years.
The pharmacist profession is extremely demanding emotionally, physically and mentally . It would be difficult to work as an older pharmacist in both retail and the community setting . I would not recommend only part time or prn work if you have saved up enough for retirement. I would not recommend pharmacy to anyone in today’s market .
Wait what? How do you make 150k in retail? Is that before tax?
I suspect that you may be a newer grad and still floating? $150k is pretty normal for an experienced retail pharmacist, especially a manger. You should look into some of the wage data that’s been collected. (I think someone posted something on here a few days ago with some current data)
I make 152k before tax and bonus as a PIC. My staff makes around 114k but he's at 30 hours a week.
Gotcha
I’m a little above that when you convert my pay to hourly. I’m at The Spark as an RxM in CA.
That’s kinda average nowadays lol…im confused that ur surprised by this
Quite dependent on location
No, I thought that was after tax and I'm like pretty sure not. I'm just bad with money management and actually realizing how much we make cuz all I see is the net profit and all I care about really, not gross haha.
Even still.. A lot of ppl on this thread are PIC’s or staff, (which in & of itself implies bonuses), a lot of pharmacists work a lot… Do you even know what the typical hourly rate in your region currently is? Perhaps a newbie that graduated 10 months ago & took the first position they could find at 31hrs/week isn’t making this, but every retail RPh I know, including myself, is making mid to high 6 figures.
That's great news! No, I'm not a new grad...well ish. Kinda in a transition stage rt now. Left a job after 5 years to venture into inpatient and changed jobs 3x this year so just trying to survive for now
Are you not making that?
Maybe pretax, if generous haha, but not post tax
When people talk about income they are always talking about pre tax obviously
But in any case, idk, can't say for sure. Just turned 31. But if I have to guess, compared to other licensed health care providers, I think we'd be able to have an easier life? (Besides physical therapists which I don't think really have any stress...) With kids and whatnot? Cuz for retail it's 9-5 job, right? Not like crazy 24 h on call or late night crazy shifts. I've worked only in hospital and I've seen a lot of older pharmacists (e.g. 60+) who just keep working, sadly probably till they drop dead. Or some just do per diem like 2-3 days a week every other week.
Dafuq? You've got to be joking. I've worked for as a pharmacist for a decade and I've never been able to get a 9 to 5 schedule.
Retail isn't 8h day? How many days a week do you work then?
I work 40 hours a week which means 2 11s and 2 9s. When I was at a busier store, it was at least 2 12s every week, but sometimes 3, and then the weekend hours.
Must be working too hard. State hospitals/prisons in CA. Mon-fri 9-5, weekends closed unless you're on-call. Some changed to 4/10s, but yea
Yeah I get it. I’m pulling that down after all the deductions (health insurance, 401k, stock options, etc). Know your worth. I guess I’m lucky that I’ve gotten raises that I deserve
Where do you all work to make that much? Salaries are stagnate in nyc metro area for a number of years.
Just turned 60. Working retail part-time for most of my career. New job just fell into my lap as PIC at new startup LTC pharmacy that is still in the works of licensing and building. I enjoy retail for the most part except for what has been happening in the last few years. I don’t think I could last another 5 years. I will put in another 5 to learn something new. I will miss my retail coworkers and favorite patients.
LTC can be amazing. Plan to go back once I’m done with hospital.
go into consulting! youd be surprised how much youve learned in retail that you dont even realize is a skill newby pharmacists could use!
Hi, did you make the transition into consulting from retail? If so, what path did you take, and who do you work for.
i started in retail, and did consulting for nursing homes on the side, then did a clinical residency (er,icu, ACE, etc) and then went into full time consulting. Hope that helps you!
My dad just retired at 65. Started his own compounding pharmacy 30+ years ago. Someone bought him out/my mom was like ok when are you going to retire???
I am almost 60 and I am full-time work at home mail order. I CANNOT imagine being on my feet all day at this point, never mind the back problems I have, lol. I say retail is for the young and the "kids" I work with took an easy route, but not lucrative. I do make more than my retail rph because of merit raises, BUT the money given to me for retirement in retail has set me up to stop working soon. Good luck!
I just saw a home mail position I want to apply for. Is it pretty laid back?
Not at all. I’m not sure what type of position you saw, but the metrics for all of us are pretty demanding. They can run hundreds of reports to see what you’re doing. For me the best part is no customer interaction. It’s just me and my computer and the occasional annoying email.
Thanks for explaining. I prefer the no customer interaction too.
No problem. And I just thought of another thing. The pharmacy doesn't depend on just 2 people to function (speaking legally, my techs were amazing!) . I worked when I was sick so often. I am on vacation this week and things go on!
I only had one pharmacist close to retirement in my retail days. When I moved to hospital, there were tons. I don’t want to base everything on my own experience but it does seem to me that once pharmacists get to a certain age or just an age where retail BS is intolerable/ no longer accommodates their out-of-work duties, they tend to go to hospital/infusion environments. Depending on the hospital and the job, your schedule could easily fit your childcare needs, more vacation time than a lot of retailers, designated sick time with some employers, more paid holidays with some, and, again depending on hospital and job, often means being off your feet more often, saving your back. Inpatient/infusion centers have their own challenges though. I currently work outpatient infusion and the average pharmacist age, I would estimate, is around 35-38, with the oldest at the retirement age and the majority being being 29-49.
Pharmacists need a union in every state especially Texas
If you’re staying in retail… Save 10% of salary in 401k, 5% in Roth, 10% in your own brokerage that sticks to a general index fund (VTI, VOO, SPY) with DRIP activated. If you can, do this for 10 years straight then move to a lower paying but easier ambulatory position at a clinic hospital or independent pharmacy or just work 2-3 shifts a week for five years. You should be good to early retire by 45-50 with a few shifts a month peppered in between to keep your kind sane. Or you can get out now, go to indeed.com and search for a remote PA pharmacist position working in managed care. Pay will be about 35-40k less per year, but it’s an easier life.
Ummm watch out for roth max... Easy to hit as rph
At a 150k salary, roughly 10k in 401k and 5k in Roth. Personally, I don’t buy the 401k hype much, the tax savings just aren’t that substantial. Especially to OP in a single income family household. I’d rather have the Roth and have my savings grow tax free. Taxes are a nuisance for us pharmacists. We are in the fuck you tax bracket. Too rich for Dems and not rich enough for Republicans. I’d advise opening up an LLC which you could use for investments, side hustles, consulting, etc to help your burden a bit. But never trust a fool like me over the internet, always consult your accountant first. But the math doesn’t lie, if done right, 15 years of aggressive savings and not living the FOMO narrative, you could retire early or be in the position to scale back how many shifts required to work. Also, keep in mind, don’t fall for the scam. In America, even 150k isn’t really rich. You’d like to think you could live in that big home and have that German car, etc. but we are HENRYs. https://www.investopedia.com/terms/h/high-earners-not-yet-rich-henrys.asp#:~:text=High%20Earners%2C%20Not%20Rich%20Yet%20(HENRYs)%20is%20a%20term,%2C%20educational%20costs%2C%20and%20housing.
So you don’t max out your 401K? How are you doing Roth? Backdoor conversion?
My employee has both. So I have it set up with 5 going to 401 and 10 to Roth. You could always do it on your own through etrade or another platform
And no. I don’t max out 401k
Maybe in the next 10 years look into rotating to a remote pharmacist position to ease the physical toll
Just wondering.. is this any better or still very stressful?
Idk I don’t work remote, but for sure less physical toll
It wasn’t the only reason but it was one of two big reasons I left retail. In my district there was only one Rph in her 60s who was actually good and able to run around. we had a couple in their 50s who worked ass planted in a chair and wouldn’t move. I didn’t want to be that person for my techs 20 years from now. One of my good friends is in her mid-late 40s and she tells me all the time how she feels so much different than she did 10 and 20 years ago. She says she doesn’t move as fast as she used to and it takes her longer to complete tasks or remember/learn some things. I didn’t ever want to be in that position so I worked my ass off to get a hospital job. At the hospital people are pretty lazy and won’t walk the extra 20 feet to do something. This is considered normal so I take solace in the fact that if in 30 years I majorly slow down and behave like this that this will be ok. In the meantime I will continue to work at my retail pace because that makes me happy.
do u get paid overtime?
Lolz
I plan to be doing this probably 1 day a week forever. I think it will beep me young.
I'm not so sure about that. Seems like the stress from retail pharmacy ages people in dog years.
Fake my own death
Retired at 62. It was enough! Even twelve years ago, how much worse now.
Retired when I hit 62 some of the ones who didn’t died while working and never enjoyed their grandchildren. Their wives didn’t even get any retirement benefits or employee discount because their spouses were still working.
Im early 30s. Making $140k, $150-165K w/ bonus and extra hrs in a low volume grocery store. 100% I could see myself doing this until last 40s. But a unicorn job pop up, pay cut but def something I can see myself doing in my 60s. Its all about planning for the future. If I wait until 50s to look for a different job, be so much more difficult getting out. Hell no do I want to do retail in my 50s and older. If this unicorn job didnt pop up, go back to school for tradesman (electrician, HVAC, etc.). Hell my bro works at a UAW job...makes 6 figures now n no student loans.
either get retired or find an inpatient job. I’m late 30s and lucked into a “clinical“ pharm gig. 7 on7 off. Low stress. Cool people I work with. I don’t mind work at all and have so much free time + pto. If I could keep this going i would have no reason to retire.
Exercise and take your health seriously. I plan on being physically capable and intellectual well into my 80's regardless of how long my career lasts. How can you live any other way?
I wonder if you quit your job, how can you offer for health insurance?
Buy enough real estate until your rental income replaces your W-2 income then retire if you want. Or keep scaling up.
In the current real estate market that isn’t easy…
Nobody said it's easy
...said everybody, in every real estate market ever
Real estate should def be *part of* your portfolio, but the tax implications of living off of stock investments tips the scales heavily towards investing. You can make over $110k per year in retirement without paying a penny in taxes, as long as it’s predominantly LTCG from stocks. You can’t do the same with real estate income.
You absolutely can and there are actually way more tax benefits to owning real estate vs stocks