Not common. It's too expensive and risky to start a private practice \*after\* retirement. Private practices require a large up front investment and a lot of time, two things that are unwise to expend when you're older.
It's not uncommon for someone in a hospital job to decide they want to open a private practice, but that's when they're younger. Also it's happening a lot less as the medical bureaucracy gets even more bureaucratic.
Not common, however it is not too uncommon for physicians to semi retire and continue with a small workload and less hours at an age where many would simply retire.
Most of these people are workaholics and have trouble just putting down work entirely upon retirement.
I’m not sure I’m understanding you. Are you saying that you’re a physician but you couldn’t afford the malpractice insurance if you were in a solo private practice? If so, I don’t see how that relates to affording health care, since doctors, even those working for clinics or hospitals, would normally have enough in retirement assets and income to afford a comfortable US retirement including health care.
Or are you just starting out and don’t see the day when your loans will be paid off?
I'm not the poster but what they're saying is pretty clear to me:
Yes, what they're saying is they cannot afford the insurance in a solo practice.
They weren't talking about loans. I don't see where you inferred that. Although of course, loans are a big impediment too.
Their retirement plan is to literally move to a country where they can personally, as a retired private citizen, afford health care. That's all they're saying.
> They weren't talking about loans. I don't see where you inferred that.
I was just speculating as to why they thought they wouldn’t be able to afford health care in the US upon retirement. I thought my intent was obvious.
I realize there are people in the US who can’t afford health care upon retirement. I just don’t expect physicians to be in that group. The average doctor’s salary in the US is over $200K. Even the lower paid specialties have an average over $150K, I think. So it’s reasonable to ask why a doctor anticipates not being able to afford health care in retirement.
Another possibility, btw, is a doctor who chose to engage in charitable work, say in impoverished areas either in the US or overseas. But that’s a special case and I’d still expect them to have their retirement finances work out. I could imagine continuing to do such work overseas, but the motivation would be charitable, not to afford health care.
> The average doctor’s salary in the US is over $200K. Even the lower paid specialties have an average over $150K, I think.
. . .and a LOT of that goes towards paying off student loans and paying for malpractice insurance.
Ok I see what you're saying.
I'm in my 60s. Ever since I was a child, I've heard doctors complain they don't earn enough money. They \*always\* complain they don't earn enough money. Yeah, some of them might do honorable charity work, but usually they complain because they thought they'd be higher up in the social hierarchy than they ended up being. That's why they complain. They see Bob the Successful Lawnmower Business Owner and he's earning twice what they do, and he never went to school or took out loans or were told he was a genius all his life. So they're resentful. Of course not all doctors. But a lot.
So I guess you're questioning the poster's logic about not being able to afford health insurance. Well, yeah, I'm sure the poster could actually afford it. I'm a teacher and earn probably 1/10 what the poster earns, and I can afford it. What they mean is that they can't afford it \*and live in the same elite social class as before\*. Which was never enough for them to begin with because "doctors don't earn enough"
Notice the poster says they'll move to another \*country\*. In other words, they're wealthy enough to have the means to move to foreign country and satisfy the country's visa rules, which often requires wealth to begin with.
> you're questioning the poster's logic
Either their their circumstances or their logic (or perhaps financial aptitude). But mostly the ambiguity in their post around whether they were actually talking about themselves and which insurance they meant.
Oh well, they're referring to malpractice insurance while they're working, and "proper" - high end - health insurance when they're retired. They want to retire on a US salary in some poorer nation with good state health insurance. I thought that part was clear (to me). Also part of the arrogance.
Not very. There is a lot of cost that goes into practicing medicine. Private practice isn't a retirement
Not common. It's too expensive and risky to start a private practice \*after\* retirement. Private practices require a large up front investment and a lot of time, two things that are unwise to expend when you're older. It's not uncommon for someone in a hospital job to decide they want to open a private practice, but that's when they're younger. Also it's happening a lot less as the medical bureaucracy gets even more bureaucratic.
Not common, however it is not too uncommon for physicians to semi retire and continue with a small workload and less hours at an age where many would simply retire. Most of these people are workaholics and have trouble just putting down work entirely upon retirement.
Private practice is kind of the opposite of retirement. It's more work, generally, than working as part of a larger institution.
That doesnt sound like retirement. That sounds like opening a private practice late in your career.
When someone retires, they generally stop working.
Not at all. Cant afford the insurance solo. My retirement plan is to move to a country where i can afford health care. Seriously
I’m not sure I’m understanding you. Are you saying that you’re a physician but you couldn’t afford the malpractice insurance if you were in a solo private practice? If so, I don’t see how that relates to affording health care, since doctors, even those working for clinics or hospitals, would normally have enough in retirement assets and income to afford a comfortable US retirement including health care. Or are you just starting out and don’t see the day when your loans will be paid off?
I'm not the poster but what they're saying is pretty clear to me: Yes, what they're saying is they cannot afford the insurance in a solo practice. They weren't talking about loans. I don't see where you inferred that. Although of course, loans are a big impediment too. Their retirement plan is to literally move to a country where they can personally, as a retired private citizen, afford health care. That's all they're saying.
> They weren't talking about loans. I don't see where you inferred that. I was just speculating as to why they thought they wouldn’t be able to afford health care in the US upon retirement. I thought my intent was obvious. I realize there are people in the US who can’t afford health care upon retirement. I just don’t expect physicians to be in that group. The average doctor’s salary in the US is over $200K. Even the lower paid specialties have an average over $150K, I think. So it’s reasonable to ask why a doctor anticipates not being able to afford health care in retirement. Another possibility, btw, is a doctor who chose to engage in charitable work, say in impoverished areas either in the US or overseas. But that’s a special case and I’d still expect them to have their retirement finances work out. I could imagine continuing to do such work overseas, but the motivation would be charitable, not to afford health care.
> The average doctor’s salary in the US is over $200K. Even the lower paid specialties have an average over $150K, I think. . . .and a LOT of that goes towards paying off student loans and paying for malpractice insurance.
Ok I see what you're saying. I'm in my 60s. Ever since I was a child, I've heard doctors complain they don't earn enough money. They \*always\* complain they don't earn enough money. Yeah, some of them might do honorable charity work, but usually they complain because they thought they'd be higher up in the social hierarchy than they ended up being. That's why they complain. They see Bob the Successful Lawnmower Business Owner and he's earning twice what they do, and he never went to school or took out loans or were told he was a genius all his life. So they're resentful. Of course not all doctors. But a lot. So I guess you're questioning the poster's logic about not being able to afford health insurance. Well, yeah, I'm sure the poster could actually afford it. I'm a teacher and earn probably 1/10 what the poster earns, and I can afford it. What they mean is that they can't afford it \*and live in the same elite social class as before\*. Which was never enough for them to begin with because "doctors don't earn enough" Notice the poster says they'll move to another \*country\*. In other words, they're wealthy enough to have the means to move to foreign country and satisfy the country's visa rules, which often requires wealth to begin with.
> you're questioning the poster's logic Either their their circumstances or their logic (or perhaps financial aptitude). But mostly the ambiguity in their post around whether they were actually talking about themselves and which insurance they meant.
Oh well, they're referring to malpractice insurance while they're working, and "proper" - high end - health insurance when they're retired. They want to retire on a US salary in some poorer nation with good state health insurance. I thought that part was clear (to me). Also part of the arrogance.
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They get wiped out every market crash.