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  • Older Medical Student

    I'm a 44 year old 3rd year medical student who should start residency in 2021. I was wondering if financial independence is still possible at my old age. Thank you.

  • #2
    Yes.

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    • #3
      Financial independence is easily attainable but the retire early part will be questionable.

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      • #4
        FI depends on spending and net worth. Offense = earnings (% savings) Defense = spending less (Frugal, living like a student )
        You will need both a good offense and a good defense.
        I would strongly consider living in a low cost of living area and living like a resident for an extended period. If Mr. Money Mustache can retire and live off of almost nothing, anyone can achieve FI.
        Peds answer: YES, is right, but it will be a challenge. However, you seem to like challenges otherwise you would not have chosen this adventure!
        Good luck!

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        • #5
          Ummmmm how much debt?

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          • #6
            Welcome to the forum. We had a non-traditional guy in my residency, never did figure out his age, but he had a college aged kid. Super cool for you and your co-students/co-residents.
            As others have mentioned, FI is all about the burn rate.

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            • #7
              Yes. At what age however will depend on how much you save.

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              • #8
                More info is needed, but assuming you will graduate with ~$200k of student debt it is certainly possible. I would avoid specialties that require many more years of training unless you love it and want to work into your 70's. I think that it's awesome that you decided to go back to medical school when you did and I'm sure if you can get through medical school in your 40's you can become financially independent in time.

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                • #9
                  Thank you for the great advice everyone. To answer some questions and to give further background, I will have a medical school loan debt at about 250k....Caribbean Medical School is expensive. However, I do have a pension valued at $195k that I could start using at age 50 that would probably give me about $1200/mo. However, If I return to work for that government agency, my retirement would be higher because they average the last 12 months of employment prior to retirement. And after 7 more years there, I would get free medical insurance for life. I plan to go into IM or FM, though I haven't decided yet. I was leaning towards EM but IMO, I don't think I have the board scores or SLOEs that would make me a competitive candidate. The only thing that send s out in my application is my 18 years of work experience.

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                  • #10
                    Originally posted by goldstarmd View Post
                    I'm a 44 year old 3rd year medical student who should start residency in 2021. I was wondering if financial independence is still possible at my old age. Thank you.
                    Thanks for asking the question as I am in the same boat as you . Just finished residency at 45. Keep up the hardwork. . Its nice to know that there is hope for us. Good Luck!!!!

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                    • #11
                      Caribbean Med School changes the odds of success a bit. I hear it's harder for those folks to match these days. What percentage in your school go unmatched?

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                      • #12
                        My advice- Choose a high-paying short residency like ER...

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