My Early Retirement Career Plan In Urgent Care

My Path and Plan Towards Completing My Career As An Urgent Care Physician And Retiring By Age 41

2009: Making some decent cash…

I was in my chief year of residency making a W2 income of 43k/yr.
I made an additional 142k of 1099 income.
I ended up owing only 32k in taxes, that’s the power of a 1099 income.
My gross income was 185k.
Take home income of $150,000.
Net worth was -$160,000.


2010: Cracked 200k income line…

I started with my current employer making a base salary of 165k/yr.
It will take me 10 years to vest in this medical group’s pension plan.
I was eligible to put money away in my 401(k).
I worked approximately 45-50 hours a week to increase my income.
I ended up grossing about 235k in W2 income.
Take home income of $150,000.
Net worth was -$150,000.


2011: Still spending more than I was making…

I continued making only W2 income at a base rate of 175k/yr.
I worked closer to 50 hours a week.
I made a gross income of 255k.
Take home income was $163,000.
Net worth was -$135,000.


2012: Started getting serious about retirement…

I was able to contribute to our Keogh plan. Maxed this out.
I also contributed to my 401(k) but didn’t max this out.
My base pay went up to about 185k/yr.
I ended up making about 285k for the year.
I became a partner in my medical group and started getting a K1 distribution in the latter half of the calendar year.
I started sending out estimated taxes.
My take home income was $180,000.
Net worth went down to -$180,000.


2013: First time with a positive net worth…

I worked 55-60 hours a week.
My base was up to 220k.
I was getting serious. Maxed out my 401(k). Maxed out Keogh. Started paying down debt.
I made a gross income in K1 form of 350k.
Take home income was $206,000.
Net worth came up to $40,000.


2014: Highest income, highest savings, lower spending…

I finally got serious, developed a plan and started working towards it.
I didn’t take much vacation.
Worked the first half of the year 40-45 hours/wk and the latter half I worked 60 hours/wk.
I made a gross income of 420k.
I maxed out everything I good and even put some in an IRA.
I was debt free except for student loans.
I left California for Oregon at the very end of the calendar year.
My take home was $266,000.
Net worth was $253,000.


2015: Moved to Portland, lowest spending, but slightly lower income…

Working in Portland, Oregon with the same company.
Gross income of 205k/yr in the first half of the year.
I took on some leadership roles which will bump me up to about 225k/yr.
Paycheck is in form of W2.
Maxing out my 401(k).
Company matches 2% towards my 401(k). They pay towards my 401(a). They also pay for a cash balance plan.
These extra benefits add up to about an extra 43k.
My gross total income going forward will be 270k.
My take home will be ~$180,000.
Net worth will be ~$460,000.

2016: Might consider buying a home…

I anticipate making a similar income as the previous year.
I will be completely debt free.
If I decide to work extra I could potentially have an extra 30k of income.
My take home will be ~$180,000.
My net worth will be ~$663,000.

2017: Income will likely rise, will continue working full-time…

I should have a slight increase in salary by this time.
Job title won’t change much, I will continue to max out my tax-deferred accounts.
I may or may not purchase a home. If I do, I will pay for it by working extra.
Gross income will be closer to 300k.
My take home pay will be closer to ~$195,000.
My net worth should be ~$832,000.

2018: May consider cutting back on hours…

Work will be the same, don’t expect much of a salary change.
I may drop down to 50% of work if that still will qualify me for vesting in my pension program.
If I purchase a home then my hours won’t change.
I’ll assume I’ll keep the same hours, 40 hours/week.
Take home will be about the same, ~$195,000.
Net worth will be close to ~$1,006,000.

2019: Will stop working May of this year, the final job chapter…

The month I will stop relying on my job for income.
I’ll be vested in my pension by May of this year.
I will either be working 50% or full-time, depending.
My gross income will be ~300k.
My net worth will be ~$1,065,000.

Naturally, there are a lot of factors in making the above assumptions. Should I purchase a home then I will have less to put towards investments. I don’t consider a personal home an investment, generally speaking. The economy may head for inflation, we may have another market downturn or we may have another credit crisis or major war or worldwide epidemic. I mean if it gets so crazy that ants rule the world well… I’ll stock up on sugar cubes. If the market takes a 30-40% nosedive I may choose to remain employed and buy some equities on sale. My net worth might be worth only $500,000 or $600,000. That’s still a fat chunk of change.

What’s your plan for your career?
Where do you see yourself in the next 5 years and the next 10?

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