#3: Different Ways to Think About Retirement | Passive Income MD
Different ways to think about retirement
Episode #3

#3 Different Ways to Think About Retirement

My ideas about retirement came from what I heard on TV or saw in advertisements (elderly people walking on the beach). Then there were the things I heard my parents or other people around me say. 


21 Min • February 17

Episode Highlights

My ideas about retirement came from what I heard on TV or saw in advertisements (elderly people walking on the beach). Then there were the things I heard my parents or other people around me say. 

I only knew of one path to retirement. 

Let’s consider it to be classic retirement, where you work hard from the age of 30 (maybe even younger than that), until the age of 60 or 65. Hopefully, you would be in a good position, so that you could stop working and enjoy the rest of your life.

How are you going to actually live during that time? Or how are you going to sustain yourself financially?

Today, I’d like to discuss the different ways to think about retirement.

Now, let’s look at five points that I discuss regarding the different ways to think about retirement:

  • Will your pension, Social Security or retirement accounts be enough to sustain you through your retirement years?
  • It’s just strange to me that people are willing to grind away for 20, 25 or 30 years. Perhaps, in a position that they’re not happy in. They might not be living the life they wanted, but they’re willing to sacrifice to get something.
  • Then there is the FIRE movement (financial independence, retire early). That’s the mindset of somebody who’s pursuing retirement or trying to reach the place of financial independence–as quickly as possible, 
  • I’m a believer in gradual or phased retirement. 
  • The only way you can really figure out where your happy point is and get there is to slowly cut back on your clinical hours until you reach that point. 

Episode Breakdown


I think, for the most part, pensions are a thing of the past. Companies now have 401k or a retirement plan. You contribute and the company matches a percentage.


Will Social Security be there for most of us when we are ready to retire? I’m 42 years old, and I have very little to no expectation that so security will be there for us when it comes time to retire.


The Trinity study, shows that if you have a portfolio of a certain size you can draw essentially 4% of it every single year (adjusted for inflation) and there’s a very high probability that it’s going to last you for 30 years. 


There’s a documentary called Playing with FIRE. My friend, Physician On Fire, talks about quite a bit. He came up with a plan to retire early and if you’ve been following his blog at all, he’s retired and traveling all over the world right now.


Life is short and you have to figure out a way to make it the most extraordinary at all times, not just in the future (30 years from now). The way I think about retirement is that it gets you to the place where it’s really your ideal life–you’re able to live comfortably, financially and securely.


Well, as you create these other streams of income that we’re going to talk about on this podcast and on my blog (and at the conference), is that as you create these other streams of income that provide cash flow, and that’s like real money that comes into your account that you can absolutely start to use. 


But slowly little by little as you build those passive income streams, the income will start to grow and the cool thing about a lot of these passive income streams is that you’re not trading your time for money.

And, if you haven’t done so already, let me know what you thought of this episode in one of our Facebook groups: Passive Income Docs or Passive Income Professionals

Click here to listen!

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