Should Physicians Coast FIRE for ROL?

Financial Independence, Retire Early (FIRE) is an attractive goal to many hard-working high earners. Doctors who are feeling worn down after extra years in school, low-paying residencies, high student loan debt, and long hours under life-and-death stress might feel extra motivated to build up a nest egg as fast as they can.

But if you love your work, just not a 60-hour workweek, retiring in your fifties might not be as fulfilling as you think.

Maybe, rather than catching FIRE as fast as possible, you should "Coast" through the rest of your career, on your terms.

Coast FIRE

Like a traditional FIRE-starter, coasters aim to top off their savings and investing accounts as early as they can. Once they hit their numbers, coasters downshift how much they're working and "coast" towards a full retirement in the more traditional 65+ age range.

If you intend to keep working into your senior years, Coast FIRE can be easier to achieve than a full-on FIRE. With discipline and a clear budget strategy, you could be able to live off what you’re earning from working reduced hours. Meanwhile, your nest egg will be compounding and growing in the background so that once you do retire fully, you’ll have the resources you’ll need.

Pros of Coasting

Medicine is a calling, but practicing it can be grueling. If you're willing to put in some extra effort to save and manage your stress while you're younger, Coast FIRE can create an invaluable hedge against burnout. Once you've freed yourself from needing full-time income, you won't need to work a full-time schedule anymore unless you want to. That could open up a wide range of additional career options not just in medicine but also in medically adjacent fields like teaching or community outreach.

Coast FIRE could also help you achieve better work-life balance during some critical years. Instead of missing your child's baseball games, you could be a coach. Instead of saving for one big vacation every year, you might have time to take smaller day trips whenever you feel like it. Instead of struggling to schedule date nights with your spouse, every dinner could be a moment to connect.

Finally, Coast FIRE is more adjustable and less final than a traditional FIRE. Because you’ll keep working, you’ll keep earning and growing your valuable skills. If, for personal, professional, or financial reasons, you decide you want to go back to full-time work, you’ll still be an in-demand professional. Or, if you decide to coast a little faster, you can work more, save more, and reach the finish line sooner.

Cons of Coasting

Doctors put off many comforts early in their careers just to earn their MDs. An intense focus on saving for the future might make it even harder to enjoy your high earnings in the present. You might need to delay large purchases, like a house and vehicles. Sticking to a tight monthly budget might limit your options for recreation and healthy living, which are vital parts of a medical professional’s routine.

Once you do begin to “coast,” your reduced income might not be enough to cover monthly expenses, especially if you have a growing family. If you don’t qualify for employer-subsidized benefits, you might have to pay for health insurance out of pocket. And if you start dipping into savings accounts, you’ll be borrowing from your future self and limiting the growth potential of your nest egg.

Whether you want to coast through the back half of your career or keep making your rounds for as long as possible, Life-Centered Financial Planning can personalize your retirement timeline to meet your goals. Let’s meet and discuss your long-term vision for your career.

At LI Wealth Management, we believe financial independence should create more freedom, balance, and purpose not just an escape from burnout. Whether your goal is Coast FIRE or a traditional retirement, we’ll help you design a plan that supports the life you truly want to live. Visit our website or book a session today.