Personal Finance

I'm 60 year old physician who has banked $7 million - I want to stop working but I'm terrifying of losing my income

Christy Bieber

Published: February 19, 2025 10:02 am

A 60-year-old Reddit user with $7 million invested is burned out at his job, but he’s scared of giving up his high-paying work. Since he’s having a hard time making the psychological shift from a lifetime of earning and investing to starting to draw down his savings, he thinks he is going to end up working longer than he wants to — especially since his parents worked into their 70s. 

So, how can the Redditor overcome his concerns about giving up his big salary so he can retire and start enjoying all that he worked for?

How to overcome fears about living off your retirement savings?

The Redditor explained that he’s a physician in a high-stress position. He said that he enjoys his co-workers, but he doesn’t enjoy most days at the office and he has been working since he was 12 so he’s had enough. However, fear of shifting from a saving to a spending mindset is standing in his way — and he needs to overcome those concerns because otherwise he could be left regretting all the extra time he spent doing a job he no longer liked.

One of the easiest ways for him to make that shift would be to talk to a financial advisor to create a detailed plan. The reality is that with a $7 million net worth, including $5.3 million in stocks, bonds, and other income-producing assets, he should have plenty of money.

Ignoring the home equity, his $5.3 million in invested funds would produce around $196,100 per year in income assuming that he follows the 3.7% rule to maintain a safe withdrawal rate. Since his current spending is $10k per month, he has more than enough of a cushion even if he’s pretty conservative about taking money out of his investment accounts. That’s especially true because he and his spouse will likely collect Social Security eventually, which will give them even more income.

A financial advisor can help the Reddit user to feel comfortable with his withdrawal rate, and to gain confidence that his savings is going to. last for as long as he needs it to. 

Shifting from a saving to a spending mindset

Even with the right financial advice and with a financial professional helping to inspire confidence that the money will last, it can still be a major mindset change to go from working hard to save to spending down the money. Ultimately, though, the entire purpose of investing so much and making the right financial decisions was to have the freedom to enjoy a nice retirement.

The Reddit user may have to just bite the bullet and quit his job despite his fears, especially after he talks to a financial advisor to confirm that he is in good shape. There is always the option to go back and do some type of work later if he is bored or unhappy with how he fills his time, but he should definitely not stay at a job that is making him feel burned out and unhappy. After all, he could compromise his health and end up only retiring once he’s not in great shape to travel or enjoy life. 

By working with an advisor to make a plan, and perhaps coming up with some exciting events he can look forward to after retiring like a special trip, the Redditor can hopefully find a way to make retirement something he is excited about and, as he sees his income come in and his portfolio stay at a healthy balance, he should eventually be able to relax over time.