Gold for the golden years

[cjsmith]

Having spent a week with my parents, and now spending a week with Rob's parents, I am reminded of the need for long-range financial planning. My parents don't have a solid plan for retirement; my mom lives in fear. Rob's folks and most of the people they discuss are also elderly. I don't know who "Bill" is, but this week I learned that his assisted living facility costs thousands of dollars a month. "Catherine" is in a nursing home costing even more. Rob's aunt is very fortunate that she sold the family farm and moved in with her daughter a year or so before she had her stroke. Heck, if anything happens to Rob's mom, Rob's dad will need to hire a full-time bodyservant.

All of this sure makes me think twice about this whole veterinarian thing. Not that I had a good path to a secure old age as it was; don't get me wrong. But this is the single most financially devastating thing I've ever done in my life. It surpasses even holding on to BRCM stock during 2001.

People say having children doesn't necessarily guarantee good elder care. They're right, of course. But NOT having children is definitely a LESS reassuring situation. Basically, unless you have a few people who are younger and healthier than you are and who are also massively indebted to you, you'd best have a truckload of money. And I don't.

Comments

[brooksmoses]

FWIW, I'm pretty sure my aunt's overall income from her vet clinic is well into the mid seven figures, after ... fifteen years, roughly, I think?

I suspect she's anomalous, though, given that she's got three other vets working for her who aren't getting that much out of it. But it seems a possible outcome.

[cjsmith.livejournal.com]

She's unusual, best I can tell, though not completely unique. A sizable emergency clinic in a big city will pull some serious income like that, too. Of course, the owner of that kind of place probably doesn't get much time to be a vet -- in between all the business management and consulting with lawyers and all. One big thing I need to ask myself is whether I'm willing to be a clinic owner. There are some definite downsides to it, and so far I've been guessing I'd rather not be. Partner, maybe... that's worth some musing.