Med School or not?

Hi,

Wow, glad I found this forum. I've done a search, but couldn't find anything. So, I apologize if the answer is available, but haven't found it myself.

I'm wondering if you experts here could help me with a comparison.

Scenario 1: Start med school at age 39. Finish at age 44 with approx $350,000 debt (tuition and living) to be paid back after residency at 6.5% over the course of 10 years. Followed by 3 years residency at $50,000 income a year. Followed by practice at approx $250,000 income a year. Retire 70.

Scenario 2: Just continue working for $61,000 a year. Retire at 70.

Both scenarios. Cost of maintaining household approx $25,000 a year throughout the duration. (Of course, may go up if I complete med school and residency). Family of 4. Modest savings, do not want to include in calculations, as I want to keep this in reserve. Do not own a home, so fairly easy to relocate. Will only decide to buy a home after we decide which scenario to follow.

Financially, would Scenario 1 catch up favorably to Scenario 2? If so, how many years would it take? I'm just wondering if, 10 years from now, I would have been happy to follow Scenario 1, especially since I would be starting this late in life.

Sure would appreciate any advice you can give. Thanks.







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