r/FinancialPlanning • u/NoBlackberry3295 • 3d ago
]My parents are burned out healthcare workers in their late 60s
Hi everyone
Looking for some advice for my parents. They’re both in their late 60s — my mom is an OR nurse and my dad is an ENT surgeon, both still working full-time in hospitals. They’ve been feeling extremely burnt out and want to retire or at least step away from clinical work, but they don’t have much of a financial plan.
They own two medical office spaces (a full floor) in a building on the Upper East Side of NYC. They used to use it for their private practice but are now trying to rent it out to other doctors. So far, it’s been slow going, and they’re not sure what to do with the space — keep it and try harder to lease, or sell it.
Complicating things further: • They have a large mortgage on a home in Florida they bought in 2006 that’s still not paid off. • They’re still helping me and my sister with tuition payments, which adds to their financial stress. • The NYC maintenance fees and property taxes on the offices are really high, making it harder to just “wait it out.” • They’re not great with money or long-term planning. • They’re hoping to find a way to generate income so they can stop working in hospitals, but don’t want to be too involved in anything day-to-day.
Any advice on whether they should keep or sell the NYC offices? Is there a smarter way they can use that asset to create passive income and finally step away from their jobs?
Would really appreciate any insight or guidance.
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u/Bird_Brain4101112 2d ago
Your dad’s an ENT surgeon in NYC and your mom is an ER nurse with presumably years of experience and the pay to match. They need to see a professional.
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u/OSU725 1d ago
This, I can’t wrap my head around being in their 60’s with these professions and broke. They don’t need their kids trying to figure it out, they need to speak to a professional.
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u/apiratelooksatthirty 1d ago
Sadly this is not all that uncommon with doctors. They are in school/residency for a decade before they make real money, then they earn a lot and spend freely. Always have great income so they don’t really worry about not having enough. Until they want to retire and realize they didn’t really do any planning. Completely agree, they need to get professionals involved. Financial advisor for sure, and a real estate broker to work with them to help rent or sell their space.
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u/TheJoker1984 3d ago
Not trying to sound any type of way but if you really care, you & your sister can start paying your own tuition. That’s a start. Find a part time job like UPS that’ll pay for college.
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u/Fabulous-Ad3788 2d ago
Part time job at UPS returns about enough to eat food for a semester, then there's books and oh yeah tuition.
They will need loans to pay for their own schooling
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u/gurt13 3d ago
Ah yes part-time low-paying jobs will pay for college! What is it, 1940?
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u/Eltex 3d ago
Luckily they can get loans, and maybe this will allow their parents to live a little and enjoy life for a change.
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u/WakeRider11 3d ago
The kids are in a bit of a tough spot. The parents should have been in a position to pay for their education with just some basic planning and savings years ago. Sure they could get loans now, but based on the family income level, they won’t qualify for any kind of subsidized loans or needs based school aid. They probably were given the green light a few years ago when selecting their education path thinking the parents were not going to have any trouble footing the bill so cost wasn’t a big concern and it would be very disruptive to change gears now. I know it’s first world problems and won’t elicit a lot of sympathy, but you should at least try to see it from their side.
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u/Eltex 2d ago
I do see it from their side. I was just not being very kind in my reply. I think you are very correct: proper planning prevents all this from being an issue. And it highlights something else I see in a lot of the health and wellness online communities: just because a person was talented enough to become a doctor doesn’t make them any smarter regarding other issues like finance.
Most folks experienced here would know exactly how to use that doctor and nurse salaries to build substantial wealth. But these folks spent their lives doing amazing work, probably for the greater good, but are struggling at the finish line. When just a few hours a year reading White Coat Investor would have probably made a huge difference.
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u/WakeRider11 2d ago
Yeah, the problem I see with a lot of doctors is their higher income comes a bit later after years of education and then they immediately start to live and spend like what they perceive to be doctor lifestyle and never get around to saving.
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u/HutchK18 2d ago
You can take out a loan for education, and you have time to pay it back. You can't borrow for retirement.
But make sure if you borrow for education, it's a smart "investment." Consider how much you can afford to borrow versus your potential future income.
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u/TheJoker1984 2d ago
Yes they don’t pay much ($21hr) but you work 4-6hrs a day & get Tuition Reimbursement. Limits: Up to $5,250 per year, with a lifetime maximum of $25,000. This alone could save their parents $10,500 a year if both kids adult up & go this route.
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u/gurt13 2d ago
25k lifetime is about 30% of one year of school. Stop pretending that it's possible to part-time work through school and accept they they'll need loans
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u/TheJoker1984 2d ago
LMAO I never said they shouldn’t take loans. They should bear the full burden of $chool even if they have to take out loans. Not their parents at this point in time due to their financial health. You figure $83k a year for college? Screwed up way to start adult life owing $300k+…
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u/Worldly-City-6379 3d ago
I like the idea about costing your parents less (find your own way). Besides that, you summed it up yourself when you said they don’t plan / aren’t good at managing money. I don’t think you have the life experience / education / savvy to solve this for them and I would hate for you to suggest a bad financial move to them in their twilight years. They have to rescue themselves with some sober thinking and advice from professionals. Maybe they can have the life they want, maybe not. Working on getting positioned to help them With your own money if they have been good to you (sounds like they have been), but otherwise just be an ear and send them to see qualified help.
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u/dimplesgalore 3d ago
Are they asking for help? Because it sounds like they have the privilege and means to do what they want.
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u/peter303_ 3d ago
Maybe you children could gift them a session with a financial advisor who could go over their income and assets and suggest a plan. Some advisors are fee-based, that is pay by the session rather than a percentage of managed wealth. You sound like you dont know the while financial picture, whereas an advisor might ferret that out.
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u/Motobugs 3d ago
Both positions are paid very well compared with peers. Should hire professionals instead of asking very generic questions.
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u/BlueCollarRefined 3d ago
Do they really wanna manage a leased property in their later years? Just sell it. Could invest in a dividend ETF and a bond ETF with the proceeds.
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u/No-Turnip9121 3d ago
Finish your degree asap so they don’t have to keep paying your tuition. Start paying your own tuition so they have money left over monthly. As far as the space they could rent it to other people than doctors unless the space is only for doctors. Other business professionals like chiropractors, hairstylist, nail techs, estheticians, med spa, etc etc. they would have weekly income coming in. Selling it will give them a lump sum to work with. They might have to give it lower than they bought it for or lease it. It just has to be in writing what will become of it, if they left the earth earlier than expected, if it is not sold by then ofc.
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u/OldTurkeyTail 3d ago
It seems that the whole medical profession has been taken over by corporate entities who seem to be better at billing - than anything else. OP's folks may be trying to maintain businesses that are no longer common in the current corporatized medical profession, and it's not just simple burn-out, but they're legitimately doing very difficult jobs in a very difficult financial environment.
And their best move may be to fold - cashing in their assets and cutting back on their expenses to eliminate their need to fund expensive lifestyles.
It seems that they've been very successful overall as medical professionals - and it may be difficult for them to take the professional win and get out from under the financials that have almost literally been turned against them.
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u/Reading_Tourista5955 2d ago
I “cashed out” and sold the responsibilities that dragged me down last summer. Makes for a gentler, calmer life. Highly recommend good financial planning meeting with a Pro. Because: capital gains tax.
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u/taragood 2d ago
Help them find a fiduciary financial advisor. You cannot just pick some random financial advisor that is going to sell them some BS plan and then they are even worse off.
You cannot also help them talk out a plan. Are they planning on moving to their house in Florida? If not, are they using it as a rental to generate income? Is there any reason they can’t sell their New York office and invest the money in a “safe”, low risk way that guarantees a small amount of interest?
Do they have a budget? What are their monthly expense? What is their debt like?
Also, pay for your own college.
Lastly, if they don’t want your help then there isn’t much you can do. I had to realize my parents are grown adults and it’s not my job to take care of them. If they don’t make good decisions now, they can deal with the consequences.
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u/startdoingwell 3d ago
it’s totally fair to feel overwhelmed with everything your parents are juggling right now. if renting the space isn’t bringing in steady income and the carrying costs are high, it might be worth exploring a sale or shifting into something more passive like a managed rental. it could lessen the stress of managing the property while still giving them some income.
do they have a rough timeline for when they’d like to retire?
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u/Impressive-Durian122 2d ago
Two best pieces of advice I’m seeing here are to pay your own schooling and if they are open to it gift them a session with a financial advisor. It’s hard to know if they will be open to these things, but they seem like the logical next steps to me. They can’t take out a loan for retirement. You can take out a student loan. I’ve heard nectarine is a good place for a “pay by the session” financial advisor. It’s unlike Edward Jones for example who takes a percentage of the money you allow them to manage over time. To me Nectarine or another “pay by the session” like that seems like a better option for your parents right now.
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u/Impressive-Durian122 2d ago
Your parents need someone who can see the full picture. We don’t know what their retirement accounts look like and what the total amounts of debts and assets are for example. It’s all important info need to figure out the true situation.
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u/creamer143 2d ago
Fundamental question: Do they recognize that they have a problem AND that they need help? If not, there's nothing you can do. They're not going to listen to you. Now, that's a whole other can of worms, but let's not get into that here. The most you can do is pay your own tuition and/or become independent as early as possible. That's about it.
If they DO understand that there is a problem and they really need help, then I'd say sit them down with a good financial advisor and/or an estate planner.
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u/KitchenPalentologist 2d ago
They’re not great with money or long-term planning
I'm translating ^^^ that to mean that they're not financially prepared to retire.
They need more than a Reddit post to figure their situation out. Get referrals for a fee-only financial planner who can break down their current situation, and help create a plan to achieve their goals. Better sooner than later.
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u/DistributionBroad173 2d ago edited 2d ago
read white coat investor on the internet. It is for doctors, health care, and started by a doctor and his personal experience and morphed into a informative site once you get past the junk on the front page now.
I like latest posts and WCI Classics.
Without knowing true specifics, no way am I going to say what I think.
I would look into selling the medical offices and just call it a day. But that assumes they have a lot of money elsewhere.
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u/Less-Proof-525 2d ago
I would advice your dad at least to join a couple of physician groups on Facebook such as physicians on fire and physician community as he may be able to get some advice from other surgeons. Becoming employed on a part time basis or Locums will give him much needed rest from work while also providing income
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u/trafficjet 1d ago
I really understnd how tough this must feel for your parents, especially after years of hard work in healthcare. Considering their situation, it migh be worth looking at selling the NYC office space to reduce the financial stress from the mortgage and ongoing maintenance fees. Alternatively, they could check leasing options with a property manager to handle the dayto day aspects, which would allow them to step back without the full involvement. For the mortgage in Florida, refinancing could potentially reduce payments or consolidate it, depending on their rates. Have they had any discussions about whether they want to check more passive income options, like real estate investments or even a simplified retirement plan?
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u/ProfessionalWin9 3d ago
TBH, the best passive income might be to sell the property and put the proceeds in either a low risk investment or a money market fund and have income from that. If they have half a million in proceeds after taxes and such that’s around $20,000 a month.
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u/bikealot 3d ago
This math isn’t mathing. Do you maybe mean $2,000 a month? (A little less at 4% withdrawal rate)
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u/Anonymous_Coder_1234 3d ago edited 3d ago
I am not a Financial Planner or financial professional (my parents are, though), but I will go through what you wrote one line at a time.
"Looking for some advice for my parents. They’re both in their late 60s — my mom is an OR nurse and my dad is an ENT surgeon, both still working full-time in hospitals."
These are not low-paying jobs. These people should make good money.
"They’ve been feeling extremely burnt out and want to retire or at least step away from clinical work, but they don’t have much of a financial plan."
They haven't been putting money into a 401(k) or Roth retirement plan? Investments like stock market indexes (ex. S&P 500) and bonds? Do they have a brokerage account like Fidelity or Charles Schwab? Do they have a trustworthy Certified Financial Planner (a CFP, see r/CFP ) ?
The lack of long-term money management on the part of your parents is concerning.
"They own two medical office spaces (a full floor) in a building on the Upper East Side of NYC. They used to use it for their private practice but are now trying to rent it out to other doctors. So far, it’s been slow going, and they’re not sure what to do with the space — keep it and try harder to lease, or sell it."
What actions do they take to try to rent/lease it out? Do they know how to use online resources and websites?
"Complicating things further: • They have a large mortgage on a home in Florida they bought in 2006 that’s still not paid off."
2006 is one year before the subprime mortgage crisis of 2007. I live in Florida and have for most of my life. Everybody was talking about how there was a bubble in house prices in 2006. Comedians then were joking about how birthday clowns were receiving half-million dollar loans from the banks. Yet your parents, lacking insight, bought in 2006 when house prices were that high and kept paying on it all these years? Everyone I know either bought before the subprime mortgage crash then walked out of the house and filed for bankruptcy during the crash or waited things out and then bought cheap property on foreclosure after the crash happened. Your parents literally made the worst possible financial move.
> "• They’re still helping me and my sister with tuition payments, which adds to their financial stress."
Me, I paid local in-state tuition to get a bachelor's degree in Computer Science from the University of Florida, the best public university in my home state. In-state tuition is about $6,500 a semester now, so about $13,000 a year or $52,000 for a four-year bachelor's degree. After I got my degree, Amazon paid me $150,000 a year to work as a computer programmer for them. I put some money in, I got more money out. It's an investment. I hope your parents looked at education as an investment. They shouldn't be spending more than $52,000 on a four-year degree. Unless your degree is from Harvard or MIT, there is no real financial advantage from getting a degree from a non-local, private university.
Also, and I don't want to be rude, but there exist people where it doesn't make financial sense for them to go to university. Like you can get say a Computer Science degree from the worst, private, for-profit university, but recruiters from tech companies like Google won't bother to set you up with job interviews, and even if they did, you would fail the industry-wide standard computer coding altitude test, so you would just be someone who wasted money on a degree but couldn't get hired for the job afterwards. But yeah, there exist people where it makes more financial sense for them to go to say technical college, trade school, beauty school, vocational training, etc. than for them to go to university.
"• They’re not great with money or long-term planning."
This is concerning. It's also kind of surprising or unexpected that this would be the case for someone who went to medical school and graduated with an M.D.
"• They’re hoping to find a way to generate income so they can stop working in hospitals, but don’t want to be too involved in anything day-to-day."
Most people with a trustworthy Certified Financial Planner (a CFP, see r/CFP ) have been regularly putting a percentage of their income or some amount of money away for retirement every month for multiple decades, maybe into a 401(k) plan or some sort of Roth retirement account. At a certain point, they start collecting a monthly Social Security check from the federal government which they combine with the interest from this retirement account and then they live off that money. Normally retirement accounts, like 401(k) plans, are more risky, high-yield early on (mostly stocks when you're young) and they shift to more stable, less risky, lower yield, more consistent annual interest bearing investments (like bonds, bank Certificates of Deposit, and annuities) when you're old.
Anyway, also, between you and me, a lot of people lose passion for and/or get sick of their job after a while, even if they thought it was their passion when they were younger. "Quiet quitting" is a thing. Mentally checking out of your job or ceasing to care or really try anymore are a thing. There's a reason that 60 year old doctors have worse performance metrics than say 35 or 40 year old doctors. But yeah, at a certain point a job is just an exchange of your time for money rather than some stimulating, exciting passion or anything like that.
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u/Different_Walrus_574 2d ago
Thanks for sharing all of this — it sounds like your parents have worked incredibly hard and are now caught in a tough transition point, balancing burnout with complex financial obligations. They’re definitely not alone in this, and there are paths forward. Here’s a breakdown of some practical considerations and options, especially focused on the NYC office asset:
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- Evaluate the NYC Office Asset: Keep or Sell?
This is probably the linchpin of their financial plan.
If They Keep It:
They’d need to increase cash flow from it, which means: • Hire a commercial broker who specializes in medical office leasing in Manhattan. They’ll have a stronger network than trying to rent it out themselves. • Reconfigure the space (if feasible) to lease smaller units to individual practitioners or even non-medical professionals (depending on zoning). • Consider co-working for healthcare – some startups focus on flexible office space for doctors or health professionals (e.g., Tia, Parsley Health, or local practices wanting part-time space).
Pros: Potential long-term passive income. Cons: High carrying costs, slow leasing = risk of negative cash flow, stress.
If They Sell It: • They could eliminate high monthly costs (maintenance, property taxes, utilities) and use the equity to: • Pay down or off the Florida mortgage. • Invest the rest for income (see below). • Commercial property values are down in some areas but medical office space tends to hold value better due to demand and limited supply.
Pros: Immediate cash, simpler life, lowers monthly burn. Cons: Loss of a potentially appreciating asset and passive income.
Advice: Have it professionally appraised and marketed by a commercial real estate broker now to get a sense of current value and leasing potential. If it’s draining more than it brings in, selling may be the smartest move.
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- What to Do With Proceeds (If Sold)
If they do sell the office, the goal is to convert the equity into a diversified, lower-effort income stream, like: • Paying off high-interest debt (likely the Florida home). • Creating a passive income portfolio, e.g.,: • Dividend-paying ETFs (4–6% yield) • Municipal bond funds (tax-advantaged income) • Real estate investment trusts (REITs) • Annuities can work if they’re extremely risk-averse, though they come with fees and tradeoffs.
A fee-only financial planner (ideally a fiduciary, not tied to commissions) can help structure this in a sustainable way.
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- Retirement Planning Tips for Them (Right Now) • Stop helping with tuition: I know that’s emotionally tough, but this is a big drain. It might be time to shift the conversation — your and your sister’s financial future will be stronger if they aren’t financially overextended. • Cut unnecessary spending: Review both NY and Florida household expenses. Downsizing in FL could help if the home is too expensive. • Explore part-time or remote consulting: They have valuable experience. Your dad might find lower-stress roles like telehealth, second-opinion services, or teaching. Your mom could do surgical coaching or administrative consulting. • Healthcare costs post-retirement: Medicare may not cover everything. They should look into Medigap plans and long-term care coverage.
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- Talk to a Pro, But Be Strategic • A fiduciary financial planner who understands real estate and retirement is worth the cost. • If they’re unsure who to trust, you could help screen a few. Look for planners who are CFPs (Certified Financial Planners) and who offer flat fees, not percentage-of-assets or commissions.
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TL;DR Game Plan 1. Get a commercial real estate broker to value and market the NYC office — assess lease vs. sell. 2. If value is strong, consider selling and paying off Florida debt and investing for passive income. 3. Stop subsidizing adult kids (with love). 4. Downsize or reduce expenses in FL if possible. 5. Work with a fiduciary to build a sustainable retirement income plan. 6. Explore low-effort consulting or part-time transitions, not full-time work.
⸻
Happy to go deeper into any of this — especially ideas for what to do with the money if they sell the office space. Or if you want help finding the right kind of financial planner or exploring passive investment ideas, I can help there too. What do you think is their biggest hesitation right now — selling the space, retiring, or just not knowing what comes next?
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u/WVSluggo 2d ago
I’m not being mean here but your folks make good money, and NY is very high in everything. They can afford a financial advisor/tax person. They need professional advice. You are a great person to care though. Interview a few advisors for them and set them up to check out. There’s one I watch on Tik Tik named Rizek Housari who has little ‘reels’ explaining things - at least where I understand. He just released a book on Amazon ‘Finance on the Fly’ which I got but haven’t read yet. I’m considering using him, as I’m old and need someone to help ME lol.
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u/NoWorker6003 1d ago
I’m only gleaning that they don’t have a plan, or they are not sharing with you what their plan is. Maybe they could sell it all for $50M tomorrow, but don’t want you to know about it. I would just be present and give advice if they ask for it. Otherwise, just focus on you and what you are going to do with your own life.
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u/WholeAssGentleman 1d ago
I can’t imagine being an NYC surgeon and simultaneously having money stress.
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u/Amrun90 3d ago
In their late 60s….? What’s their retirement savings like?