Most Dentists Don’t Consider Themselves Wealthy

Dentists Aren’t as Wealthy as the Public Might Think

Dentists are commonly perceived as wealthy. In this survey, we asked dentists if they consider themselves wealthy – and two out of three dentists said no, they are not in fact wealthy. “While my income may be in the top 10% of wage earners, my debt is high, and it is a struggle to fund my retirement goals,” wrote one dentist, echoing the feelings of many respondents.

Here are some other comments from dentists:

• “One of the most frustrating things about dentistry is the enormous financial investment one must make to first complete a dental education and then later to start up a practice. As much as I love dentistry, I am not sure I would choose this path if I had it to do over again. Many other fields are more lucrative without the same financial investment.” (California dentist)
• “I consider myself ‘wealthy’ only in the sense that I worked extremely hard for 25 years to pay my debts, taxes and not be a burden on society from here on out.” (Minnesota dentist)
• “I’m 52 and I make a good living now, but I lived paycheck to paycheck until I was 40. I’m still short on my retirement funding and don’t plan to retire until age 65 or so.” (Virginia orthodontist)
• “I graduated from dental school with no debt, thanks to my wife’s working to pay for it. I retired 4 years ago with a net worth of $4.5M and live half the time in Hawaii now. A lifetime of saving and time are the secrets to wealth.” (Tennessee dentist)
• “I make good money compared to the general population, but my goal is to make good money compared to the successful people with whom I associate.” (Florida dentist)
• “I just purchased a practice, and my school debt exceeds $200k. Now I have to purchase the building of the practice for $600k, and I purchased a home… The debt load is enormous in the beginning.” (Vermont dentist)
• “The idea that all dentists are wealthy is absurd. The public looks only at what they pay. They have no idea what it costs to run a dental clinic. In reality, dentists must produce so very much revenue before they pay themselves that very few dentists are truly wealthy.” (Minnesota dentist)
• “Statistics show that dentists average about $180k/year, putting them in the top 5% of earners in America. I personally earn more than that and am comfortable in my lifestyle and prospects for a secure retirement. Not Bill Gates, but financially secure.” (Pediatric dentist)
• “Economics effect everyone. Unfortunately, dentistry is perceived as a luxury.” (California dentist)

Read the complete dentists and wealth survey results