Over 60% of dentists in our recent The Wealthy Dentist survey acknowledged that their retirement plans have changed for economic reasons.
Here’s how the dentist’s responded:
- 61% answered yes; the economy has made them change their retirement plans.
- 30% reported that they are still on their retirement track, as planned.
- 9% responded, “Hmm… what retirement plans?!?”
In past The Wealthy Dentist surveys on retirement, the younger dentists in our surveys were more likely to say they anticipate working longer, but this time 51% of the respondents changing their retirement plans are in their 50’s and 60’s.
Said one Michigan dentist, “We find we’ll be working longer to get to where we want to be with retirement assets. What had formerly seemed to be an option (that of working longer if we felt we were still enjoying doing so) has become a necessity!”
41% of the dentist respondents who answered yes to changing their retirement were suburban dentists, while just 22% of rural dentists indicated that they are altering their retirement plans.
Here are some more thoughts from dentists on the subject of retirement:
“I have come back to pre-2008 levels and increased, but the market fluctuations and Obamacare uncertainty has made me distrustful of going out too soon. The corporate dental issues are of concern, too, if I would want to work part-time. Also, what about the Social Security benefits and Medicare benefits 10 years from now?” (Indiana dentist)
“I will work forever!” (Georgia dentist)
“There are three objectives here: One is to make money, two is to save money, and three is to know what to do with that saved money. Most dentists might do one or two of these well, but not all three.” (Virginia periodontist)
“I love what I do and I am still excellent at the dentistry I provide, so yes, my plans have changed. I will keep going as long as my health dictates!” (California dentist)
“It as been much harder to stay on track and I have not met my goals every year, but I still hope to retire at 66 only because my debt is low and I will not count on the sale proceeds to fund my retirement.” (Texas dentist)
“I have set a date May 2018. The only thing that might change that is if I decide to retire two years earlier. I did an assessment of my retirement nest-egg and it was better than I thought. Two years earlier is looking OK.” (Colorado dentist)
“I love my work and I will want to slow down and take more time off to travel, so any active work income will substantially add to my retirement income from investments.” (General dentist)
“I’ve sold my practice and will retire at the end of the year thanks to a great broker.” (Arizona dentist)
How have your retirement plans been holding up? Let us know your thoughts in the comments.