Planning for retirement is an important aspect of dental practice management. Many doctors in their 50’s and 60’s did a good job of that over the years. But the economy derailed many of their plans.
This Wealthy Dentist survey asked dentists for their thoughts about retiring from their dental practices, and if their retirement plans have changed for economic reasons.
Only 30% of the dentists in this survey reported that they are still on their planned retirement track.
Jim Du Molin and Julie Frey discuss how the economy has changed dentists’ retirement plans:
“There is no retirement in dentistry anymore… All the older guys are going back to work part-time.” New Jersey Dentist, 60’s
“I love what I do, and I am still excellent at the dentistry I provide, so here is how my plans have changed: I WILL KEEP GOING AS LONG AS MY HEALTH DICTATES!” California Dentist, 70’s
“Start early, plan for the worst and don’t count on money you may get from sale of practice,” advised a Missouri dentist. “If you do plan to sell your business, start a good dental marketing plan to double the patient base for the new dentist.”
What are your plans for retiring from your dental practice? How has the economy during the past 5 years affected your retirement plans?