This survey by The Wealthy Dentist asked dentists a few questions about their plans to retire.
We wanted to know if they expect to be financially ready to retire at age 65, and if there was a difference between the age they “hope” to retire and when they really “expect” to retire.
We discovered some good news:
Most dentists are optimistic about being financially able to retire at age 65.
The majority of our surveyed dentists (63%) said they think they would be able to retire at 65 if they wanted.
The rest of our respondents either have doubts (17%) that they’ll be financially ready or are sure (21%) their finances will not allow them to retire at age 65.
“Hope the stock market rallies.” California orthodontist
“Not sure; depends on healthcare and my health.” Michigan dentist
As for the “reality gap” between the age dentists “hope” vs. “expect” to retire, here’ the breakdown:
Most dentists “hope” to retire at age 60, but “expect” it will really happen when they’re 65.
On the low end, age 57 is the youngest age that dentists in our survey both hope and expect to retire.
Age 75 is the oldest age dentists “hope” to retire; age 80 is oldest expected retirement age.
However, a Florida dentist told us he expects to retire “When I’m on the other side of the grass. Retire for me means to go to bed at night.”
There were a couple of “Yes…but” answers to this question: “Do you think you will be able to retire comfortably and on schedule?”
“Yes, but the fact that healthcare insurance premiums have risen so much that I am trying to save enough each month specifically for that cost after retirement.” Texas dentist
“Yes, but I still have over 20 years to prepare.” Oral surgeon
We also got a few good pieces of dentist retirement advice:
“Marrying another dentist makes it easier to retire.” Washington dentist
“Starting early and consistent investment strategy with professional assistance is key.” General dentist
“I may retire from seeing and treating patients and the daily grind in the dental office, but with associate dentists, I should be able to always own and operate my dental office as the president of the company. At least, that is the current plan.” Ohio prosthodontist
How ‘on track’ are your plans to retire from dentistry?