financial planning

Dental Retirement Plans Changing Due to Economy

Over 60% of dentists in this survey acknowledged that the present economy means they now plan to work longer than they'd expected.

Said one dentist, "I wonder if I’ll ever be able to retire and maintain my lifestyle, which is NOT extravagant."

62% say they plan to work longer.
25% say their retirement plans are still holding steady.
11% say “Retirement plans?!? What retirement plans?”
2% say they’ll retire early and be done with the whole mess.

Unexpectedly, the younger dentists in our survey were more likely to say they anticipate working longer — four out of five dentists under 50 said that, while only 3 out of 5 doctors over 50 did.

Here are some more thoughts from dentists on the subject of retirement:

“I love dentistry, but this sucks!” (New York dentist, 62)
“I'm beginning to wonder if full retirement is really a worthwhile goal anyway… All I do now is work, and I love my profession!” (Georgia orthodontist, 54)
"Plan ahead, it works!” (Florida dentist and investment advisor, 64, retiring early)
“I feel as though I may have to work forever!!!!” (California dentist, 65)
“”I am not interested in retiring. I do want to change my practice to do more implants, dentures and ortho.” (Utah dentist, 63)
“I still have 10+ years until I retire. As for now, I am refinancing everything I can to the lowest rates I can so that in 10 years I will be in an even better position to retire than I would have been… assuming we recover at least most of our losses from the past year.” (Missouri dentist, 51)
“Even though I started saving very early, with today’s uncertain times, we can only hope the economy will turn around so we do not have to work longer.” (Florida dentist, 42)
"I’ve been working 3 days a week for 10 years without loss of production, so retiring in place is working for me… Although the stress of dealing with a more unappreciative public is difficult at times.” (Louisiana dentist, 61)
“Put 'em in jail…no Bailouts!” (Florida dentist, 52)

Retirement for Dentists: These Days, Retirement is Totally Optional

Dental Retirement Survey Results One in Five Dentists Can’t Afford to Retire

In a recent survey, The Wealthy Dentist asked dentists about their retirement plans. Two-thirds of our dentist respondents say that they expect to choose keep working part-time to keep themselves busy. Only 13% replied that they’re on track financially and will retire completely once their financial goals are fully met. One in five dentists would like to retire, but aren’t sure they will be financially able to afford it.

We also asked dentists about their target retirement age. And aren’t the specialists lucky! They’re planning to retire an average of six years before their colleagues practicing general dentistry.