Dentist Survey: How Are Your Retirement Plans? (video)

dentist retirement plans Dentist retirement plans have been thrown off track by the recession economy. Fortunately, may dentists like practicing dentistry so they are not too worried.

“I’m not interested in retiring,” said one 63-year-old dentist. “I do want to change my practice to do more dental implants, dentures, and ortho.”

We conducted a survey that asked dentists if their retirement plans have changed as a result of the recession. Two out of three dentists surveyed acknowledged that the present economy means they plan to work longer than they expected.

Click on play to watch the survey video –

103-Dentist_Retirement_Plans.mp4

“Work is not a bad thing. How many folks do you know who waited to enjoy life until they retired and moved to Florida? Two years later they were dead. I say life is filled with choices. Choose what you enjoy and do it until the day you die!” advised a 71-years-young Texas dentist.

Financial planning for retirement is important — both from a professional and personal point of view, but the real question is choice. Every doctor out there should be planning their financial future so that when the day comes they have the choice to continue working, cut back of their days, or retire to the country club.

If you would like to participate in future dentist surveys, please sign up for The Wealthy Dentist newsletter to cast your own vote.

Dentists Retirement Plans Affected by Economy

Dentists Retirement Plans Affected by EconomyThe Wealthy Dentist conducted a survey that asked dentists if their retirement changed because of the recession.

Two out of three dentists surveyed acknowledged that they plan to work longer than they expected because of the economy over the past four years.

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!”

The New York Times reports that many older Americans are delaying retirement and being added to the workforce in record numbers. Nearly 1 in 5 Americans ages 65 and older are working or looking for jobs — that’s the highest in almost half a century. The share of seniors claiming Social Security benefits fell last year to the lowest level since 1976.

To hear more of what dentists had to say about dental retirement planning, Click on Play and watch the following video —

How are your dental retirement plans? Have they changed over the past four years because of the recession?

If you would like to participate in future dentist surveys, please sign up for The Wealthy Dentist newsletter to cast your own vote.

 

Suburban Dentists Change Their Retirement Plans Due to the Economy

Suburban Dentists Change Their Retirement Plans Due to the EconomyNew research by over 50 service provider Saga Services indicates that boomers are planning to delay their retirement through the next decade for a wide range of reasons.

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.

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