Stephen Covey made famous a saying that has stuck with us for years. He said, “Start with the end in mind.” There is no time like the present to start planning for your retirement. These words can mean many things to many different people, but to us, they mean that you should never be too young to start.
The planning required for your eventual retirement as a dentist with your own practice is much more extensive than that of the average person. Your financial waste can be reduced with the help of a dental accountant, allowing you to retire sooner.
Approximately how much are you saving?
When you meet with our Dental Accountant team, you will discuss your dental profit and loss, taxes, and long-term savings goals. Changing your investments during retirement may be beneficial to your savings as it may outpace inflation.
What is your exit strategy?
A written agreement that details who will buy you out when you retire would be helpful if you are a dental practice owner or partner. Determine whether you plan to retire outright or work part-time. Consider how taxes will impact your retirement savings. You should consider these and many other factors when planning your retirement. Our Academy of Dental CPAs accounting firm can help you with the details of the transition.
When you retire, what do you plan to do?
Your priorities and living expenses may have to shift if you are considering starting a new venture, traveling more, or embracing a hobby. Considering how rapidly the economy is changing, it is worthwhile consulting experts to help you future-proof your lifestyle.
How long will you be retired?
Life expectancy has increased dramatically due to advances in modern medicine. Depending on your health and family history, you may want to plan as if you’ll live to be 100 years old and estimate your needs accordingly. For example, have you considered long-term care insurance?
Will there be any other changes to expenses?
Even though retirement may eliminate your commute, work wardrobe, and team lunches, it also means higher medical costs. Consider what changes to your budget you may experience during retirement.
You can start working through this list at any time. The majority of accountants recommend meeting with your advisor annually to discuss your progress and make any necessary adjustments.
Dental accountants are similar to financial coaches. Among the many services accountants can offer, they can assist in finding the right pensions, properties, and business opportunities for you to invest in while you are still employed. They can also help you understand where your money is going as your income grows, ensuring you have a better financial future once you retire.
In addition to helping you divide up your assets after you retire, an accountant ensures that they don’t fall into the wrong hands.
You shouldn’t have to work during retirement. Get financial peace of mind by contacting a Dental CPA today. Let’s talk.