The importance of putting in place a retirement plan should not be underestimated, regardless of how long you have practiced dentistry. Taking steps to prepare for your future is one of the most significant decisions that you can make in your career. Take action now in order to create a realistic savings plan that will allow you to enjoy a comfortable retirement. As you contemplate your retirement strategy, consider the following questions:
What is the amount you are currently saving? As part of your meeting with our dental accounting team, you will review the details of your P&L, taxes, and long-term savings objectives. In order to ensure that your savings are able to outpace inflation during retirement, it may be beneficial to change some of your investments.
Have you developed an exit strategy? When you retire as an owner or partner of a dental practice, it is advisable to create a written agreement that specifies who will buy you out. Consider what you will do after you retire, whether you plan to work full-time or part-time.Taxes can have a significant impact on your retirement savings. All of these factors should be considered when developing a retirement strategy. We can assist you with the details of the transition process through our dental accounting firm.
When you retire, what do you plan to do? If you have your heart set on starting a new business, traveling more, or taking up a hobby, you may need to plan for shifting priorities and increased living expenses. As the economy continues to change, it is worthwhile to seek advice from experts who can help secure your lifestyle.
What is the expected length of your retirement? As a result of advances in modern medicine, life expectancy has increased dramatically. You may wish to plan as if you will live to be 100 years old and estimate your needs accordingly, depending on your health and family history. For example, have you considered long-term care insurance?
What other expenses will be affected? Although retirement may eliminate your commute, your work wardrobe, and team lunches, for most people it is a time of higher costs for medical care and prescription drugs. Get in touch with us to discuss the types of budget changes that are likely to occur during retirement.
Don’t let decisions about your future creep up on you, even if you are young and healthy. Contact our office to schedule a complimentary initial consultation if you would like more information regarding tax planning and planning for a comfortable retirement. Dental professionals rely on us to assist them in achieving their professional goals throughout their active working lives. You can rely on our team for assistance.