At What amount of $ would you retire at?

[RonUSC]

If you won the lottery and wanted to retire, how big of a lottery would it take for you to put your handpiece down and start enjoying life in the Bahamas?

Does anyone know what net worth a dentist retires with?

---

Members don't see this ad.

 

[americanpierg]

If you won the lottery and wanted to retire, how big of a lottery would it take for you to put your handpiece down and start enjoying life in the Bahamas?

Does anyone know what net worth a dentist retires with?

There will never, NEVER be enough money in a lottery to retire with, because as your income increases, youre lifestyle also gets more expensive. The more money you have... the more money you need. If I had to pick an answer, I'd say around 10 million. Right now, conservatively, I see the MAX amount of money I could ever take home as a dentist (after-tax money) as being 5 million. More realistically, it would be around half that amount. Now, with those expectations, winning a 10 million dollar after taxes lottery would obvious seem like a good enough amount to retire on (2x the amount of money i plan to take home my entire life), but it probably wouldnt be. I'd probably start spending like crazy and need a steady income to hold it. Of course, with some nifty investing, that 10 million could last. I think winning the 300 million dollar powerball lottery should be enough to safely retire with.

Of course... I'm only using dentistry to finance my professional golf career 🙂

 

[BiomajorPreDent]

There is no average dentist net worth that people go by. It depends on how much you save and invest, and what age you want to retire at.

It also depends on your lifestyle, and what part of the country you want to live in, etc etc.

I would say that if you wanted to retire (before 60 and being able to cash in your IRA and collect social security), you would need about $2 million in the bank. Atleast I would.

In this economy, if you can keep the principal secure and get about 3% interest on it, you would have about $60,000 to live on each year. When interest rates go up, you would have more money. Ideally you want over 5%.

5% would give you about $100,000 which is not a bad retirement income.

Honestly, I don't even know if you can get 3% right now (I am assuming you would place your money in a CD or something with a guaranteed principal, because if you lose your principal that would end your retirement abruptly lol)

Again, I am no CPA so I am really just shooting from the hip here, so take it for what it's worth.

 

[BiomajorPreDent]

I see the MAX amount of money I could ever take home as a dentist (after-tax money) as being 5 million. More realistically, it would be around half that amount.

Not to get off track here, but how exactly do you think you will net $2.5 million a year as a dentist?

Or are you talking about over the course of a 30 year career?

 

[americanpierg]

Not to get off track here, but how exactly do you think you will net $2.5 million a year as a dentist?

Or are you talking about over the course of a 30 year career?

The amount ill take home over my entire career. Of course that doesn't mean I'll have 2.5 million when I retire. Probably 15% or so would be put directly towards bills and be money ill never have touched, and only about 50% or so would be liquid (assuming I don't invest at all).

Of course, many things are not taken into account, so all this speculation is just for fun. A good/lucky investment could greatly increase the amount I retire with. A practice that performs better than expected could add to that. Maybe your practice you bought for 200k is worth 1 million by the time you retire, so that add to the amount. Lotta factors.

You can take own 2.5 million in actual net income... but retire with a 10 million net worth.

 

[mirk3]

The amount ill take home over my entire career. Of course that doesn't mean I'll have 2.5 million when I retire. Probably 15% or so would be put directly towards bills and be money ill never have touched, and only about 50% or so would be liquid (assuming I don't invest at all).

Of course, many things are not taken into account, so all this speculation is just for fun. A good/lucky investment could greatly increase the amount I retire with. A practice that performs better than expected could add to that. Maybe your practice you bought for 200k is worth 1 million by the time you retire, so that add to the amount. Lotta factors.

You can take own 2.5 million in actual net income... but retire with a 10 million net worth.

Taking home $2.5 mil over your career is pretty generous. Let's assume you make $100k, which in this economy isn't that easy. that times about 25 yrs. of practice would make $2.5 mil. But you will have bad years where you only make $80k. Plus taxes, so it will be more like $1.5 mil at best.

 

[dl9006]

Taking home $2.5 mil over your career is pretty generous. Let's assume you make $100k, which in this economy isn't that easy. that times about 25 yrs. of practice would make $2.5 mil. But you will have bad years where you only make $80k. Plus taxes, so it will be more like $1.5 mil at best.

dentists can only make 80-100k a year???? 😱

the economy is not going to be in a rut for 25 yrs unless another great depression occurs. lol

you're numbers seem a bit conservative

 

[Oral]

I would claim that lump $10 million as a trust and make it darn near impossible to dissolve. I would set it up to where I was the beneficiary receiving $150,000 a year and have it diversified nicely to where it could just keep accruing cash at a steady pace of 3-4%. That would allow me to buy a house, pay off school debt and free up money to buy a nice clinic where I only have to work 3 days a week. If I have kids, I would set it up to where they get $100k for college and that's it. No trust fund kids.

Assuming nothing bad happens, that trust could conceivably last forever just accruing money.

 

[Oracle DMD]

dentists can only make 80-100k a year???? 😱

the economy is not going to be in a rut for 25 yrs unless another great depression occurs. lol

you're numbers seem a bit conservative

they're talking take home i assume, but a low figure nonetheless

 

[americanpierg]

Taking home $2.5 mil over your career is pretty generous. Let's assume you make $100k, which in this economy isn't that easy. that times about 25 yrs. of practice would make $2.5 mil. But you will have bad years where you only make $80k. Plus taxes, so it will be more like $1.5 mil at best.

100k net income pre-tax average for 25 years is a horrible estimate. I'd say there's a 99% chance that you will make significantly more towards the tail end of your career than when you're just out of school. averaging 100k right out of school is about right, but only averaging 100k after 20 years of practice...not gonna happen unless your practice sucks. even if youre not business savy, somewhere in your career youre probably gonna start your own practice, and as the years go by ur customer base is gonna grow and keep growing leading to an increased revenue stream. I know dentists that are just out of school and are getting paid $300-400 a day working for already established dental practices. Most dentists make a good enough living working 4 days a week. If you're working 4 days a week and you have trouble breaking 100k, stop being lazy and work some more.

say you start out getting 100k pretax. by the end of your career, you'll be making a conservative estimate of 200k. ill split the two and say an average 150k per year pretax, which i believe is EASILY reachable. I'll have just turned 26 after finishing dschool, so if i want to retire early lets say i only practice for 30 years and retire at 56. 150k for 30 years comes out to 4.5 mil. Minus taxes, thats 3 mil take home over a 30 year career.

If I really wanted to work hard and earn some money (without partaking in any unethical practices), I could just open up another practice in the next city over and work 7 days a week. Instead of working only 4 days a week, you can work all 7. If working all 7 isnt possible becuase your patient base is too small, open up another practice in the neighboring city with another dentist and and split 4 days at one, 3 days at the other.

 

[TerpDentist]

I couldn't find the article but I remember reading about this sort of scenario on yahoo.com a while back, something like 2-3 years ago. It mentioned that the magic number for retiring and living comfortably off of interest is to have 5 million dollars. Now this may be different because of the recession and bank interest rates, etc but at the time it mentioned that when you put that much money into an account at one bank then the interest they pay you goes up significantly, reaching something like 5%. At that rate, 5% of 5 million is 250,000 dollars which is of course a very comfortable yearly "salary."

 

[Daurang]

...when you put that much money into an account at one bank then the interest they pay you goes up significantly, reaching something like 5%. At that rate, 5% of 5 million is 250,000 dollars which is of course a very comfortable yearly "salary."

NOT TRUE...tell me where to put it for that rate and I'll paypal you $100 buck. The banks are getting billions in interest-free money from the fed so there is no reason for them to give you 5%.

 

[RonUSC]

Thanks for the help guys,
It looks like the overall feeling I'm getting is 5m net worth. I'm about to graduate dental school and I'm trying to see if I can reach my goal of retiring before 30. I was thinking about 3m, so it looks like I have to change my goals to something more reasonable.

Keep your hopes alive guys, 100k/year is too conservative. There are many dentists make 250k and even 1m/year. The 100k is only the first year when you're still learning. Even you guys, as dental students can make that much from businesses while in school.

Investments should be in the 6-10% range. Buy apartment complexes, or 4-plexes and rent it for a solid return. It is very common to buy a house for 500k and get 40k net rental income from it. It allows for really good passive income with large tax benefits. 5m should be able to give you 300k-500k of yearly income when you invest it well.

 

[Daurang]

Thanks for the help guys,
It looks like the overall feeling I'm getting is 5m net worth. I'm about to graduate dental school and I'm trying to see if I can reach my goal of retiring before 30. I was thinking about 3m, so it looks like I have to change my goals to something more reasonable.

Buy apartment complexes, or 4-plexes and rent it for a solid return. It is very common to buy a house for 500k and get 40k net rental income from it. It allows for really good passive income with large tax benefits. 5m should be able to give you 300k-500k of yearly income when you invest it well.

You too...tell me where to buy a house for $500K and get $40K net rental return and I'll paypal you $100 buck.

You haven't been to the real world yet so you're way too optimistic based on hearsays. There are a lot of factors that will negate your wealth accumulation, starting with up to 55% tax you will need to pay to your state and local and federal government starting next year. That don't leave you much left and you still have to pay for your living expense and housing and BMW and loans. Stock market and gold market and currency market and housing market go through bubble all the time which will wipe out what little saving you have invested.

 

[OceanDMD]

Passive income, passive income, gosh, why didnt I think of that. I mean, graduate with 100-300k in student loan debt, buy a house and carry a 300k mortgage, buy into or start a practice for 200-400 k (conservatively), another 20-40 k in revolving debt, why wouldnt I have enough cash flow/savings to buy and rent a 500k house or duplex?

Id like to know where the tree grows and this money is being picked from.

 

[omaralt]

You too...tell me where to buy a house for $500K and get $40K net rental return and I'll paypal you $100 buck.

You haven't been to the real world yet so you're way too optimistic based on hearsays. There are a lot of factors that will negate your wealth accumulation, starting with up to 55% tax you will need to pay to your state and local and federal government starting next year. That don't leave you much left and you still have to pay for your living expense and housing and BMW and loans. Stock market and gold market and currency market and housing market go through bubble all the time which will wipe out what little saving you have invested.

lol i see that a lot. my buddy's buddy is making 250k/yr as an investment banker and many dentists make 1mil/year. ya i'm sure there is some, but those are the rare minority, and they didnt make the bulk of their money from dentistry, they made it off an investment. unfortunately the investing market it not too great right now, or i would have bought a few houses and rented them out..

omar

 

[Shasan546]

There is no average dentist net worth that people go by. It depends on how much you save and invest, and what age you want to retire at.

It also depends on your lifestyle, and what part of the country you want to live in, etc etc.

I would say that if you wanted to retire (before 60 and being able to cash in your IRA and collect social security), you would need about $2 million in the bank. Atleast I would.

In this economy, if you can keep the principal secure and get about 3% interest on it, you would have about $60,000 to live on each year. When interest rates go up, you would have more money. Ideally you want over 5%.

5% would give you about $100,000 which is not a bad retirement income.

Honestly, I don't even know if you can get 3% right now (I am assuming you would place your money in a CD or something with a guaranteed principal, because if you lose your principal that would end your retirement abruptly lol)

Again, I am no CPA so I am really just shooting from the hip here, so take it for what it's worth.

You can get more than 3% in overseas banks 😀. In my home country they pay 9%. I know where im leaving my money.

 

[Shasan546]

You too...tell me where to buy a house for $500K and get $40K net rental return and I'll paypal you $100 buck.

You haven't been to the real world yet so you're way too optimistic based on hearsays. There are a lot of factors that will negate your wealth accumulation, starting with up to 55% tax you will need to pay to your state and local and federal government starting next year. That don't leave you much left and you still have to pay for your living expense and housing and BMW and loans. Stock market and gold market and currency market and housing market go through bubble all the time which will wipe out what little saving you have invested.

Long Island, NY. Suffoulk County specifically. Deer Park area. Father has a $450k house that is rented out for 37k a year.

Can i hv my $100 now? 😀

 

[Daurang]

Long Island, NY. Suffoulk County specifically. Deer Park area. Father has a $450k house that is rented out for 37k a year.
Can i hv my $100 now? 😀

You need to go back and reread the thread more carefully..."It is very common to buy a house for 500k and get 40k net rental income from it." Your typical mortgage/maintenance/taxes will be $3000. Then you have to rent it out to some idiot willing to pay $3500 a month to get your $40,000. Your net is then what?

 

[Aceofspades]

You can get more than 3% in overseas banks 😀. In my home country they pay 9%. I know where im leaving my money.

Where is your home country? I'm calling bull if you are saying you can get 9% guaranteed risk free in any country.... Unless you're talking about Zimbabwe, but the 10,000% inflation would eat up your 9% pretty quickly.

 

[nextuszerodmd]

fixed income. buy gov't issued bonds. the current benchmark is 3.8% for 10 years. with the Feds starting to raise interest rate those benchmark rates are going to go up to compete with the risk appetite people. if you are feeling risky you can buy gov't issued bonds in other countries, states, corporations which will give you higher yields (more risk). remember when something collapses the person that gets first dibs are always the bond holders, and what are the chances of a gov't collapsing (defaulting)? if you are scared of your bonds collapsing buy credit default swaps (Goldmach Sachs did it for the mortgage backed bonds). also, you can always resell your bonds on the secondary market if you want to liquidate.

 

[dentheartthrob]

Passive income, passive income, gosh, why didnt I think of that. I mean, graduate with 100-300k in student loan debt, buy a house and carry a 300k mortgage, buy into or start a practice for 200-400 k (conservatively), another 20-40 k in revolving debt, why wouldnt I have enough cash flow/savings to buy and rent a 500k house or duplex?

Id like to know where the tree grows and this money is being picked from.

makes you wonder how many students are actually wealthy enough to go thru dental school with out federal and university loans, huh?

 

[DrReo]

Wait a minute, I thought Obama said that we'd be getting a check for this. I was assuming they typical gov't hold up. Am I wrong?

Passive income, passive income, gosh, why didnt I think of that. I mean, graduate with 100-300k in student loan debt, buy a house and carry a 300k mortgage, buy into or start a practice for 200-400 k (conservatively), another 20-40 k in revolving debt, why wouldnt I have enough cash flow/savings to buy and rent a 500k house or duplex?

Id like to know where the tree grows and this money is being picked from.

 

[dentheartthrob]

If you won the lottery and wanted to retire, how big of a lottery would it take for you to put your handpiece down and start enjoying life in the Bahamas?

Does anyone know what net worth a dentist retires with?

i remember reading an article about you on dental town...😉 fellas we got a celebrity here

 

[Shasan546]

Where is your home country? I'm calling bull if you are saying you can get 9% guaranteed risk free in any country.... Unless you're talking about Zimbabwe, but the 10,000% inflation would eat up your 9% pretty quickly.

Bangladesh. State-owned banks pay slightly less but are more secure. and same inflation as the US Dollar, since banks there let you hold your currency in Dollars if you want rather then their currency.

 

[Shasan546]

You need to go back and reread the thread more carefully..."It is very common to buy a house for 500k and get 40k net rental income from it." Your typical mortgage/maintenance/taxes will be $3000. Then you have to rent it out to some idiot willing to pay $3500 a month to get your $40,000. Your net is then what?

My bad didn't read properly. My Fathers situation is different. Paid cash for the investment house. Taxes are very low in that area. Maintenance isn't too bad. Still comes out with $30k a year. 7% return on your invest isn't too bad. Plus the increase in value of your property.

 

[datdat]

Thanks for the help guys,
It looks like the overall feeling I'm getting is 5m net worth. I'm about to graduate dental school and I'm trying to see if I can reach my goal of retiring before 30. I was thinking about 3m, so it looks like I have to change my goals to something more reasonable.

Keep your hopes alive guys, 100k/year is too conservative. There are many dentists make 250k and even 1m/year. The 100k is only the first year when you're still learning. Even you guys, as dental students can make that much from businesses while in school.

Investments should be in the 6-10% range. Buy apartment complexes, or 4-plexes and rent it for a solid return. It is very common to buy a house for 500k and get 40k net rental income from it. It allows for really good passive income with large tax benefits. 5m should be able to give you 300k-500k of yearly income when you invest it well.

you mean as a GP 250K and 1m/year? really?

 

[americanpierg]

you mean as a GP 250K and 1m/year? really?

if you work 6-7 days a week, 8 hours a day, and ran an efficient and established practice, you can probalby do 300k or more a year, especially if you do some of the harder procedures yourself and dont send them all out as referrals to local endos and whatnot.

only way i can see you pulling in a million a year as a GP is if a lot of your patients are celebrities or athletes, or if you open up a chain of practices and hire other dentists to do the work while you soak up the cash.

 

[xhamburgersamx]

You too...tell me where to buy a house for $500K and get $40K net rental return and I'll paypal you $100 buck.

You haven't been to the real world yet so you're way too optimistic based on hearsays. There are a lot of factors that will negate your wealth accumulation, starting with up to 55% tax you will need to pay to your state and local and federal government starting next year. That don't leave you much left and you still have to pay for your living expense and housing and BMW and loans. Stock market and gold market and currency market and housing market go through bubble all the time which will wipe out what little saving you have invested.

I can vouch for RonUSC if he's the same guy I think he is. I don't know his earnings but it can be assumed he generates more income from his business than 99% of practicing dentists.

 

[nextuszerodmd]

I can vouch for RonUSC if he's the same guy I think he is. I don't know his earnings but it can be assumed he generates more income from his business than 99% of practicing dentists.

does he own a side business while in dental school because he said he's still a dental student. so im guessing he is NETTING around $200-$300k since you said he generates more than 99% of practicing dentists? why even go to dental school then?

 

[Shasan546]

does he own a side business while in dental school because he said he's still a dental student. so im guessing he is NETTING around $200-$300k since you said he generates more than 99% of practicing dentists? why even go to dental school then?

Business isn't as gr8 as everyone thinks. Its not hard to believe he has a side business. I have a business that i started 2 years ago and still run. It will be a side business when im in dental school and after. However, Business is never a guaranteed salary. In real businesses (not healthcare related) your income can fluctuate greatly.

Dental is a good thing to fall back on and/or do on the side. Come on most dentists work like 4 days. Its not impossible to have side businesses. **** most dentists i know that are actually making $300k+ do more than just being a dentist.

Also with non-healthcare businesses i assume its a lot easier to hide money aka pay a lot lower taxes. My accountant has helped me tons with lowering my taxable income through my business. I however have no employees which helps greatly.

 

[gd152]

I'm aiming to live forever so I don't really plan on retiring.

 

[nextuszerodmd]

Business isn't as gr8 as everyone thinks. Its not hard to believe he has a side business. I have a business that i started 2 years ago and still run. It will be a side business when im in dental school and after. However, Business is never a guaranteed salary. In real businesses (not healthcare related) your income can fluctuate greatly.

Dental is a good thing to fall back on and/or do on the side. Come on most dentists work like 4 days. Its not impossible to have side businesses. **** most dentists i know that are actually making $300k+ do more than just being a dentist.

Also with non-healthcare businesses i assume its a lot easier to hide money aka pay a lot lower taxes. My accountant has helped me tons with lowering my taxable income through my business. I however have no employees which helps greatly.

you're forgetting that dentistry is a business too. it does indeed fluctuate with the economy as everything else.

 

[Shasan546]

you're forgetting that dentistry is a business too. it does indeed fluctuate with the economy as everything else.

while that is true i doubt there is as big of a fluctuation that i see. And atleast with dentistry you can still get a job somewhere paying $100k+. Thats not the case in business.

 

[xhamburgersamx]

does he own a side business while in dental school because he said he's still a dental student. so im guessing he is NETTING around $200-$300k since you said he generates more than 99% of practicing dentists? why even go to dental school then?

I don't know the exact amount but you or someone in your class is probably using one of his products

 

[Primary]

If you won the lottery and wanted to retire, how big of a lottery would it take for you to put your handpiece down and start enjoying life in the Bahamas?

Does anyone know what net worth a dentist retires with?

As to question #1- I wouldn't put the handpiece down, I'd just work less. My job is pretty cool.

#2- Net worth of the dentist.....too many variables in the question, I would need more information/clarification.

 

[RonUSC]

You too...tell me where to buy a house for $500K and get $40K net rental return and I'll paypal you $100 buck.

You haven't been to the real world yet so you're way too optimistic based on hearsays. There are a lot of factors that will negate your wealth accumulation, starting with up to 55% tax you will need to pay to your state and local and federal government starting next year. That don't leave you much left and you still have to pay for your living expense and housing and BMW and loans. Stock market and gold market and currency market and housing market go through bubble all the time which will wipe out what little saving you have invested.

I've been to the real world and that's really how it is. There are very good locations out there, especially in apartment complexes that give very high rates of return, even at 11%. They're hard to find, but they're out there.

The 500k house netting 40k/year was a conservative estimate. There are even better deals out there.

If there are any people in Los Angeles, I'd recommend going to Victorville and take a look at rental properties there. A 150k house rents for $1500 easy. Tons of houses there like that too (it was even better just a year ago). That's a good place to start with just a little bit of the excess $ from school loans you have (the downpayment is only $30,000). (that's where I started everything)

Also, keep your living expenses down. Who needs a BMW when you can have a rental house that brings in income.

You guys should really look at successful dental practices where the dentist banks 300k (I have seen many do 400k and several at 1M, especially specialists). It's very encouraging. If you were to practice, wouldn't you think it would be successful? I hope no one goes into dentistry saying "I'm going to open a mediocre practice"

Can I have my $100 now? =)

 

[Pedosmakebank]

money money money money!!

I'm gonna get rich or die tryin - 50 cent. Holla! 😎

Peace out

 

[Daurang]

I've been to the real world and that's really how it is. There are very good locations out there, especially in apartment complexes that give very high rates of return, even at 11%. They're hard to find, but they're out there.

If there are any people in Los Angeles, I'd recommend going to Victorville and take a look at rental properties there. A 150k house rents for $1500 easy. Tons of houses there like that too (it was even better just a year ago). That's a good place to start with just a little bit of the excess $ from school loans you have (the downpayment is only $30,000). (that's where I started everything)

Can I have my $100 now? =)

I PERSONALLY have property in Apple Valley and it is junk. I PERSONALLY know someone who lives in a new abandoned property near Victorville; the bank came by one day and ask who he is and he said he's taking care of their house and would gladly leave if they request. Guess what? they just left and let him live there not saying anything. I also have properties in Atlanta and Orlando not even breaking even though I paid cheap for them. Someone else is paying rent for most of the mortgage so I just look at it as buying a house at major discount or buying a short sell. Yes you look hard enough you will find them but who has the time and the effort isn't worth it when you can just sit at your practice making $2000 a day. All the good properties get snatched up by real estate specialists before you even see them on MLS.

 

[Doc Smile]

Has no one heard of a roth IRA? I started one when I was 17 with $5000 and put 100$ every month thus far. By the time I retire (65yo) I will have over ~$800,000. Now assume I increase it to the max annual contribution of $5,000 a year once I graduate d-school (I will be 24). my $5,000 has grown to $23,000 in 7 years with only spending $8,400 (a $9,600 increase). Now because it is compounding interest, you cannot just recalculate the roth IRA at this amount. But that calculation is too difficult for me (my wife could probably do it-she is an financial analyst), I will just start the calculation at $23,000 starting at age 24. (remember it will be about 1/6x the amount bc of the compounding interest of that 7 years), my retirement will be: ~$3,000,000! will investing ~$204,000

So most people havent started saving at age 17 so we will asssume you can start now.

Age 22, retire at 65. Seed of $5,000, add $2500 a year(half of max contribution): ~$1,000,000 when you retire while investing only $107,000

Compare this to starting at 32, $5,000 seed, age 65 retire: ~$450,000 while investing ~$82,000.

This wont include any 401k, stocks, house, and dental practice you have. If you are making over $100,000 and live middle class, you can easily have >$5 million at retirement. The key is to start early! You dont need to make a million a year to be a millionaire.

Resources:
http://www.dinkytown.net/java/RothIRA.html

Read: Millionaire Next Door to get an idea how to become rich without saving every dime.

 

[DrJeff]

My goal, get the net worth to 5 million - put stuff in fixed investments then. And then retire with probably on the low end $250,000 a year in retirement income to possibly upto about $400,000 a year in retirement income depending on what type of fixed income investment opportunites exist then (and who knows what those will be like at that time 😕 )

 

[bgoldst1]

you all seem to be overlooking the fact that dental discount plans will limit your fee schedule for the rest of your life so it is quite possible that dentists will never earn more than they are earning now. With a 2% inflation rate, the worth of your professional degree is decreasing every year.

Even if you get your 5 million by the time you retire, I ask you this question: 5 million in 40 years from now has what value in today's dollars? maybe half.

Its called inflation my friends and unless we can do something to increase our fees with the years we are all looking at being shortchanged.

I would like to suggest that everyone send a letter to the ADA and see if our lobbyists can do anything to outlaw dental discount plans. They are a sham and they are ruining our future.

 

[unhappytnt]

They are a sham and they are ruining our future.

I have read your other thread about dental discounts... You really need to relax. They have been around since forever and won't be ruining any dentist's future.

http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt122.shtm

 

[omaralt]

you started a thread about this issue, and we showed you how you are wrong. now you go around spamming other threads?? get a life...

you all seem to be overlooking the fact that dental discount plans will limit your fee schedule for the rest of your life so it is quite possible that dentists will never earn more than they are earning now. With a 2% inflation rate, the worth of your professional degree is decreasing every year.

Even if you get your 5 million by the time you retire, I ask you this question: 5 million in 40 years from now has what value in today's dollars? maybe half.

Its called inflation my friends and unless we can do something to increase our fees with the years we are all looking at being shortchanged.

I would like to suggest that everyone send a letter to the ADA and see if our lobbyists can do anything to outlaw dental discount plans. They are a sham and they are ruining our future.

 

[Strikeout13GB]

About the roth IRA from what basic info i've read isnt there an income limit? as a dentist probably making more than 107k a year you wouldn't be eligible do invest in one would you? again i know next to nothing about this kind of stuff lol

 

[WhichRoom]

Passive income, passive income, gosh, why didnt I think of that. I mean, graduate with 100-300k in student loan debt, buy a house and carry a 300k mortgage, buy into or start a practice for 200-400 k (conservatively), another 20-40 k in revolving debt, why wouldnt I have enough cash flow/savings to buy and rent a 500k house or duplex?

Id like to know where the tree grows and this money is being picked from.

Paypal me 100bucks and ill tell you where lol

 

[OU11BB]

Taking home $2.5 mil over your career is pretty generous. Let's assume you make $100k, which in this economy isn't that easy. that times about 25 yrs. of practice would make $2.5 mil. But you will have bad years where you only make $80k. Plus taxes, so it will be more like $1.5 mil at best.

wrong

 

[yappy]

correct for the roth IRA. If you're married you get a little higher limit. Though you can always contribute to an IRA - though you dont get the tax benifits of the roth.

I'm not an expert either though.

About the roth IRA from what basic info i've read isnt there an income limit? as a dentist probably making more than 107k a year you wouldn't be eligible do invest in one would you? again i know next to nothing about this kind of stuff lol

 

[Kahr]

I don't care how much I have, so long as I have a decent pension and health plan. Don't get me wrong, I will invest, as I have regularly done for the last 7 years (mutual fund, roth IRA, and will start the TSP), but I'm not shooting for any specific figure.

*Based on retirement calculators I've used in the past, by 65 I should have over 2 mil.

**Have no intention of supporting a family or owning expensive property(ies) or expensive cars, etc, so I think that has a large impact on my long term financial needs.

 

[AUtiger5]

This question reminds me of a joke:

"An Auburn University alumnus, recently accepted to the University of Alabama's School of Law, was on campus registering for classes and buying books. Bumbling around lost, he crosses paths with a group of students who he asks: "Hey, could you tell me where the bookstore is at?" :::the group snickers::: Confused, he asks for directions again. :::more snickers::: Fed up, he asks what is so funny...A member of the group responds: "Here at Alabama, we don't end sentences with prepositions!" :::snickers::: Enlightened, the Auburn grad realizes his grammatical error, apologizes and corrects his question: "Could you tell me where the bookstore is at, jackass?" :::no snickers:::

To answer the question, no other hunter in the wild retires. I know tigers dont. So I dont plan to retire either, the hunt is always on...War Eagle, ya'll!