Retirement myth?

[tennischamp822]

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[Saddleshoes]

I just read from The Hammer's post that only 6% of dentists have saved enough for retirement.

I retired at age 53. But I didn't do it using my private practice. I always worked at least three jobs beside my practice. At age 53 I found out my part time jobs would supply all my retirement needs. So I bailed out.

--My "part-time" state job had a great retirement package that I was able to take "full time" advantage of.
--I all ways felt my work in the National Guard was my way to pay back to my country. But it turns out after 20+ years on the Guard there was a retirement source there also.
--After 20+ years of teaching one class a term for the dental hygiene program at the local community college I got a small retirement there also.

Now I work 3 days a week in a FQHC clinic of the uninsured, when I feel like it. I do this because I like it not because I have to!

I guess my advice to all you SDN folks out there is...
Hustle, be creative, and do not count on the old private practice model to take care of all your needs.

 

[MXDenty77]

I couldn't agree more with saddle shoes.... that is great advice!

 

[BiomajorPreDent]

I just read from The Hammer's post that only 6% of dentists have saved enough for retirement.

If even half of these dentists who haven't saved decide to keep practicing, won't there be a surplus of dentists in really no time at all?

I guess this could be said about really any field, but medicine + dentistry seems particularly affected because doctors and dentists have enough job security to work basically forever.

All the statistics that I have seen show there is going to be more dentists retiring than coming out of school in the coming years.

Plus, there is a difference between having "saved enough" (in their opinion) to retire, and having to retire (because they are too old to practice or whatever).

 

[zriceman]

All the statistics that I have seen show there is going to be more dentists retiring than coming out of school in the coming years.

Plus, there is a difference between having "saved enough" (in their opinion) to retire, and having to retire (because they are too old to practice or whatever).

I don't think those stats took the Great Recession into account.

 

[aloharuiz]

Is this statistically true? I have an uncle who is currently working as dentist. I guess I better tell him to get insurance having to read this thread. What are the benefits that a dentist will get if he secures a retirement security? Does that also secure the future of my uncle? He currently has kids so I guess it would help.

 

[DrReo]

 

[The Hammer]

Yeah no kidding. I'm thinking of making this and Rich Dad, Poor Dad required reading for my students