Retirement

[maryanne213]

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So waht do you guys think...after how many years practicing could a dentist retire and still live comfortably?

 

[barev]

Matters on the type of investments the dentist made, how much dept he had after school, his lifestyle, etc. Anywhere from 1 year of practicing to 50+ years of practicing. 🙂

 

[dentalman]

Everyone's definition of "comfortabe" is different as well.

 

[J ROD]

So waht do you guys think...after how many years practicing could a dentist retire and still live comfortably?

go to dentaltown. You will probably get a better answer there.

 

[sdn1977]

This is a hard question. My husband has been in practice 29 years. He's a solo general dentist & the early years were spent building the practice, buying the equipment, etc. The next few were buying our house, having a family, taking vacations. Then...we lost a bunch when the stock market took a dive. Now...we have 1 child in college & 1 in medical school & he's replacing X-ray equip w/ digital, upgrading computers to paperless charting, etc...its always something... We have to wait until our kids are out of school, but we realize at some point you just decide you're done. We have a bit of flexibility because I'm a pharmacist and can work as much or little as I want. But...I would recommend to put something aside every year no matter what - don't wait for later when the loan payments are lower - they never will be! Have fun!

 

[TucsonDDS]

Start funding your retirement as soon as possible with as much as possible. I would much rather drive a Toyota for the next 15 years and a Lexus after that then the other way around. Also with compounding interest you will get away with funding your retirement with much less money. Before I decided on the career change my wife and I were able to save about 30% of our gross living on much less than I will earn as a dentist. The financial guy worked out the possibilities of compounding and if I had continued on funding my retirement to the same extent I would have retired at 65 with a little over 7mil in the bank (assuming a 8% annual return). The part that I miss most about working is not being able to fund retirement, it gets a little addicting to look at your balance.