When I say retirement, what’s the first thing that comes to your mind? How does it make you feel?
Do you feel confident? Do you get a warm and fuzzy feeling thinking about what that stage of your life will be like?
Or do you feel terrified? There are many dentists who think, “I’ll never be able to retire, I’ll probably drop dead with a drill in my hand.”
Or are you thinking, “You know, I haven’t done anything about it. Maybe I should.”
Chances are, you’re in one of the last two groups. Because according to the American Dental Association, a whopping 96% of dentists struggle to retire and maintain their lifestyle.
96%
That’s pretty much everyone.
Dentists also retire seven years later than the average American, according to surveys by Gallup and the American Dental Association. Also, in a survey by the Health Policy Institute, 46% of dentists said they expect to continue practicing past their expected retirement date.
And since 40% of dentists are 55 or older, this is a big problem that’s going to keep getting bigger.
Why is that? Why do dentists retire later and struggle more in retirement? Many dentists own a successful practice. Many dentists make a nice living. But they’re spending more than they should, and not saving nearly enough.
That’s because most dentists, like most Americans, aren’t planning for the future. They’re busy working in their practice, and supporting their families, and trying to enjoy their life. Who doesn’t enjoy having a nice house and a nice car and going on nice vacations?
But you can do that without sacrificing your future. It just takes some planning. More important, it takes the right type of planning.
The good news is, the obstacles can be overcome. It’s not that difficult, but it’s not that easy either. You can’t just tell someone to start planning for the future and expect them to do it right away. Very rarely does someone wake up and say, “Today’s the day. I have to start planning.”
I hope this book helps you get started. In fact, think of it as a book about life planning. Because while having the retirement lifestyle you want starts with having the resources you need, there are many other things to think about, and you need to begin thinking about them long before you retire.
The road to retirement can be filled with challenges. Which is why it’s so important to begin that journey.