There is never a right or wrong time to retire from dentistry. Retiring or transitioning from a career that you have had for decades can be tough, but it doesn’t have to be.
At some point, most dentists will find themselves at a crossroads and that is where Blatchford Transitions comes in.
Whether you have a successful practice or are struggling to make ends meet, the decision to retire will eventually become an issue.
Below are some things to consider before you decide to sell your dental practice and retire.
After retirement, your financial portfolio takes over as your payroll department. If you paid yourself every week or month, it is essential to make sure that your bank accounts are up to it. Ask the team from Blatchford Transitions how you can comfortable retire with more than enough money in the bank to live comfortably for the rest of your life.
The All Important Bucket List
Before you sell your practice, you want to ask yourself three simple questions:
What-Knowing what you want to do after you sell your dental practice or turn it over to another partner is crucial. You need to know what you plan on doing for the rest of your life, or at least some of it anyway. Drs Bill and Christina Blatchford know a thing or two about enjoying life to the fullest and understand that not everything needs to be set in stone.
Where-Where you want to go when you retire is also vital. Come up with a plan and a list of places that you would like to visit during retirement and ultimately spend the rest of your life. If you just want to escape the job itself, it’s important to talk to the team from Blatchford Solutions, escaping something that has huge potential before you retire could make a massive difference.
Who-If you have fallen out of love with dentistry a good dental marketing agency can help you love your career again. You can work less days and earn more when you let Blatchford Coaching help you take the lead.
Consider Your Health When Retiring from Dentistry
Even if you are in the best shape and health of your life and ready to retire, your partner may not be up to it. If your partner is ill or in poor health, delaying your retirement may mean you’ve said goodbye to the opportunity for good. If you are planning an active retirement, it’s important to take into consideration the health of your family. Perhaps an early retirement would be more beneficial to your situation.
Couples retiring today will need up to $400,000 to cover health care during retirement. This is on top of what Medicare already takes care of. Having an overall plan to cover health care costs, whether expected or unexpected is imperative.
Retiring from Dentistry and Social Security
If you retire at 62, you will be eliminating nearly thirty percent of your benefits from social security. If you were to wait until 65, you would receive full social security benefits. Just as retiring early reduces your SS benefits, retiring later increases them. In fact, people born after 1943 will receive an increase of eight percent every year. The increase falls away when you reach 70. Practicing dentistry until then would give you the maximum social security benefits.
Your Partner and Retiring from Dentistry
Retirement dreams aren’t always the same. If your partner wants to relocate to the beach while you have your heart set on the life of a gypsy, you could run into problems. Make sure the two of you are on the right path. Plan your future together to avoid any heartache in the future.
If you are considering retiring from dentistry, call or click and talk to Blatchford Transitions. Drs Bill and Christina Blatchford have the tools you need to come up with the right plan for your retirement from dentistry.