Retirement: On Your Mark, Get Set… Plan!

The two most common mistakes I see when it comes to retirement planning are lack of clarity and lack of time. It continues to surprise and shock me how many dentists have only a vague sense of their level of readiness for retirement, and how many don't think about it seriously until it is almost upon them – and there is limited time left to do anything about it.

If you are five to 10 years away from the end of your career, it's time to work on your retirement plan. I don't mean just having a fund that you contribute to—just about everyone does that. I mean having a plan of action for optimizing your time and the practice's value so that you meet your goals.

Precision = Smooth Transition into Retirement

It starts with being precise about what those goals are. Sit down with your spouse and your financial advisor (ideally someone who understands dental practices and can offer integrated personal and professional advice) and start putting real numbers to things. You may have already accounted for your children's education, for instance, but what about grandchildren? Will you be contributing to their education funds? How much will you be traveling? What about taxes on the investments you've made?

Think about what it will take to make your later years fulfilling and keep you excited and motivated about life, whether that means maintaining a boat or maintaining a presence in the practice, whether it's devoting time to private projects or to charitable relief efforts, or all of these things. Then honestly assess what you're doing now—your pension plan, your current rate of savings—to get a clear picture of where you stand. If you're like a lot of people, you're going to see a gap between what is and what needs to be.

The good news is that you have the time to conquer that gap—if you start planning your retirement now.

That means getting started with the right education. Get educated on transition strategies so you can start thinking about what your exit transition will look like. Get your team to a workshop where you can all learn how to boost productivity and drive the growth you need to optimize that transition to the highest level. Most of all, get excited about your possibilities.

Turning the corner toward retirement should not be about winding down; it should be about ramping up. If you do it right, those final years can be among the most exhilarating and satisfying of your career—years you will look back on with pleasure during a comfortable, stress-free retirement.


If you find topics like this helpful, check out Imtiaz Manji's practice management courses available to you through our Course Library. Not yet a member of Digital Suite? Click here to learn more.