Dentist

Retirement planning is an essential aspect of financial management for dentists. The following points are tips that can assist in planning for your retirement:

An early start is essential, and dentists should plan for retirement sooner rather than later to maximize their savings and investments. It is challenging early in your career since you are building your practice that needs capital and may have school debt. If you pay yourself first, you can start small and increase yearly amounts. The critical fact is to start. 

In continuing the above point, it is essential to create a budget. It can help you track your expenses and identify areas where you can cut costs to save more money for retirement. 

Dentists must maximize their contributions to retirement accounts such as RRSPs and TFSAs to take advantage of tax benefits and compound interest. As mentioned above, it isn't easy at the beginning of your practice, but you catch up and maximize your contributions as it becomes profitable.

Investing in various assets can help spread risk and increase the potential for higher returns. Also, remember that your practice is also an asset that can contribute to your retirement planning.

As you build your practice, you assemble a team, hygienist: receptionist, office manager and possibly other dentists. You should consider professional advice. Seeking the advice of a financial professional can help dentists develop a retirement plan tailored to their unique needs and goals. They also work with accountants to help achieve your retirement goals.

I can help to ensure you are on track for a comfortable retirement. First, let's meet for coffee to discuss the above points.