No matter how long you have been practicing dentistry, it’s important to put a retirement plan in place. Act now to create a realistic savings timeline for a comfortable senior lifestyle. Here are some questions shared by our dental cpa in Towson to ponder as you consider your retirement strategy.
How much are you currently saving? When you meet with our dental accounting team, you will review the details of your P&L, taxes, and your long-term savings objective. During retirement, it may be beneficial to change some of your investments to help your savings outpace inflation.
Do you have an exit strategy? If you are a dental practice owner or partner, it would be helpful to create a written agreement about who will buy you out when you retire. Ask yourself whether you plan to retire outright or work part-time. Think about how your retirement savings will be affected by taxes. These issues and more should inform your strategic plan for retirement. Our dental accounting firm in Towson can guide you through details of the transition process.
What do you plan to do during retirement? If you have your heart set on starting a new venture, traveling more, or embracing a hobby, you may have to plan for shifting priorities and greater living expenses. The economy continues to change, and it is worth your while to lean on experts to help future-proof your lifestyle.
How long will you be retired? Advances in modern medicine have increased life expectancy dramatically. Depending on your health and family history, you may want to plan as though you will live to be 100 and estimate your needs accordingly. Have you considered long-term care insurance, for example?
What other expenses will change? Retirement may eliminate your commute, work wardrobe, and team lunches; however, for most people, the golden years is a time of higher costs for medical care and prescriptions. Talk with us about the types of budget changes that are likely to occur during retirement.
Don’t let decisions for the future creep up on you, even if you are young and healthy. For more information on tax planning and looking ahead to a comfortable retirement, contact our dental accounting office in Towson, MD and schedule a complimentary initial consultation. We are experts in helping dentists achieve their goals during their active working life and beyond.