The Best Ways to Plan for Retirement | Dental CPA Near Me

At Schiff & Associates, LLC, we understand the importance of having a solid retirement plan in place, regardless of how long you’ve been practicing dentistry. Planning for your future is one of the most critical decisions you can make in your career. By taking action now, you can create a realistic savings plan that will allow you to enjoy a comfortable retirement. As you contemplate your retirement strategy, consider these essential questions:

What is the amount you are currently saving?

During your consultation with our Dental CPA team, we’ll review your profit and loss statements, taxes, and long-term savings goals. To ensure your savings can outpace inflation during retirement, it might be beneficial to adjust some of your investments. Our expert team can provide you with personalized advice to optimize your savings plan.

Have you developed an exit strategy?

If you own or are a partner in a dental practice, it’s crucial to have a written agreement specifying who will buy you out when you retire. Think about what you plan to do post-retirement, whether it’s working part-time, pursuing a hobby, or starting a new venture. Taxes can significantly impact your retirement savings, and all these factors should be considered in your retirement strategy. Our Dental CPA firm can assist you with the details of the transition process to ensure a smooth exit.

What do you plan to do in retirement?

Whether you dream of starting a new business, traveling extensively, or taking up a new hobby, planning for these shifting priorities and potential increased living expenses is crucial. As the economy evolves, seeking advice from experts can help secure your lifestyle. Our team at Schiff & Associates, LLC, can provide guidance tailored to your aspirations.

What is the expected length of your retirement?

With advancements in modern medicine, life expectancy has increased significantly. Planning as if you will live to be 100 years old and estimating your needs accordingly is a prudent approach. Consider your health and family history when planning, and don’t forget to think about long-term care insurance as a safeguard.

What other expenses will be affected?

Retirement might reduce expenses like commuting, work attire, and team lunches, but it often brings higher costs for medical care and prescription drugs. Contact us to discuss the types of budget changes you can expect during retirement and how to prepare for them.

Don’t let decisions about your future catch you off guard, even if you are currently young and healthy. Schedule a complimentary initial consultation with our office to get more information on tax planning and preparing for a comfortable retirement. Dental professionals trust Schiff & Associates, LLC, to help them achieve their professional goals throughout their careers. You can rely on our team for comprehensive assistance.

Contact us today to start planning your secure and fulfilling retirement with the guidance of our experienced Dental CPA team.

Schiff & Associates, LLC
Phone: 410-321-7707
100 West Road, Suite 410
Towson, MD 21204