Dentists, like other professionals, often think about when to retire and how to best plan for their golden years. While there is no single retirement age that applies to all dentists, there are some common trends regarding when dentists typically retire.
The Average Retirement Age for Dentists
According to surveys and industry research, the average retirement age for dentists falls between 60 and 70 years old. However, many dentists continue working past the age of 65 either full-time or part-time. Here are some key statistics:
- In a survey by the American Dental Association, the average planned retirement age was 66 years old.
- A retirement survey by Dental Economics magazine found that the average retirement age was 64 for owners and 68 for associates.
- According to the American Dental Association, around 30% of dentists continue working in some capacity past the age of 70.
While these figures represent the average, retirement ages can vary considerably depending on the individual dentist. Some may choose to retire earlier, while others remain working into their 70s or 80s.
Factors That Influence a Dentist’s Retirement Age
There are a number of factors that may influence when a dentist decides to retire. Some of the key considerations include:
- Financial readiness – Dentists have to assess whether they have adequate savings and retirement income to maintain their desired lifestyle. This often influences when dentists feel ready to fully retire.
- Burnout – The physical and mental demands of dentistry can lead to burnout. Some dentists retire earlier to reduce stress and fatigue.
- Health – Poor health may force some dentists to retire earlier than planned.
- Family obligations – Dentists may postpone retirement if they have family financial obligations, like putting kids through college.
- Enjoyment – Dentists who truly love their work may want to continue practicing as long as possible.
- Keeping up with technology – Some senior dentists find it challenging to keep up with rapidly changing dental technology and techniques.
In short, the decision around when to retire is highly personal and depends on an array of professional and personal factors unique to each dentist. Many dentists choose to transition into a part-time or consulting role to keep practicing on a limited basis in retirement.
Gender Differences in Retirement Ages
Interestingly, retirement patterns show some distinct gender differences among dentists. Studies indicate that female dentists tend to retire earlier than their male counterparts. Here are some key gender comparisons:
- Female dentists retire at an average age of 62 versus 65 for male dentists according to research published in the Journal of the American Dental Association.
- According to the American Dental Association, 20% of male dentists work past the age of 70 compared to just 11% of female dentists.
What accounts for this gender gap in retirement ages? Some factors that may contribute include:
- Women are more likely to work reduced hours later in their careers to accommodate family, lowering their overall earnings.
- Female dentists tend to report higher levels of work-related stress and burnout.
- Some women may retire around the same time as their older spouses.
However, the gender gap in retirement ages has narrowed in recent years as more women enter dentistry and remain working later into life.
Is Full Retirement Best for Dentists?
Many dentists grapple with the question of whether to fully and abruptly retire or to transition into retirement more gradually. There are pros and cons to each approach.
Full retirement provides more free time to relax and pursue hobbies and activities. However, adjusting to the loss of a professional identity and social connections can be challenging. Some dentists experience boredom, restlessness or reduced sense of purpose after stopping work entirely.
Partial retirement and transitioning roles allows dentists to slowly reduce their workload. Phasing into consulting, teaching or mentoring roles enables dentists to maintain professional engagement and income. However, balancing part-time work and retirement activities can also prove challenging.
There is no one right path for every individual. Many dentists try out full retirement first and then return to work on a limited basis if they desire more activity or income. Alternatively, some start with part-time work which may eventually transition into full retirement. The key is to listen to your needs and find an arrangement that provides fulfillment and purpose.
Planning and Preparing for Retirement
To retire comfortably, dentists need to proactively plan and prepare for leaving the workforce. Recommended steps include:
- Save consistently through retirement plans like 401(k)s and Individual Retirement Accounts (IRAs). Maximize contributions to optimize savings.
- Pay off high-interest debt which can impede retirement readiness. Be strategic about taking on new debt as well.
- Have adequate disability and life insurance policies in place.
- Determine your anticipated retirement income and expenses. Run different projections to ensure your savings can sustain you long-term.
- Invest wisely with a diversified set of investments suitable for your age and risk profile.
- Consult qualified financial advisors and accountants to optimize finances and tax planning.
- Understand your Social Security benefits and the best age to claim them.
- Set a target retirement date and work backwards to develop a plan for getting there.
Proper planning can help dentists retire securely and pursue retirement activities that bring purpose and fulfillment.
Staying Active and Engaged as a Retired Dentist
To enjoy a satisfying retirement, dentists should think about how to stay active and intellectually engaged. Popular pursuits include:
- Part-time practice – Work limited days or hours to stay professionally engaged.
- Consulting – Consult with other dentists on complex cases and treatment plans.
- Teaching – Train and mentor the next generation of dentists at dental schools.
- Public health dentistry – Use your expertise to care for underserved populations on a part-time basis.
- Dental missions – Participate in trips providing dentistry in underprivileged regions globally.
- Hobbies – Pursue passions like sports, travel and the arts.
- Entrepreneurship – Start a small business doing something you enjoy.
- Volunteering – Donate time to causes important to you.
Staying mentally and socially active can help dentists transition happily into the retirement phase of life. Prioritize activities that give you meaning and purpose each day.
Easing Into Retirement
Full retirement represents a major life transition. To make the adjustment smoother, consider these tips:
- Scale back gradually instead of stopping work entirely to better acclimate.
- Develop a routine and structure still involving productive activities, social interaction, and physical activity.
- Identify new social connections through groups or clubs for retirees.
- Find a sense of meaning through part-time work, volunteering or passions.
- Stay intellectually stimulated by taking classes or learning new skills.
- Travel to new destinations and cross items off your bucket list.
- Practice good self-care through proper rest, nutrition and exercise.
- Communicate with family how to best provide support.
- See a therapist if you struggle with difficult emotions like anxiety or depression.
With some advance planning, dentists can enjoy a retirement that brings newfound freedom, joy and purpose to their lives.
Conclusion
While most dentists retire between the ages of 60 and 70, there is no set universal retirement age. Each individual must consider their own financial situation, health, family obligations, enjoyment of work and ability to cope with evolving technology and techniques. Gradual transitions into retirement are popular, as are part-time work arrangements that let dentists stay engaged. With prudent financial planning and staying active physically, socially and intellectually, dentists can have rich, fulfilling retirements doing the activities they cherish most.