Dentaltown July 2018 - 54

message board
jmcollur
Member Since: 07/12/10
Post: 58 of 181

General rule of financial independence is 25-30 times your yearly spending. So if you want
to spend $100,000 a year in retirement, you need $2.5-$3 million to draw 4 percent for 30 years.
That assumes you don't work part time or have a side gig like real estate. Also, you should have
mortgage paid off, and will no longer have a need for life or disability so those payments go away.
I highly recommend you follow white coat investor, and physician on fire. Both have newsletters,
blogs, Facebook, etc. ■

4/27/2018

gregholm
Member Since: 04/28/01
Post: 66 of 181

■
4/28/2018

pbneuph
Member Since: 02/26/08
Post: 67 of 181

If you can put up with all dentistry throws at you until age 65, you've paid your payroll taxes
and will get the commensurate Social Security retirement income, you don't live in Manhattan,
and you don't feel compelled to be a year-round world traveler, $1 million (apart from your
residence) should about do it. ■

4/28/2018

jawbreaker

Exactly! I'm a good example of that. Our SS takes care of our basic needs. ■

Member Since: 10/06/01
Post: 68 of 181

DocHorton
Member Since: 08/19/11
Post: 77 of 181

4/28/2018

I don't see how anyone can feel comfortable with only $1 million in retirement at 55. Seems
like you should plan on at least another 20-30 years of life.
If that kicks off $50,000 a year ... 15-20 percent to taxes, now you're at $42,000. Healthcare
premiums alone will likely be at least $10,000 per year for a 55-year-old couple. Now you're at
$32,000. Utilities, phone, cable, internet ... another $800-$1,000 per month. Now you're at
$20,000-$22,000.
You haven't even eaten, paid for gas, auto expenses, property taxes, auto or home insurance,
or gotten some sort of illness. It's unlikely you can even pay for all of that on the $20,000 you
have left.
Not to mention vacation, home repairs, clothes, holiday gifts and everything else you may
spend money on.
And if the market takes a dump and you're not 100 percent in cash ... well, you're screwed.
Get some sort of serious medical issue requiring a surgery or long-term treatment? Poof, there
goes tens of thousands of dollars, if not more. Again, you're screwed.
Don't get me wrong: I don't love dentistry, but I'll be damned if I worked this hard to not be
able to enjoy my retirement and never have to worry about money.
I don't want to have to scale back my lifestyle in retirement. I plan on living as well or better
than I do now. ■
4/28/2018

54

JULY 2018 // dentaltown.com


http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown July 2018

Dentaltown July 2018 - Intro
Dentaltown July 2018 - Cover1
Dentaltown July 2018 - Cover2
Dentaltown July 2018 - 1
Dentaltown July 2018 - 2
Dentaltown July 2018 - 3
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Dentaltown July 2018 - Cover3
Dentaltown July 2018 - Cover4
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-december-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-new-grad-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-september-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-august-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-june-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2023
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https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2023
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https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2023
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https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2022
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https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2022
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https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-april-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-december-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-new-grad-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-september-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-august-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-june-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2021
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https://www.nxtbook.com/farran/dentaltown/2021January
https://www.nxtbook.com/farran/dentaltown/2020December
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https://www.nxtbook.com/farran/dentaltown/2019December
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https://www.nxtbook.com/farran/dentaltownuk/2019FebruaryMarch
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https://www.nxtbook.com/farran/dentaltownuk/2018Winter
https://www.nxtbook.com/farran/dentaltown/2018December
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https://www.nxtbook.com/farran/dentaltownuk/2018November
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https://www.nxtbook.com/farran/dentaltown/2017December
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https://www.nxtbook.com/farran/dentaltown/2017July
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https://www.nxtbook.com/farran/dentaltown/February2017
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https://www.nxtbook.com/farran/dentaltown/2016December
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https://www.nxtbook.com/farran/dentaltown/2016april
https://www.nxtbook.com/farran/dentaltown/2016march
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