Dr. Roger P. Levin, DDS, considers whether recent changes in the U.S. economy will delay dentists’ decisions to retire. He notes that the latest Dental Economics-Levin Group Annual Practice Survey found that more than a third of general practice owners (35%) said they are delaying their retirement due to changes in the economy. Dr. Levin argues that while the overall economy appears to have bounced back from the post-2008 recession, the new dental economy is another matter for many in the profession. He contends that there is more competition, fewer adult patients, and changing consumer notions about the need for twice-yearly hygiene appointments.
Dr. Levin moves on to look in detail at two specific types of practice owner – on target for retirement vs delayed retirement. The two groups of practice owners had both obvious and expected differences, says Dr. Levin. The practices of the on-target group enjoyed increases to revenue and active patients in far greater numbers, while experiencing far less stress than their counterparts. In conclusion, Dr. Levin advises all dentists – no matter what category they fall in – to work with a certified financial planner throughout their careers.
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