Dentists have incomes that are often high enough to hide financial errors. This is perhaps the most important reason dentists retire later than the average American. With a lot of money coming in, they may feel less urgent to organize and come up with a plan. I think dentistry is getting worse every year, just as I think medicine has done with the rise of corporate dentistry and most likely impending regulations.
This guy is over seventy years old and has been responsible for trying to help you reach retirement, so they shouldn't say, “Sorry, you're still a decade away.” Banks are willing to lend to young dentists, even if they have student debt, because dental offices rarely fail. I honestly believe that the quickest and easiest path to wealth in dentistry (probably similar in medicine) is to live in a small town area (most likely horrible) with very little competition. I think most dentists generally struggle with personal finances compared to the average person. This is especially true in underserved markets, where local banks are willing to grant a loan to keep a dentist in town.
People might think that doctors generate the most income, but in reality, after analyzing the data, you'll see that dentists could be the ones generating the most income. Right now, Medicare hasn't taken hold on dentistry, but I've heard through the ACA that it could become a problem. This is why corporate dentistry will proliferate more, with more workload to compensate for the reimbursement of poor plans. I am so excited to have the flexibility to continue doing dentistry, but on a part-time basis, or not doing it at all.
Just as dentists are losing staff, a third of dentists say that new COVID-19 infection control protocols require more staff to care for the same number of patients than before the pandemic.