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Professional Courtesy: The How, Why and When of Retirement by Dr. Thomas Giacobbi

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Categories: Practice Management, HR and Accounting; Practice Transitions;
The How, Why and When of Retirement


by Thomas Giacobbi, DDS, FAGD, editorial director

This issue of Dentaltown includes a great article by Dr. Suzanne Ebert that addresses the topic of retirement. In her article, Ebert provides useful information about a decision that can take years to complete. Retirement is a popular topic online, too: A recent message board on Dentaltown’s online forums titled “Personality Change for the Better After Retirement???” provides many Townies’ thoughtful perspectives on the topic. (Click here to check out that thread.)

In fact, there’s so much discussion around this topic that one would think we already know the right time to retire. However, we’ve all heard stories of someone who retired relatively young and in a few years became bored, broke or miserable. At the other end of the spectrum is the dentist who stayed too long at the party, continuing to practice despite physical and mental decline.


Running the numbers
Often, the answer to the question of retirement involves one part math and one part emotion.
  • On the math side: Your retirement age, the size of your nest egg, Social Security and the financial health of your practice.
  • In the emotion category: Your physical and mental health, how much of your identity is tied to being a dentist, and the fate of your team and patients.
Some dentists who retire earlier have already decided to spend their retirement days in pursuit of previously neglected hobbies, starting volunteer work or even a second career. Dentists who can’t imagine doing anything else may retire by selling the practice so they can continue to work part time without the stress of ownership obligations.

Properly planning your retirement should take time. If you’ve just seen that patient who makes your blood boil or you’re having a “case of the Mondays,” that’s not necessarily a signal to retire, nor the time to make a big decision. Team issues, equipment breakdowns and clinical challenges are events that make us wonder when it will all be over, but it’s important to keep your perspective on the other elements that must be in place for a proper retirement. If you don’t have enough money saved, for example, you’ll need to work through those frustrations.

One reason it can take so long to cross the finish line is the transition dilemma. When a dentist has worked for 20-plus years in an office and the team members and some patients are like family, leaving can be difficult! Some dentists opt for a slow transition by finding a partner and letting them buy the practice over time. This approach allows for mentorship and a smooth handover, but sometimes the process breaks down and the new dentist moves to end the agreement early. For this reason, the cleaner transition of a turnkey sale is often preferred: The purchasing dentist completes the practice acquisition in a relatively short period, leaving the selling dentist free to immediately move on to something else.


Start formulating your plan now!
Regardless of which stage of your dental career you’re currently enjoying, retirement should be on your mind. In the early days, it might just be a vague notion of how long you want to practice. As you get older, it will become a daydream to get you through tough days. When you’ve been practicing for more than 25 years, it’s time to get more serious— even if you think you’ll practice for decades to come.

There are also unfortunate times when retirement chooses you. It’s best to have a plan you’ve discussed with your spouse and professional advisers to make as smooth a transition as possible.

What are your plans to retire? Share your suggestions online.
If you’ve just made the decision to retire or have recently retired from dentistry, share your story in the online comments section under this column. If you’re not yet a verified member of Dentaltown, click here to sign up and begin the process. (Membership is always free!)
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