The Retirement Formula with Reese Harper

Bulletproof Dental Practice

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Bulletproof Dental Practice Podcast Episode 82

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Reese Harper, CEO DentistAdvisors.com

Watch full video of the interview by clicking here!

Key Takeaways:

• Average retirement age for dentists is 69
• Most dentists retire when they think they can, they don’t wait longer

• When to retire

• • Calculate total net worth, retirement accounts, cash, investment to determine
  • Make 30-35 times what is spent in 1 year at any age younger than 70
  • • Example: $200,000 spent in a year, net worth should be $6-7 million
  • TT Score: Net worth divided by annual spending
  • • Wealth should grow at 3.3% or more at a TT score of 30 to never run out of money and maintain principle
• A lot of people don’t have a clear picture of how their net worth is growing, so they don’t make any changes

• Track personal net worth statement and progress report quarterly
• Spending 30% of your total gross rate is ideal
• • This will allow a 20+% savings rate
  • Average savings % is 21
• Focus on net worth not savings
• People often pursue accumulating assets in the wrong order
• • Focus on practice equity, then liquidity, then qualified assets, then real estate

• More practice equity leads to higher investment returns

References:

Explore the Elements

Tweetables:

If you’re not getting a roadmap, how do you know where the roads are? – Dr. Peter Boulden