For many dental associates and those new to the medical profession, retirement probably seems like a long way off when graduation is not such a distant memory. However, in reality, the earlier plans are put in place for retirement, the better.
Never too early to start planning
If you have just started your career as a dental or medical professional you are probably just enjoying having money in your back pocket and enjoying spending it. Maybe your plans are to save for a deposit on your first house, or travel and there may already be a proportion coming out alreadyto pay off student loans.
Saving for retirement is probably the last thing on your mind.
Pension planning for retirement
There are many ways to plan for retirement and the best route largely depends on personal circumstances and goals.
Pension planning is top of the list for those in the dental and medical professions as a means to save for their financial future.
With pension planning, the earlier investments are made the bigger the pot available when it comes to retirement.
Delaying too long can mean that larger monthly payments need to be contributed in order to meet the required and desired pension fund. For example, starting saving at 25 means contributions are spread over 40 years instead of starting at 35 and spread over 30 years.
There usually has to be a compromise the longer the delay, either more monthly commitment or less overall pension fund.
Discuss your options with a specialist financial adviser who can work out calculations just for you based on your income, lifestyle and retirement plans.
Tel: 01403 780 770