As a doctor or dentist, the inclusion of a sound retirement plan is an integral part of your financial plan. Your plan for retirement should align with your personal and professional goals and give you the flexibility you deserve after working hard in your career for decades. Self-Invested Personal Pensions (SIPPs) stand out as a fantastic option, offering unparalleled control and a variety of benefits that can significantly impact your retirement journey. Read on to learn more.
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
Taking control of your financial future
SIPPs allow you to take charge of your investment decisions, letting you determine how your money is invested and how your pension pot grows. SIPPs provide a level of control that just doesn’t compare to other pension options. You can tailor your investments to match your attitude toward risk and your personal financial goals to create a customised retirement nest egg that works exactly how you need it to, when you need it to.
One of the biggest advantages of SIPPs is the potential for unmatched returns which will often surpass what any other pension option could provide. Most doctors and dentists are higher-rate taxpayers so by contributing to a SIPP you can help to lower your taxable income. Utilising a SIPP in addition to other pension options can make a substantial difference in growing your retirement savings, putting you in an even better place financially when it comes time to retire.
Keep in mind, legislation and tax regulation surrounding SIPPS and pensions often change, so be sure to stay up to date with the constantly evolving situation or work with a financial adviser to ensure your plans adapt accordingly.
Start investing early and diversify
In general, if you are under the age of 75, a SIPP is available to you as a saving option, so you have plenty of time to start saving for retirement at any point in your career. And while we firmly believe that it’s never too late to start saving for your pension, starting as early as possible is always the best approach. By starting early, you have the luxury of more time for your money to grow.
Plus, there are so many investment options available with SIPPs, including company shares (both UK and overseas), collective investments like Open-Ended Investment Companies (OEICs), unit trusts, investment trusts, and property. But, it’s important to note that residential property is excluded from SIPP investments. This diverse range of options ensures that you’ll be able to find something that fits into your investment strategy and aligns with your financial goals and risk tolerance.
Tailored Retirement Planning with Dental & Medical Financial Services
At Dental & Medical Financial Services, we understand the intricacies of pension investment, especially for doctors and dentists with unique financial situations. Our tailored retirement planning service is designed to help you navigate the complexities of SIPPs, ensuring you make informed decisions that align with your goals.
Take the first step towards financial independence – contact us today and let us help you build a retirement plan that not only meets your needs, but also works towards keeping you on target for the retirement you deserve.