The Retirement Formula with Reese Harper
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Bulletproof Dental Practice Podcast Episode 82
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Guest: Reese Harper, CEO DentistAdvisors.com
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:
Tweetables:
If you’re not getting a roadmap, how do you know where the roads are? – Dr. Peter Boulden
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