Worried about having enough money in retirement? Here are a handful of ways to pad your income in your post-practice years.
The biggest uncertainty most dentists face as they near retirement plan is whether or not their savings and investments will be enough to cover the rest of their lives. And while research suggests that few retirees actually outlive their income, the simple fact that so many fear doing so means it has an impact on at least their mental well-being.
If you’re getting closer to retirement, you may want to consider a few ways you can boost your income beyond what you can expect from social security, pension payouts, or your own savings and investment income.
In a recent two-part series on the need for dentists to take more vacation (Part 1 is here, Part 2 is here), we discussed the option of using a retired dentist to fill in while away. Once you’ve retired, if you still have sharp skills, reach out to practicing dentists you know to gauge their interest in such an arrangement. Another possibility is to do some consulting for businesses related to dentistry.
Part With Some Time
A part-time job doesn’t have to be in dentistry, and it doesn’t have to be taking orders at the local Burgers N’ Brew. If you are considering a part-time job, seek out something that you’ve always had an interest in and see if you can find a position in that field. By taking this approach, your part time work may feel more like pursuing a hobby, but with a little extra cash thrown in for good measure.
Part With Some Goods
If you’re like many, you’ve acquired many consumer goods throughout the years. While many of those things may be dear to you or essential for your post-dentistry pursuits (such as the fishing rod or gardening set), many will likely be items you’re unlikely to use as you near your sunset years. Consider a garage sale to shed yourself of some of the items you’re no longer interested in owning. If a garage sale seems like too much work, see if your neighbors might be interested in a “block sale,” which is where multiple households on the same street get together for a sale.
If you love animals or kids, you can consider a sitting job. Keep your eyes open for neighbors who may be in need of your services, or postings on bulletin boards or Craigslist looking for help.
Put Out Your Sign
If you have multiple residences you only use for certain times of the year, such as vacation home or timeshare, consider renting out during those times you won’t be around. You can earn also earn some extra cash by signing up for a car service (such as Uber) or opening your home to a lodging-share service. (Note that each of these strategies involves some risk to your property and, in some cases, to your personal safety.)
Granted the extra time of living in retirement, there are dozens of options you can pursue. Many come with the dual benefits of satisfying the sense of purpose that likely drove your career as a dentist and earning some extra income at the same time.