Financial Planning for Dentists
From associate dentist to practice owners, there is a need to build a financial plan that protects your income and helps you grow and preserve your wealth.
Dentist Finances Are Different
Every dentists career is different. Some build successful careers as associates, while others go on to own or become a partner in a practice. As your career progresses your income, responsibilities and financial priorities will continue to evolve. That is why financial planning should be tailored to your individual circumstances.
The right strategy should reflect your career stage, practice structure, family commitments, retirement goals and long-term ambitions helping you build and protect your wealth at every stage of your career.
Three Career Stages
Practical guidance for wherever you are in your Dentist career.
Plan Every Part
Start with the priority that matters now, then build a complete plan over time.
Protect a portion of your income if illness or injury prevents you from practising.
Coordinate your GMS pension, AVCs, and personal contributions from private income.
Build wealth beyond your pension in line with your timeline and appetite for risk
Clear answers to the questions we hear most often.
Starting early gives pension contributions longer to grow and can help establish good financial habits as earnings increase.
Qualifying pension contributions can receive income tax relief within Revenue age-related and earnings limits.
Your pension should be reviewed against your expected retirement age and desired lifestyle rather than relying on a generic contribution target.
Dentistry relies on dexterity, concentration, eyesight and physical stamina so illness or injury can have an immediate effect on earning ability.
Yes. Eligible IDA members currently receive a 17.5% discount on income protection premiums through Omega.
Yes. Accessible savings and investments can provide flexibility for property, family costs, practice opportunities and the years before retirement.
Succession, practice value, pension provision, investments and how wealth will eventually pass to family should be considered well before an intended exit.
Omega can coordinate pension planning, income protection, savings, investments and practice-related financial goals throughout your career.
