More than half of dentists are worried they will not be able to adequately fund their retirement

shutterstock_144624011New research by Wesleyan, the specialist financial services provider for dentists* found 52% of dentists fear they won’t have enough income to live comfortably in retirement.

On average, they thought they would need £48,150 a year to live on.

However, two thirds (67%) of dentists didn’t know how much income their pension arrangements would generate.

wesleyan-dentists-retirement-Sep14-1aSamantha Porter, Wesleyan’s group sales and marketing director, said: ‘The key to a successful retirement is planning ahead.

‘Dentists should think about the kind of lifestyle they want in retirement and how much income they will need to finance that.

‘Once they have a plan in place they should review it at least annually.

‘There has been a raft of changes in the pensions environment in recent years, in both public sector pension schemes and private pensions, and these could all impact final retirement income.

‘People often overestimate how much cash they will need in retirement but they really should understand how much income their pension plans will generate.’

Just over a third (35%) of dentists said they were planning to retire early, down from 43% in 2011**, and a quarter (25%) felt they would have to work past their retirement age.

Only a fifth (21%) were relying just on a pension for retirement income, with almost a quarter (24%) planning to use the equity in their property for additional financial support.

The research also found 44% reviewed their retirement planning less than once a year and half of these (50%) either couldn’t remember the last time they reviewed their plans, or hadn’t done so since joining their pension scheme.

* Research based on a survey of 412 professionals (100 dentists, 101 doctors, 103 lawyers and 108 teachers) by Censuswide on behalf of Wesleyan February, 2014.

** Research based on a survey of 430 professionals (80 dentists, 159 doctors, 91 lawyers and 100 teachers) by Wesleyan, February 2011.

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