Planning for retirement as a dentist can sometimes feel like playing an endless game of snakes and ladders. One year you’re climbing steadily with a growing pension pot and a thriving practice, and the next you’re sliding backwards thanks to an unexpected tax bill, shifting legislation, or overlooked financial detail.
It’s a game full of surprises – and not always the kind you want as you approach the later stages of your career.
This is where professional financial advice becomes more than just useful – it becomes essential. While snakes and ladders might be a bit of fun on a rainy afternoon, when it comes to your financial future, you don’t want to leave your progress to chance.
Navigating a tricky board
For dentists, the retirement planning board is anything but straightforward. You’ve got your NHS Pension Scheme with its generous benefits, but it’s surrounded by traps that can send you tumbling down the board. Annual Allowance limits, Lifetime Allowance changes, and the ongoing impact of the McCloud remedy can all potentially catch you off guard. One wrong move, and what looked like a straightforward climb can turn into an unexpected descent.
Then there’s the added complexity for practice owners. Selling your practice might look like a golden ladder, but if you haven’t planned ahead, it can lead to a tangle of tax implications, timing issues, and missed opportunities.
Many dentists assume they can navigate these challenges alone, but without a clear map – and someone who knows the board inside and out – it’s easy to get lost. That’s why a specialist financial adviser can be your greatest asset.
Please note: Tax treatment depends on individual circumstances and may be subject to change in the future.
Replacing luck with strategy
Good financial advice takes the dice out of your hands. Instead of leaving things to luck, it gives you a strategy – a way to climb with purpose and avoid the pitfalls that could set you back.
A dental Specialist Financial Adviser who understands the dental profession doesn’t just look at your pension or investments in isolation. They look at the full picture – your NHS benefits, your practice income, your savings and investments, and your personal goals. With that, they help build a plan that fits your circumstances and adjusts as life – and the rules of the game – change.
Rather than reacting to each snake as it appears, you can start planning your moves in advance. If tax thresholds are likely to affect your pension growth, you can take steps early to mitigate the impact. If you’re thinking about selling your practice, you can prepare the ground years in advance to maximise its value and integrate the proceeds into your wider retirement strategy.
Playing the long game
One of the biggest misconceptions I hear from dentists is that retirement planning is something you do in the last few years of your career. But just like in snakes and ladders, your early moves can make a huge difference to where you end up.
The earlier you start working with a financial adviser, the more time you have to make smart decisions – and the more likely you are to avoid those sudden slides that can undo years of progress. Also, the earlier you start planning for retirement, the more potential your savings have to benefit from compound growth, meaning you won’t have to pass over as much of your personal income to reach certain goals.
Please note: Investments may go down as well as up and you may get back less than you invest.
Climb with confidence
Retirement doesn’t have to be a gamble. With the right advice, you can stop rolling the dice and start climbing the board with certainty.
Yes, there will always be the occasional challenge – a surprise rule change here, an unexpected cost there – but with a specialist adviser guiding your moves, you can make sure you’re always one move ahead.
Speak to a dental Specialist Financial Adviser at Wesleyan Financial Services to start putting a gameplan in place for your retirement. Visit wesleyan.co.uk/dental or call 0808 149 9416.
Please note: Charges may apply. You will not be charged until you have agreed to the services you require and the associated costs. Learn more at www.wesleyan.co.uk/charges.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you.
Practice Plan Limited (Registered in England and Wales No. 03089948) is a part of the Wesleyan Group. Registered office: Cambrian Works, Gobowen Road, Oswestry, Shropshire, SY11 1HS Telephone number: 01691 684120. Website: www.practiceplan.co.uk. Practice Plan Limited is an introducer appointed representative of Wesleyan Financial Services Limited.
