According to data from the American Dental Association, in 2019, 16.1% of practicing dentists were 65 or older, while 21.9% were 55–64. The average age of retirement for dentists was 69.4 as of 2018. In a national income and retirement study of dentists, the American Dental Association found that the average retirement age for dentists is 69. When Gallup did a survey of the general population, it concluded the average American is retiring at age 62. The typical dentist earns more than three times the average American. Why then are dentists retiring seven years later? The average dental student takes on $200,000-$400,000 in debt upon finishing school. This does not include loan interest that can add another $100,000. Dentists’ expenditures may stay the same or increase during retirement. The most frequent range of monthly, pre-tax retirement income needed for dentists is $8,000 to $12,000 per month in today’s dollars. In the last recession, the ADA Health Policy Institute reports that the average age of dentists at retirement dropped. A dentist can retire as early as age 43 by minimizing employees and expensive, high-tech offices as well as avoiding a "keeping up with the Joneses" mentality. Demand for dentists is expected to increase as larger numbers of older people require dental services.
The average American retires at age 62, but the average retirement age for dentists is 69. Amanda Bateman, CFP, notes several reasons why dentists have a harder time retiring early. Dentist student debt and the increase in living expenses during retirement years play significant roles. More dentists may opt for an earlier retirement during downturns in the economy.
India has the most dentists in the world. Full-time dentists spend approximately 33 hours per week treating patients. Retirement age varies as some dentists semi-retire by working part-time or pivoting to teaching roles. The average retirement savings needed for today’s dentists ranges between $1,500,000 and $2,500,000.
Historically, more dentists retire early during economic downturns. They also have the option to semi-retire by working part-time or teaching. However, most work full-time well into their late 60s, and with the growing demand for dental care among the aging population, retirement ages for dentists may continue to rise.