Start Cashing in Your Retirement Now

I heard Darrell Cain, the CEO of Cain Watters, a brilliant man and wonderful speaker, talk a few weeks ago at the Pankey Alumni Conference in Miami. He scared me half to death. The message I heard was, “no matter how much you are saving right now, chances are, it is not going to be enough.” He mentioned that the life expectancy of a 40 year old dentist is now over 100 years old. So if you plan to work until 65 or 70 and you live another 30 years on the money you have saved after you retire, you’re not going to make it. Not by a long shot.

 

The burn rate of that money in retirement is much faster than we typically expect. Dr. Bill Lockard (75), a superb dentist from Oklahoma City who is now enjoying retirement, says, “People don’t understand how fast that money goes when you are retired. When you are working you think that in retirement you will just have a mountain of money and you will be free to do what you want, but I have to watch my spending all the time, especially if I live as long as I plan to. What makes it harder is that things are a lot more expensive than I thought they would be at this stage in my life.”

 

I thought to myself “well then it’s just further evidence that we have to make some changes”.

 

Start cashing in your retirement now....not the money...but the years. 

 

Let me explain.

 

With 401K values dropping and credit drying up, a wrench has been thrown into the baby boomer’s retirement plan. If you were planning on retiring in the next 5 years and hoping that a young dentist was going to come along and supplement your nest egg with a nice buyout check, you are probably coming to the realization that the likeliness of that happening is dropping exponentially.

 

The SINGLE most important part of your retirement plan now has to be HEALTH.

 

Studies show that people in good to excellent health who exercise regularly, eat right, and manage stress well, are better at their profession of choice than others that don’t. They enjoy their work at higher levels, make more money than others in their profession, and ultimately work longer and live longer.

 

You might think I’m crazy, but the truth is that if you take really good care of yourself, set up your practice to be profitable, and are working with the right people, you’ll never want to quit. You will be ABLE and WILLING by the time you get to 70. 

 

Enjoying a healthy life beyond the age of 60 is something we often don’t consider in our working years. We get so focused on the destination that we often aren’t disciplined enough to enjoy the journey.

 

When I had hair, I used to go to a real-life “wealthy barber” who was in his 60’s. He had worked extremely hard, diligently saved his money, and invested well in real estate. He never told me how much he was worth (it just wasn’t something he focused on), but it was clear that it was well into the millions. One fateful day, he shared with me that he had just learned he had prostate cancer. His piercing blue eyes burned into my soul as I heard words I’ll never forget it. He said to me, “You have no idea how painful this disease is. I would trade every penny I have....all of it.... just to feel better.” If you have ever been sick with something you can’t control, I am sure you can empathize.

 

He died about a year later.

 

In life we make trades. Sometimes we trade wealth for health. What I’ve come to learn is that this kind of a trade is ALWAYS a bad choice. Every time I make that mistake I learn the lesson again.

 

Trade those years that you were going to spend playing golf and knitting sweaters for a much more enjoyable journey in dentistry filled with health, longevity and happiness. Cash in those years you thought you would be resting. Start investing in health. It is BY FAR the most important priority of your retirement plan.

 

Remember....the journey IS the destination.

 

My very best to you,

 

Kirk