How — and in what kind of setting — do you envision spending your retirement years?
Regardless of the lifestyle you seek, retirement planning is especially crucial for physicians and dentists. Following intensive training, your peak earning years are compressed, making it important to develop a well-thought-out retirement plan.
You may find it helpful to speak with an advisor experienced in working with dental and medical professionals. They can help you achieve your goals, which may include purchasing a winter home in a warmer climate or relocating to a dream destination.
Let’s take a look at some top retirement locations that appeal to many physicians and dentists.
Whether you prefer a warm, sunny climate, cultural opportunities, or proximity to loved ones, selecting the ideal spot to retire is vital for your happiness and peace of mind as you enter this next stage of life. If you’re wondering how to decide where to live in retirement, you’ll need to consider several key factors that will impact your quality of life.
One element, even for physicians and dentists who may have substantial retirement savings, is understanding the cost of living in a potential destination to know how far those dollars will go to maintain the lifestyle you want. Think about that lifestyle — whether you prefer an active community with indoor or outdoor activities, or a more relaxed pace of life.
Proximity to top medical facilities may provide peace of mind, and don’t forget to consider tax implications. Your retirement dollars will go further with local and state taxes that benefit retirees.
Here are a few top retirement locations to consider:
Naples is a premier destination for retirees, offering world-class healthcare and a vibrant retiree community. The warm, year-round climate is ideal for those who enjoy outdoor activities, with abundant beaches and opportunities for golfing.
Naples is known for its luxury living and upscale amenities, including fine dining and shopping. Additionally, there’s no state income tax, which is a significant benefit for retirees looking to maximize their savings.
Scottsdale is known for its sunny weather and strong healthcare infrastructure, with high-end medical facilities that cater to retirees. This city offers an upscale lifestyle with abundant cultural experiences, luxury golf communities, and outdoor activities.
The area is also known for its thriving dining scene, wellness spas, and beautiful desert landscapes. Additionally, Scottsdale’s tax policies are retiree-friendly, making it an appealing choice for those looking to enjoy their retirement with fewer financial concerns.
Portland is an ideal destination for retirees who value a mix of nature, culture, and sustainability. The city offers a thriving arts scene, a renowned food culture with farm-to-table dining options, and an abundance of parks and outdoor activities.
Whether you enjoy hiking, exploring local markets, or immersing yourself in the city's eco-friendly culture, Portland provides a balanced, active lifestyle. Plus, with no sales tax, retirees can make the most of their savings while enjoying everything the city has to offer.
With accessible public transportation and easy walkability, Providence is a city made to be explored! Retired physicians and dentists who enjoy learning about our country’s rich history will enjoy the well-preserved architecture and local educational programs. The city also boasts a vibrant social life with a dynamic arts scene, live performances, and cultural events.
With safe neighborhoods, a low crime rate, and easy access to Boston's renowned medical centers, Providence offers retirees a secure and enriching environment, along with peace of mind and top-tier healthcare.
Destin is a coastal gem on Florida’s Emerald Coast, known for its stunning white-sand beaches and laid-back lifestyle. This picturesque town is ideal for retirees seeking a slower pace and a close-knit community with a strong appreciation for the outdoors.
Fishing, boating, and beach walks are everyday pleasures here, making Destin perfect for those who want to stay active while enjoying the natural beauty of the Gulf. While the area is more casual than other Florida retirement hubs, it still offers quality healthcare, no state income tax, and a lower cost of living compared to larger metro areas — all of which help stretch your retirement savings further.
With its scenic charm, friendly atmosphere, and relaxed coastal rhythm, Destin offers a refreshing alternative for those looking to embrace retirement on their own terms.
To make the most of your retirement, it’s essential to have a comprehensive retirement plan in place. At Treloar & Heisel, we work with dental and medical professionals at all career stages. We advise you to work with a financial advisor as early in your career as possible to help you develop a solid foundation and make strategic decisions about your retirement. If you don’t have a solid foundation, it’s not too late to get started:
For those nearing retirement, it’s helpful to take advantage of services specifically designed for near-retirees. These services can guide you through the final steps of your planning, ensuring that everything is in place so you can fully enjoy your golden years.
If you’re nearing retirement, learn more about Financial Management for Dental Professionals Near Retirement.
Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.
Insurance products offered through Treloar & Heisel, LLC.