New research shows dentists have pension problems and admit to not understanding how their pensions work.
They may be unprepared for retirement with around 78% of them not knowing how much to save or how they actually save.
On top of this news, over one in four (28%) dentists incorrectly believe they can withdraw their full pension fund, tax free, at any time. Also, the amount dentists believe they need each year once in retirement has dropped from £48,150 in 2014 to £39,602 in 2016. Only one in eight people involved in the research had no intention of finding out more about their retirement plans over the next 12 months.
Wesleyan are a company centred around ‘providing tailored financial advice and products to select professional groups, notably GPs, hospital doctors, dentists, teachers and lawyers and a range of commercial financial products for the organisations in which they are employed.’ (taken from their website). Their Chief Customer and Strategy Officer, Vicki Wentworth, has spoken about the research:
“As a result, there is clearly still some confusion around what pensions are there to do and how they can help you plan for the future, but proper planning is essential to help us enjoy the standard of living we dream of in retirement.”
“It is hard to plan for retirement if you don’t fully understand the options available to you and what you can actually do with your savings – our research shows most dentists sadly don’t understand,”
Although pensions have been covered in the media recently, it has only prompted 24% of dentists to look into their pensions over the past 12 months and 75% have said they are unaware of how much the government contributes for every pound invested in a pension.
Vicki went on to say:
“How much dentists need in retirement depends on their own circumstances and needs, but what is clear is that many dentists have an idea of what they would like to have after they finish work, but don’t understand enough about pensions to make effective plans to achieve it.”
If you are a dentist looking for help on your pension, you can have a look at Wesleyan’s website HERE.
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