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*I only realized this morning that I didn’t post the last Blog in this three part series last week. My wife and I were out of the country, and I have returned rested and in a better frame of mind. So, I apologize for the oversight and lack of a Blog episode last week. These Blog episodes are not queued like my podcast episodes and must be manually published each week.
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“Don’t let making a living prevent you from making a life.” -John Wooden
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August 2024 will mark the tenth anniversary of my departure from practicing dentistry full-time. August 2024 will also mark the tenth anniversary of the moment I became able to pursue any hobby or project that I desired. This blog will outline what I’ve been up to for the last ten years.
During this period between 2014 and 2024 I obtained my CRPC™ (Chartered Retirement Planning Counselor) designation, and I’ve been honored over the last ten years to assist people in deciding to transition from full-time employment to full retirement or phased retirement. This transition period is very stressful and emotional in most people’s lives.
People facing retirement have many questions, most of which are variations of basic questions facing all potential retirees. Let’s consider some of the purpose-related questions that most people facing Retirement ask, and situations that I have already experienced. I’m going to describe how the last ten years have affected my sense of Purpose, and what I’ve been doing:
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Did I Pre-Plan
I began the process of preparing to retire from the practice of dentistry during the 2013 calendar year. I became financially independent several years before 2013 but felt I needed to begin the process of eventually transitioning out of active practice at some point in the ten years after 2013, or before I was seventy years old (whichever of those two options came first.)
Most mature solo dental practices do one of two things when the practitioner considers retirement. The practitioner either transfers the practice to a younger dentist, or the practitioner works less and less until the practice gradually “dies on the vine,” and the practitioner retires. I mention this to establish the fact that leaving a dental practice is usually a process that normally occurs over several years. I had begun this process intending to make some type of transition decision in the next two or three years and retire in the following six to eight years.
This whole plan changed rapidly after I hired a young dentist to work in my practice to help him out financially. My young associate was still deciding where he wanted to establish his dental practice and needed office time and the money that working as an associate provided. After being associated with my practice for about two months he consulted with me about transferring my practice to him. In another six months, we had worked out all the details. Eight months after I accepted my associate, he was now the practice owner and I became an Independent Contractor.
Like many workers, I suddenly found myself retired from full-time work! In approximately eight months I went from working full-time to potentially being retired and I wasn’t sure I was adequately prepared for all aspects of retirement. I knew that I was financially able to retire (that I had enough money.) I had not decided whether I had worked enough, nor had I considered if I would have enough to do in retirement.
I agreed to remain in the practice for an additional six-month transition period. Being a planner by nature, I felt the need to quickly establish a comprehensive “retirement” plan. Instead, I decided to take a deep breath and use this initial six months to decompress from full-time practice and slowly formulate a well-thought-out life plan. I knew I had adequate retirement assets in place, but I had not considered whether I had worked enough, nor what I was going to do each day now that every day could potentially be a Saturday. After working almost 35 years in an environment where every day was pre-planned several months in advance, having a blank calendar to fill was both exciting and scary.
The two primary questions I needed to answer were: did I want to continue working on a limited basis, and what activities would fill each retirement day? Because my retirement occurred so rapidly, I had not adequately prepared for these two areas of retirement.
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First Two Years
It was during this first two-year period that I decided to continue working part-time (2-3 days per week.) Working part-time would allow 4-5 days each week for purpose-based or leisure activities. So, during the initial six-month period of my Independent Contractor agreement, I decided to continue working on a part-time basis. It was not long before other practitioners realized I was available, and I quickly became even busier. Over these two years, I eventually reached the level where I was working two or more days most weeks. I had almost worked my way back to the full-time practice of dentistry! My work consisted of contract labor in dental practices where I had no ownership or management responsibilities. I provided dental care on a contract basis when needed.
My leisure activities consisted of gym workouts, hunting and fishing trips, travel, and extensive reading. I packed everything possible into my scheduled days off during these two years. I could reasonably control my schedule, and I had some time off, but felt that working every week limited my ability to plan travel-related activities.
It was during these initial two years that I decided to consolidate my work schedule and schedule work-free weeks to allow for periodic weeks of free time. This would create more open space for longer leisure activities.
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Next Five Years
The next five years marked the beginning of my second transition period. It was during this five-year period that I decided to gradually decrease my work schedule to increase available free time.
At this point, I had already worked as an Independent Contractor in approximately thirteen different dental practices and was receiving requests from additional offices. Since the income generated through contract labor was not expressly needed for living expenses, I had the option to work as much or as little as desired. I eventually decided to decline all new dental office requests and to begin limiting current office contracts. This process freed up additional leisure time to pursue longer trips and activities.
As my Locum Tenens contracts declined I began to realize that I wanted something to replace the sense of purpose provided by helping others through dentistry. Because I have always been interested in finance and financial planning, I researched the necessary curriculum to become a certified financial planner. The certification process included both didactic courses and a required period of work in the financial services industry. I quickly realized that the work requirement would prohibit me from becoming certified and that this curriculum would not be a good fit. Further research uncovered the CRPC™ certification, which had no work requirements for the charter.
As the seventh year post full-time work came to a close I decided to obtain a CRPC™ designation.
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Last Two Years
Over the last two years, I have decreased my Locum Tenens dental treatment and after working in sixteen separate practices over ten years I now only provide care in one dental practice. Continuing to work in this practice allows the owner dentist to continue to provide dental missionary care in southern Mexico. These trips are usually one week long and occur approximately every three months. Since my work schedule only occupies 3 to 5 weeks a year, I decided to obtain my CRPC™ certification in 2022. After completing all requirements I am a Chartered Retirement Planning Counselor, and have counseled both individuals and couples. Unlike my Locum Tenens dental care, my CRPC™ work is uncompensated. Over the same period, I started both a blog and a podcast about retirement happiness and the decisions that need to be made to decide if one has enough money, has worked enough, and has enough to do in retirement.
Working 3 to 5 weeks a year affords almost unlimited opportunities for leisure activities and travel. I have tried to maximize these two years by maximizing trips and multiple leisure activities. A considerable amount of time is needed to create a weekly blog and podcast. I am personally responsible for research, content development, writing, editing, producing, recording, post-recording editing, and finalization of both the blog and podcast.
In addition to providing purpose, the blog and podcast have provided an opportunity to learn the new skills necessary to create and finalize the blog and podcast.
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My Normal Week
My normal week is centered around gym workouts (normally lasting about two hours divided between stretching, weight training, and aerobic activity.) This is not a newly created activity! I have always felt strongly about physical training and have engaged in physical training and aerobics throughout my practice career. Having more free time has allowed me to elongate my time spent working out.
Anywhere between 4 to 10 hours each week is spent in blog and podcast research, development, and production. My unwritten goal is to create and record one new blog and podcast each week. Thus far this has not been a burden, but at the point where it starts to feel like a job, I will not hesitate to reevaluate this ambitious schedule!
Once my two “jobs” of gym workouts and content creation are satisfied, the rest of each week is pretty much open to any leisure activity. I still enjoy hunting and fishing (which have both a hobby and social component,) traveling with my wife, traveling with wife and friends, dining out, and reading.
As stated above, I still work on a limited basis and have very little free time during those weeks. I still try to squeeze in one or two workouts but am usually unable to dedicate serious effort to blog and podcast projects during my periods of work.
My basic weekly schedule is very flexible and I do not stress out if I am not able to complete all scheduled projects and activities during any given week. That’s the beauty of being retired. Things that are not completed this week can be shifted into another period.
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How Do I Feel About Where I Am Presently
I am very comfortable with my present work and leisure situation. My work weeks in the dental office are scheduled early in the year and normally do not conflict with any other scheduled activities. I try to get my work weeks fixed early in the year and then schedule other activities around my work weeks.
My ability to work out consistently varies by season, with the holidays and hunting season occurring at the same time and creating the most chaos. Since the end of the holidays and the end of hunting season, my gym workouts have resumed a more orderly schedule.
Blog and podcast creation and production also lag during the holidays. I have tried to produce surplus blogs and podcasts that create continuity when I am unable to produce weekly content due to scheduling conflicts. So far, this has worked well!
By gradually formulating my ideal retirement life over the last 10 years, I feel like I have been able to get a firm grasp on what is important to me as a person, as a husband, as a father, and as a dentist and entrepreneur. Meaningful time spent with wife, family, and friends has increased while spending less time monitoring finances. I try to worry less about things that I cannot control.
There is an old saying about “not sweating the small stuff.” What I’ve come to realize in the last 10 years is that almost everything is small stuff!
It is not my intention for anyone who reads this blog to think that I am presenting my life as being wonderful and without regret or problems. It is my opinion that everyone has problems and everyone has regrets. I am fortunate that the problems that I have and the regrets that I have experienced are minimal. I always try to keep in mind one of my favorite quotes by Charles Dickens. He said: “Reflect upon your present blessings — of which every man has many — not on your past misfortunes, of which all men have some.”
Everyone’s life is different, and everyone will approach Retirement differently. In retrospect, I am glad that I have had 10 years to formulate an ideal plan for my purpose in retirement. Not everyone will have the ability to create an ideal retirement over ten years.
This information is being provided so that each person can get a Headstart on their retirement plan. Having a very gradual retirement glide path has afforded many benefits. Proper planning and forethought can provide the same benefits to almost anyone without having to spend 10 years figuring it all out!
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Final Thoughts
- During the 10 years since I quit working full-time, I have been able to formulate an almost ideal plan for purpose in retirement.
- I have used a phased retirement approach since quitting full-time work. At the 10-year mark, I am still working, but on a more limited basis.
- Using a gradual glide path into retirement has allowed me to increase my free time while gradually decreasing my work schedule.
- Maintaining a healthy lifestyle while continuing to be purposeful in retirement has given me joy and contentment.
- There has been a concerted effort to spend more quality time with family by providing family time and family vacations.
- With proper forethought, individuals and families don’t need ten years to formulate a successful retirement plan.
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