Retire from Dentistry, Leave a Legacy with/ the Right PEP Plan
Retire from Dentistry, Not Your Legacy: Smart Ways to Secure Your Practice’s (and Staff’s) Future
Ready to Retire from Dentistry? Secure Your Legacy with NCDS and Pooled Employer Plans
After years of early mornings, tough decisions, and patient care that goes above and beyond, stepping away from your dental practice is both a milestone and a crossroads.
It’s also a rare opportunity to ensure your legacy—the relationships, professionalism, and reputation you’ve built—continues to shape your community long after your final day in the office.
Whether you’re leading a well-established practice or still building your reputation, the question is the same: What happens to your practice, your staff, and your hard-earned reputation when you decide it’s time to step away?
For dentists across North Carolina—and especially those involved with the North Carolina Dental Society (NCDS)—this transition is more than a financial decision; it’s a pivotal moment that impacts your team, community, and sense of accomplishment.
Thoughtful retirement planning involves more than just saving for the future.
It offers a chance to provide financial security for your employees, maintain patient trust, and safeguard your practice’s reputation in the community. Throughout this article, you’ll discover practical strategies and expert insights—from the value of pooled employer 401 (k) plans to how Trusted providers such as Voya Financial and NCDS support dentists at every step—to help you retire from dentistry without leaving your legacy behind.
Why Your Legacy Matters When You Retire from Dentistry
You’ve invested years in perfecting your clinical skills, cultivating a loyal patient base, and building a practice that stands out in your community.
When the time comes to retire from dentistry, what you leave behind is more than just equipment and patient records—it’s your legacy. This legacy includes the relationships you’ve built, the team you’ve developed, and the reputation you’ve fostered through every interaction and act of care.
For dentists, particularly those engaged with the North Carolina Dental Society, legacy planning goes beyond personal financial security. It’s about continuity: making sure staff feel valued, patients continue to get trusted care, and your practice remains a community pillar. That’s why your retirement planning should outlast your clinical career—think robust retirement benefits like a 401(k) pooled employer plan (PEP) tailored for your team.
The right planning helps your employees’ futures remain secure and keeps your name synonymous with excellence, even after you step away from the chair.
Innovative Retirement Strategies for Dental Practice Owners
Start Early—From Day One
The most effective time to plan for your retirement from dentistry is well before you’re ready to step away.
Ideally, your strategy starts when you open your practice. Early action means you’re always prepared, ready to meet each change with confidence—not anxiety. As Andrea Pine, retirement planning advisor at Cornerstone Wealth Growth, suggests,
“We recommend planning for retirement from the day you start your business. Having a plan in place from the beginning, one that you can adjust as your practice evolves, is an excellent business practice that will help ensure the business owner's transition to retirement is not filled with unexpected events or responsibilities. It also serves as a thoughtful process for caring for their employees.”
Continuous Review and Adaptation
Retirement planning is not a “set it and forget it” approach.
Your clinical focus, practice size, and staff composition may change over time, as should your approach to incorporating options like a Roth IRA into your retirement strategy.
Reviewing your options annually (or after any significant change) helps you adjust contributions, explore new plans like pooled employer 401(k) plans, or factor in new industry best practices.
This ongoing review reassures your staff that you have their future in mind, a key element in building staff loyalty and retention.
Use Trusted Partners
Choosing the right partners is essential.
North Carolina dentists frequently turn to organizations like NCDS and providers such as Voya Financial. Their expertise ensures compliance, tax efficiency, and informed decisions—from PEP retirement plans to pooled employer 401(k) options.
A collaborative relationship with a reputable provider reduces your administrative burden and instills confidence in your team.
What Is a 401(k) Pooled Employer Plan (PEP) and Why Should You Care?
A 401(k) pooled employer plan (PEP) enables multiple unrelated employers—including independent dental practices—to join a single, professionally managed retirement plan.
By pooling together, practices access high-quality benefits with reduced administrative hassle and potentially lower fees.
Understanding 401(k) Plans and PEPs
A 401(k) pooled employer plan (PEP) is a retirement plan that enables multiple unrelated employers, such as independent dental practices, to participate in a single, professionally managed retirement plan.
By coming together, practices gain access to high-quality benefits with simplified administration, often reduced fees, and a comprehensive approach to financial planning.
Simplified administration and compliance handled by the provider,
Lower fees due to economies of scale,
Support for both owners and staff in building reliable retirement savings.
With a PEP, dentists are freed from the headaches of non-discrimination testing and complex regulatory requirements. The pooled employer plan provider takes care of the heavy lifting, letting you focus on leading your practice and team.
Safe Harbor Match: Maximizing Owner and Team Benefits
One of the most powerful features available to dental practice owners is the Safe Harbor Match within a 401(k) plan.
This provision allows owners to maximize their plan contributions while avoiding the headaches of non-discrimination testing—a test that ensures owner contributions don’t unfairly outweigh staff contributions.
For practices looking to reward their teams and secure their future, a Safe Harbor 401(k) offers clear advantages:
Higher contribution limits
Enhanced recruitment and retention tools
A straightforward path to staying compliant
Some practices incorporate financial planning by supplementing their 401(k) with additional options, like a cash balance plan, for even greater tax-deferred retirement savings.
While not every practice will benefit from these advanced strategies, exploring options such as a Roth IRA early ensures you can adapt as your needs evolve.
Collaborating with Reputable Providers
Selecting experienced providers for pooled employer plans is crucial.
Partners like Voya Financial bring deep knowledge and transparent processes, while support from the North Carolina Dental Society validates the plan’s quality and fit for local dental practices.
By collaborating with a well-vetted provider, you gain confidence that your plan serves both owners and employees, backed by reliable guidance through every stage of your practice’s journey.
For High-Achievers: Adding Cash Balance Plans to Your Retirement Strategy
For some dental practice owners, the goal isn’t just to retire from dentistry—it’s to maximize savings and provide executive-level benefits to key team members. That’s where cash balance plans come into play.
These plans can be a brilliant addition to your retirement toolkit, especially when paired with a robust 401 (k) pooled employer plan.
What Are Cash Balance Plans?
A cash balance plan is a type of defined benefit retirement plan that allows practice owners and select employees to contribute significantly higher amounts toward retirement, well beyond the limits of a standard 401(k) or PEP retirement plan.
Unlike traditional pension plans, cash balance plans offer the flexibility of lump-sum payments and can be designed to fit the needs of high-earning professionals.
Who Should Consider a Cash Balance Plan?
Cash balance plans are especially well-suited for dental practice owners who want to accelerate their savings as they approach retirement or reward long-standing team members.
Suppose you have already maximized your 401(k) contributions through a pooled employer plan provider and seek to boost your retirement funds or offer valuable incentives to partners. In that case, a cash balance plan may be the right fit.
Integrating with Your Practice’s Retirement Offering
Combining a cash balance plan with a pooled employer 401(k) provides a powerful strategy for those seeking to maximize their retirement years.
While only a few dental practices currently take full advantage of these advanced options, partnering with experienced providers like Voya Financial ensures you receive guidance tailored to your practice’s specific situation.
How to Recognize and Reward Your Team
Transitioning your practice is about more than your successful exit—it’s also an opportunity to honor the dedication of the people who have helped you get there.
With the right retirement plan, you can ensure your long-standing team members feel valued and secure as your practice moves into its next chapter.
Profit-Sharing and Enhanced Employer Contributions
Thoughtful financial planning and retirement plan design empower you to reward loyalty with tangible benefits, such as profit-sharing or additional employer matching contributions.
As you approach your transition from dentistry, consider the following strategies:
Profit-Sharing: Allocate additional funds to loyal staff through your pooled employer 401(k) plan. This will boost their retirement savings and deepen their connection to the practice’s long-term success.
Enhanced Employer Match: Modify your PEP retirement plan, consider adding a Roth IRA option, a traditional IRA, or a tax-deferred 401(k) pooled employer plan to offer a higher match for veteran employees during the final years leading up to your retirement.
Retention Bonuses: Use plan features as retention tools, helping key team members feel confident through periods of change.
“Planning and having the right retirement plan design can allow business owners to review their options, such as a profit-sharing contribution or an additional employer matching contribution, to the retirement plan participants.”
● Andrea Pine, Retirement Plan Advisor
Ultimately, structuring these rewards as part of your broader retirement, financial planning, and legacy plan ensures your staff feel recognized and cared for, reinforcing the supportive culture you’ve built over your career.
Next Steps for Practice Owners: A Step-by-Step Guide
Retirement planning is far more effective and less overwhelming when you have the right advisor guiding you.
That’s why scheduling a personalized consultation with a Cornerstone Wealth Group advisor, such as Andrea Pine, is one of the most valuable steps. Andrea partners directly with the North Carolina Dental Society (NCDS) and Voya Financial to deliver tailored, strategic retirement solutions to dental practice owners across North Carolina.
Schedule Your Consultation with Andrea Pine
Andrea Pine specializes in understanding the unique needs, challenges, and ambitions of dental practice owners, including practice valuation.
By working hand-in-hand with trusted organizations such as NCDS and Voya Financial, Andrea brings together deep industry knowledge, best-in-class pooled employer 401(k) plans, and retirement plan options designed to secure your legacy and support your staff’s future.
Ready to get started? Simply schedule a confidential, no-obligation conversation with Andrea. She’ll walk you through:
A comprehensive review of your current retirement plan and future legacy goals
Guidance on upgrading to a pooled employer 401(k) plan or a PEP retirement plan
Clear explanations of Safe Harbor match options, advanced strategies, and compliance support
How to communicate changes to your team and maximize their benefits as well as your own
Before your meeting, gather these materials:
Recent plan documents (401(k), profit-sharing, or pooled employer plan),
Your retirement timeline and key staff priorities,
Any questions or concerns about plan options or compliance.
Working with Andrea means customized guidance, industry expertise, and peace of mind—for you, your practice, and your legacy.
Leave Dentistry, Not Your Legacy
Retirement doesn’t have to mean the end of your impact or commitment to those who have supported your journey.
By selecting the right strategies—such as utilizing pooled employer 401(k) plans, PEP retirement plans, and insights from trusted partners like Andrea Pine, NCDS, and Voya Financial—you prepare your practice, your team, and yourself for enduring financial confidence and peace of mind.
Your patients, staff, and community can continue to benefit from the excellence you’ve built.
Don’t just retire from dentistry—secure your legacy. Schedule a personalized consultation with Andrea Pine to explore tailored solutions and take the first step toward a transition as rewarding as the career you’ve crafted.
This is for informational purposes only and does not serve as personal advice. Please speak to a qualified representative regarding your unique circumstances. Links within this blog are not associated to Cornerstone Wealth and are subject to change. Hyperlinks will take you to a third-party website whose content Cornerstone Wealth does not control. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth, an SEC registered investment adviser.
