Reevaluating Your Future: How COVID-19 May Affect Retirement
Dentists enjoy a lucrative career. Among the highest paid in the medical field, many have the luxury of early retirement or a phased-in approach as they carefully plan and invest in their later years. Many speak excitedly about retirement, looking forward to travel, leisure and more time with family. They have business partners ready to take over the practice and plans for part-time teaching or other ways to continue keeping their skills sharp and providing care.
According to data from the American Dental Association, in 2019, 16.1% of practicing dentists were 65 or older, while 21.9% were 55–64. Many of these dentists are at the end of their careers, with the average age of retirement being 69.4 as of 2018.1
Dentists approaching retirement in the era of a pandemic have a complicated set of circumstances to consider. They likely lost income at the height of the pandemic when the U.S. Centers for Disease Control and Prevention and the Occupational Safety and Health Administration issued guidelines for dentists to limit their care to emergencies only. As the country gradually reopens, investments and modifications to provide patients and staff with safe environments and safe care may be unexpected financial strains for all dentists — especially those in the late stage of their careers. Meanwhile, carefully planned investments likely also took a hit because of the economic implications of the pandemic. For some, today’s circumstances may hasten their retirement, while others will have to work longer than expected to get back on track.
Economic Implications of COVID-19
Economists seem to agree that it’s impossible to predict the long-term impact of the COVID-19 pandemic. The short-term impact on the economy, though, has been devastating. The Dow Jones lost 37% over a six-week period at the height of the pandemic but recovered by 30% in the weeks since.2 However, tens of millions of Americans remain unemployed, and industries from agriculture to travel face devastating losses and uncertainty as a result of the pandemic’s restrictions and America’s cautious return to normal.
It is too soon to know when the markets will reach pre-pandemic levels. During the Great Depression, the markets declined over 34 months and took 25 years to recover; the Great Recession of 2007–2008 saw 16 months of losses and a four-year recovery.2 Economist and columnist Paul Krugman, writing in his weekly newsletter for The New York Times, has reluctant optimism for a quick recovery from the collapse caused by the COVID-19 pandemic when compared with previous downturns.
“It’s something imposed on the economy from outside, as it were, rather than the result of private-sector excess, so you’d expect fast recovery once the outside shock recedes,” Krugman wrote.3
He added that public health and healthcare policy should lead the way. Slowing the spread of the coronavirus and preventing a second wave of infections are keys to putting the economy on a solid path to recovery.3
There are positive signs for dentistry as the recovery unfolds. A poll by the ADA at the beginning of June found that 90% of practices had reopened, with 20% of those reporting normal patient volume. That contrasts with mid-March, when the ADA reported 95% of dental offices were closed or seeing emergency patients only.4
In the meantime, as with previous economic downturns, experts advise not to make major changes. If retirement isn’t imminent, you should stay the course. Dentists should hold on to their assets, which should be well-diversified to spread the risk. If you find yourself particularly strapped for cash and are thinking of tapping into your retirement savings to cover short-term expenses, be warned that this could delay your retirement. A better option would be to cut back contributions and new investing to keep cash on hand. Alternatively, dentists further from retirement and comfortable with their short-term savings may actually want to increase their contributions and invest in a down market.5
If you do access retirement funds, the Coronavirus Aid, Relief and Economic Security (CARES) Act eases the rules for withdrawals from 401(k) accounts and traditional IRAs. If you have experienced a COVID-19-related layoff or inability to work, for example, you can take up to $100,000 out of your retirement savings without paying the usual 10% penalty. Withholdings are suspended, but you will still owe taxes on the withdrawal, though payments can be spread over three years. Alternatively, if you redeposit the withdrawn funds back into a retirement account within three years, your tax liability will again be deferred until you receive distributions from the account in retirement, and you can also file an amended tax return to recoup the taxes you may have paid on your withdrawal before redepositing it.6
A frequent lecturer on financial issues facing practicing dentists, John W. Portwood Jr., DDS, MSF, CFP, CLU, ChFC, MAGD, FICD, FACD, FPFA, offers a reassuring voice in these uncertain times, which he says aren’t unique.
“I think the main thing right now is to not get too excited about the current problem,” said Portwood. “I’m not sure if, from a retirement perspective, it’s had a big impact so far, so don’t do anything out of the ordinary. Stick to your plan and what your advisers are telling you, because we get hiccups like this all the time.”
Returning to the Dental Office
The COVID-19 pandemic is similar to the HIV/AIDS epidemic in the level of changes it’s bringing to the dental office. Infection control protocols will continue to change while productivity is down — fewer patients are being treated, and treatment time has increased. For dentists nearing retirement, they should consider how much they’re willing to invest in changes to their practice that they may not have time to recoup.
“Office overhead is going up 10%–15% with decreased productivity,” said Ronald J. Marsh, DDS, president of the American Association of Disabled Dentists. “Changing masks and gowns and sanitizing virtually everything takes time and money. This cuts deeply into profits, and many practices are on the edge now. For a dentist, the numbers say either adapt or retire. Those who invested wisely will be fine; those who had huge debt will be sunk by the decrease in production and higher overhead. Look at corporate dentistry to take full advantage of this. Small private practices are going to disappear with alarming speed.”
There are other considerations, including staffing and insurance. If hygienists take longer to complete cleanings because they can’t use ultrasonic instruments, will insurance companies increase the amount they reimburse for this work? Are your hygienists comfortable returning to work?
Does your office need to hire additional personnel to manage all of the new regulations and recordkeeping? Some suggest leaving these headaches for younger dentists who have more time to recover their investments.
“The pandemic is giving every older dentist pause to think about his or her own financial situation and the risk-rewards of staying with it,” said Neil S. Hiltunen, DMD, FAGD, a founding member of the Association of Retiring Dentists. “We’ve got a biological problem and an economic problem. We didn’t have an economic problem in the AIDS epidemic. We didn’t close dental offices. This is very different. Older dentists weren’t targeted as particularly susceptible to HIV, but they are vulnerable now. They’re giving this different thought.”
He adds that it would be wise for older dentists to hold off on any major purchases. “If you’re thinking about CEREC or CAD/CAM machines, those expenses may not make any sense to start with for a person in solo practice, let alone when it comes close to retirement,” said Hiltunen. “It’s generally never a good idea to make major investments when a person is about ready to retire because you’re probably not going to finish paying for it, and the new dentist coming in may not want that type of equipment. The investment should be making sure the office is in compliance — in the safety of staff and patients — as well as in patient education.”
Historic data show that more dentists may opt for an earlier retirement during the down economy. The ADA Health Policy Institute reports the average age of dentists at retirement dropped in the last recession. After a slow but steady increase since the start of the century, the average retirement age dropped slightly in 2008, from 67.1 to 66.6. The decrease for female dentists specifically was more notable, from an average age of 58.5 in 2007 to 54.5 the next year.7 The field bounced back, though, and experienced a slight increase or steady hold on average retirement age beginning the following year.
“One of the beautiful things about dentistry is it is one of the more recession-proof industries in healthcare,” said Portwood. “But we have to understand dentistry is not just a rocket ship that only goes up — it also goes down, and we’ve got to weather the storms. This pandemic is just another bump in the road.”
Gearing up for Retirement
Who should adapt, and who should retire? The reaction from owner dentists is all over the board, says Bill Robinson, CEO and president of ADA Business Innovation Group, which includes ADA Practice Transitions (ADAPT), a subsidiary that helps dentists buy and sell practices. “Some are reluctant to go back to practicing in a new and different way. Others are delaying retirement for some time to allow their retirement funds to recover after the dip in the stock market. Others see these changes as an opportunity to differentiate themselves and grow their practice. The answer depends on the dentist’s goals, financial situation and a variety of other factors,” he said.
It’s an individual decision to determine whether it’s worthwhile to return to practice, Portwood says. “If you’ve been hit and are not on your goal or near retirement, you may need to think about saving a little more, or you may need to work longer to make up for what you don’t have. These are the questions dentists need to ask themselves.”
Hiltunen agrees and says now is an excellent time to get your finances in order. He reminds young dentists to incorporate financial management at the very start of their careers. Saving and investing requires discipline, and it’s easiest to establish those habits early.
“How much money is in your retirement plan, and how long will it take to save what you need? This should not be a big surprise,” Hiltunen said. “You should have your finances in order so you can weather these kinds of downturns. This particular type of downturn is a surprise, but they happen.” Controlling expenses can be another step in weathering the pandemic. “Employee costs will continue to rise,” said Marsh. “Streamline staffing requirements to be really efficient, and seriously consider combining into a group practice or at least into group purchasing agreements.”
Should I Sell my Practice?
Practice transitions are always challenging. With the added layer of uncertainty from the pandemic, the considerations are significant. ADAPT finds that dentists are waiting for things to get back to normal and getting their businesses and finances in order before taking action.
“Dentists who are participating on the ADAPT platform are taking advantage of their availability to begin conversations online with dentists who share a similar philosophy of care,” said Robinson. “Owners who were in negotiations with buyers [prior to the pandemic] may be finding that financing has been delayed, and we have yet to see how long it will take for the banks to resume ‘normal’ operations. Some of these owners are electing to get creative by considering owner-assisted financing, a delayed buyout or even lowering the purchase price to speed the process back up.”
Marsh suggests that dentists who are at least 10 years away from their target retirement date should continue to practice, but those closer to retirement might want to consider offering a potential associate or buyer favorable terms that can help minimize their risk during this period of instability. If retiring from practice early, he suggests a comprehensive transition plan that considers potential part-time or alternative careers.
The pandemic isn’t changing minds about purchasing dental practices, even if it might take longer than initially expected, says Robinson. “The dentists we encounter are generally ready to buy — they have a plan, and they’re executing on it. It is likely that funding sources will be more uncertain until things return to more typical business conditions, but people will continue to need dental services,” he said.
In urban areas harder hit by the pandemic, the market might be slowing down while buyers proceed more cautiously, says Robinson. “Some dentists who are looking to purchase are somewhat hesitant, especially in the larger markets where the virus has had a huge impact on daily living. Buyers are continuing to evaluate practices but want to take additional time to evaluate the effects of COVID-19 on patient flow, supply costs and active patients. The result is that some are rethinking their time frames or adjusting their original idea of an ‘ideal practice’ and seeing the benefits of looking beyond urban areas.”
As the saying goes, all real estate is local, so experiences will vary widely across the country. Hiltunen says he’s hearing of dentists looking to move out of the city and into rural areas, and he’s also spoken with large practice brokers who said business was still going strong during the peak of the pandemic. Portwood suggests younger dentists considering a practice purchase wait six to 12 months to see how patient volume rebounds.
Proceed with Caution
Patience is key in transitioning through the pandemic, regardless of career stage. Don’t make major decisions in stressful times, and keep your options open. “It’s a time to be more thoughtful,” suggested Hiltunen. “Don’t make a kneejerk reaction. Take your time.”
“ADAPT is confident that dentistry will recover and continue to thrive and be a successful profession,” said Robinson. “The need for oral care will not go away. It is an integral part of our overall health and well-being.”
Jennifer Gibson is a freelance writer based in the Chicago area. To comment on this article, email impact@agd.org.
References
1. “Workforce.” ADA Health Policy Institute, ada.org/en/science-research/health-policy-institute/dental-statistics/workforce. Accessed 25 May 2020.
2. Trefis Team. “How The Current Coronavirus Stock Market Compares With Great Depression & Great Recession Markets.” Forbes, 28 May 2020, forbes.com/sites/greatspeculations/2020/05/28/how-the-current-coronavirus-stock-market-compares-with-great-depression--great-recession-markets/#58f245303e1e. Accessed 7 June 2020.
3. Krugman, Paul. “A Post-post-modern Slump.” Paul Krugman, The New York Times, 12 May 2020, messaging-custom-newsletters.nytimes.com/template/oakv2?campaign_id=116&emc=edit_pk_20200512&instance_id=18415&nl=paul-krugman&productCode=PK®i_id=57060583&segment_id=27424&te=1&uri=nyt%3A%2F%2Fnewsletter%2F6b27f312-af62-4ac3-b058-87e81a8135a4&user_id=310a4fedd4f63eeafefc9a95de963a96. Accessed 9 June 2020. Op-ed.
4. “COVID-19: Economic Impact on Dental Practices: Week of June 1 Results.” ADA Health Policy Institute, surveys.ada.org/reports/RC/public/YWRhc3VydmV5cy01ZWQ2NjRiNzBhNzI3MTAwMGVkMDY2ZTQtVVJfNWlJWDFFU01IdmNDUlVO. Accessed 7 June 2020.
5. Backman, Maurie. “55% of Americans Are Changing Their Retirement Savings Strategies Due to COVID-19.” The Motley Fool, 18 April 2020, fool.com/retirement/2020/04/18/55-of-americans-are-changing-their-retirement-savi.aspx. Accessed 25 May 2020.
6. Birken, Emily Guy. “How the CARES Act Eases Retirement Account Rules During COVID-19.” Forbes, 29 April 2020, forbes.com/advisor/retirement/cares-act-retirement-account-rules-covid-19/. Accessed 25 May 2020.
7. “Dentist Retirement Patterns” ADA Health Policy Institute, ada.org/~/media/ADA/Science%20and%20Research/HPI/Files/HPIGraphic_0818_1.pdf?la=en. Accessed 25 May 2020.
According to data from the American Dental Association, in 2019, 16.1% of practicing dentists were 65 or older, while 21.9% were 55–64. Many of these dentists are at the end of their careers, with the average age of retirement being 69.4 as of 2018.1
Dentists approaching retirement in the era of a pandemic have a complicated set of circumstances to consider. They likely lost income at the height of the pandemic when the U.S. Centers for Disease Control and Prevention and the Occupational Safety and Health Administration issued guidelines for dentists to limit their care to emergencies only. As the country gradually reopens, investments and modifications to provide patients and staff with safe environments and safe care may be unexpected financial strains for all dentists — especially those in the late stage of their careers. Meanwhile, carefully planned investments likely also took a hit because of the economic implications of the pandemic. For some, today’s circumstances may hasten their retirement, while others will have to work longer than expected to get back on track.
Economic Implications of COVID-19
Economists seem to agree that it’s impossible to predict the long-term impact of the COVID-19 pandemic. The short-term impact on the economy, though, has been devastating. The Dow Jones lost 37% over a six-week period at the height of the pandemic but recovered by 30% in the weeks since.2 However, tens of millions of Americans remain unemployed, and industries from agriculture to travel face devastating losses and uncertainty as a result of the pandemic’s restrictions and America’s cautious return to normal.
It is too soon to know when the markets will reach pre-pandemic levels. During the Great Depression, the markets declined over 34 months and took 25 years to recover; the Great Recession of 2007–2008 saw 16 months of losses and a four-year recovery.2 Economist and columnist Paul Krugman, writing in his weekly newsletter for The New York Times, has reluctant optimism for a quick recovery from the collapse caused by the COVID-19 pandemic when compared with previous downturns.
“It’s something imposed on the economy from outside, as it were, rather than the result of private-sector excess, so you’d expect fast recovery once the outside shock recedes,” Krugman wrote.3
He added that public health and healthcare policy should lead the way. Slowing the spread of the coronavirus and preventing a second wave of infections are keys to putting the economy on a solid path to recovery.3
There are positive signs for dentistry as the recovery unfolds. A poll by the ADA at the beginning of June found that 90% of practices had reopened, with 20% of those reporting normal patient volume. That contrasts with mid-March, when the ADA reported 95% of dental offices were closed or seeing emergency patients only.4
In the meantime, as with previous economic downturns, experts advise not to make major changes. If retirement isn’t imminent, you should stay the course. Dentists should hold on to their assets, which should be well-diversified to spread the risk. If you find yourself particularly strapped for cash and are thinking of tapping into your retirement savings to cover short-term expenses, be warned that this could delay your retirement. A better option would be to cut back contributions and new investing to keep cash on hand. Alternatively, dentists further from retirement and comfortable with their short-term savings may actually want to increase their contributions and invest in a down market.5
If you do access retirement funds, the Coronavirus Aid, Relief and Economic Security (CARES) Act eases the rules for withdrawals from 401(k) accounts and traditional IRAs. If you have experienced a COVID-19-related layoff or inability to work, for example, you can take up to $100,000 out of your retirement savings without paying the usual 10% penalty. Withholdings are suspended, but you will still owe taxes on the withdrawal, though payments can be spread over three years. Alternatively, if you redeposit the withdrawn funds back into a retirement account within three years, your tax liability will again be deferred until you receive distributions from the account in retirement, and you can also file an amended tax return to recoup the taxes you may have paid on your withdrawal before redepositing it.6
A frequent lecturer on financial issues facing practicing dentists, John W. Portwood Jr., DDS, MSF, CFP, CLU, ChFC, MAGD, FICD, FACD, FPFA, offers a reassuring voice in these uncertain times, which he says aren’t unique.
“I think the main thing right now is to not get too excited about the current problem,” said Portwood. “I’m not sure if, from a retirement perspective, it’s had a big impact so far, so don’t do anything out of the ordinary. Stick to your plan and what your advisers are telling you, because we get hiccups like this all the time.”
Returning to the Dental Office
The COVID-19 pandemic is similar to the HIV/AIDS epidemic in the level of changes it’s bringing to the dental office. Infection control protocols will continue to change while productivity is down — fewer patients are being treated, and treatment time has increased. For dentists nearing retirement, they should consider how much they’re willing to invest in changes to their practice that they may not have time to recoup.
“Office overhead is going up 10%–15% with decreased productivity,” said Ronald J. Marsh, DDS, president of the American Association of Disabled Dentists. “Changing masks and gowns and sanitizing virtually everything takes time and money. This cuts deeply into profits, and many practices are on the edge now. For a dentist, the numbers say either adapt or retire. Those who invested wisely will be fine; those who had huge debt will be sunk by the decrease in production and higher overhead. Look at corporate dentistry to take full advantage of this. Small private practices are going to disappear with alarming speed.”
There are other considerations, including staffing and insurance. If hygienists take longer to complete cleanings because they can’t use ultrasonic instruments, will insurance companies increase the amount they reimburse for this work? Are your hygienists comfortable returning to work?
Does your office need to hire additional personnel to manage all of the new regulations and recordkeeping? Some suggest leaving these headaches for younger dentists who have more time to recover their investments.
“The pandemic is giving every older dentist pause to think about his or her own financial situation and the risk-rewards of staying with it,” said Neil S. Hiltunen, DMD, FAGD, a founding member of the Association of Retiring Dentists. “We’ve got a biological problem and an economic problem. We didn’t have an economic problem in the AIDS epidemic. We didn’t close dental offices. This is very different. Older dentists weren’t targeted as particularly susceptible to HIV, but they are vulnerable now. They’re giving this different thought.”
He adds that it would be wise for older dentists to hold off on any major purchases. “If you’re thinking about CEREC or CAD/CAM machines, those expenses may not make any sense to start with for a person in solo practice, let alone when it comes close to retirement,” said Hiltunen. “It’s generally never a good idea to make major investments when a person is about ready to retire because you’re probably not going to finish paying for it, and the new dentist coming in may not want that type of equipment. The investment should be making sure the office is in compliance — in the safety of staff and patients — as well as in patient education.”
Historic data show that more dentists may opt for an earlier retirement during the down economy. The ADA Health Policy Institute reports the average age of dentists at retirement dropped in the last recession. After a slow but steady increase since the start of the century, the average retirement age dropped slightly in 2008, from 67.1 to 66.6. The decrease for female dentists specifically was more notable, from an average age of 58.5 in 2007 to 54.5 the next year.7 The field bounced back, though, and experienced a slight increase or steady hold on average retirement age beginning the following year.
“One of the beautiful things about dentistry is it is one of the more recession-proof industries in healthcare,” said Portwood. “But we have to understand dentistry is not just a rocket ship that only goes up — it also goes down, and we’ve got to weather the storms. This pandemic is just another bump in the road.”
Gearing up for Retirement
Who should adapt, and who should retire? The reaction from owner dentists is all over the board, says Bill Robinson, CEO and president of ADA Business Innovation Group, which includes ADA Practice Transitions (ADAPT), a subsidiary that helps dentists buy and sell practices. “Some are reluctant to go back to practicing in a new and different way. Others are delaying retirement for some time to allow their retirement funds to recover after the dip in the stock market. Others see these changes as an opportunity to differentiate themselves and grow their practice. The answer depends on the dentist’s goals, financial situation and a variety of other factors,” he said.
It’s an individual decision to determine whether it’s worthwhile to return to practice, Portwood says. “If you’ve been hit and are not on your goal or near retirement, you may need to think about saving a little more, or you may need to work longer to make up for what you don’t have. These are the questions dentists need to ask themselves.”
Hiltunen agrees and says now is an excellent time to get your finances in order. He reminds young dentists to incorporate financial management at the very start of their careers. Saving and investing requires discipline, and it’s easiest to establish those habits early.
“How much money is in your retirement plan, and how long will it take to save what you need? This should not be a big surprise,” Hiltunen said. “You should have your finances in order so you can weather these kinds of downturns. This particular type of downturn is a surprise, but they happen.” Controlling expenses can be another step in weathering the pandemic. “Employee costs will continue to rise,” said Marsh. “Streamline staffing requirements to be really efficient, and seriously consider combining into a group practice or at least into group purchasing agreements.”
Should I Sell my Practice?
Practice transitions are always challenging. With the added layer of uncertainty from the pandemic, the considerations are significant. ADAPT finds that dentists are waiting for things to get back to normal and getting their businesses and finances in order before taking action.
“Dentists who are participating on the ADAPT platform are taking advantage of their availability to begin conversations online with dentists who share a similar philosophy of care,” said Robinson. “Owners who were in negotiations with buyers [prior to the pandemic] may be finding that financing has been delayed, and we have yet to see how long it will take for the banks to resume ‘normal’ operations. Some of these owners are electing to get creative by considering owner-assisted financing, a delayed buyout or even lowering the purchase price to speed the process back up.”
Marsh suggests that dentists who are at least 10 years away from their target retirement date should continue to practice, but those closer to retirement might want to consider offering a potential associate or buyer favorable terms that can help minimize their risk during this period of instability. If retiring from practice early, he suggests a comprehensive transition plan that considers potential part-time or alternative careers.
The pandemic isn’t changing minds about purchasing dental practices, even if it might take longer than initially expected, says Robinson. “The dentists we encounter are generally ready to buy — they have a plan, and they’re executing on it. It is likely that funding sources will be more uncertain until things return to more typical business conditions, but people will continue to need dental services,” he said.
In urban areas harder hit by the pandemic, the market might be slowing down while buyers proceed more cautiously, says Robinson. “Some dentists who are looking to purchase are somewhat hesitant, especially in the larger markets where the virus has had a huge impact on daily living. Buyers are continuing to evaluate practices but want to take additional time to evaluate the effects of COVID-19 on patient flow, supply costs and active patients. The result is that some are rethinking their time frames or adjusting their original idea of an ‘ideal practice’ and seeing the benefits of looking beyond urban areas.”
As the saying goes, all real estate is local, so experiences will vary widely across the country. Hiltunen says he’s hearing of dentists looking to move out of the city and into rural areas, and he’s also spoken with large practice brokers who said business was still going strong during the peak of the pandemic. Portwood suggests younger dentists considering a practice purchase wait six to 12 months to see how patient volume rebounds.
Proceed with Caution
Patience is key in transitioning through the pandemic, regardless of career stage. Don’t make major decisions in stressful times, and keep your options open. “It’s a time to be more thoughtful,” suggested Hiltunen. “Don’t make a kneejerk reaction. Take your time.”
“ADAPT is confident that dentistry will recover and continue to thrive and be a successful profession,” said Robinson. “The need for oral care will not go away. It is an integral part of our overall health and well-being.”
Jennifer Gibson is a freelance writer based in the Chicago area. To comment on this article, email impact@agd.org.
References
1. “Workforce.” ADA Health Policy Institute, ada.org/en/science-research/health-policy-institute/dental-statistics/workforce. Accessed 25 May 2020.
2. Trefis Team. “How The Current Coronavirus Stock Market Compares With Great Depression & Great Recession Markets.” Forbes, 28 May 2020, forbes.com/sites/greatspeculations/2020/05/28/how-the-current-coronavirus-stock-market-compares-with-great-depression--great-recession-markets/#58f245303e1e. Accessed 7 June 2020.
3. Krugman, Paul. “A Post-post-modern Slump.” Paul Krugman, The New York Times, 12 May 2020, messaging-custom-newsletters.nytimes.com/template/oakv2?campaign_id=116&emc=edit_pk_20200512&instance_id=18415&nl=paul-krugman&productCode=PK®i_id=57060583&segment_id=27424&te=1&uri=nyt%3A%2F%2Fnewsletter%2F6b27f312-af62-4ac3-b058-87e81a8135a4&user_id=310a4fedd4f63eeafefc9a95de963a96. Accessed 9 June 2020. Op-ed.
4. “COVID-19: Economic Impact on Dental Practices: Week of June 1 Results.” ADA Health Policy Institute, surveys.ada.org/reports/RC/public/YWRhc3VydmV5cy01ZWQ2NjRiNzBhNzI3MTAwMGVkMDY2ZTQtVVJfNWlJWDFFU01IdmNDUlVO. Accessed 7 June 2020.
5. Backman, Maurie. “55% of Americans Are Changing Their Retirement Savings Strategies Due to COVID-19.” The Motley Fool, 18 April 2020, fool.com/retirement/2020/04/18/55-of-americans-are-changing-their-retirement-savi.aspx. Accessed 25 May 2020.
6. Birken, Emily Guy. “How the CARES Act Eases Retirement Account Rules During COVID-19.” Forbes, 29 April 2020, forbes.com/advisor/retirement/cares-act-retirement-account-rules-covid-19/. Accessed 25 May 2020.
7. “Dentist Retirement Patterns” ADA Health Policy Institute, ada.org/~/media/ADA/Science%20and%20Research/HPI/Files/HPIGraphic_0818_1.pdf?la=en. Accessed 25 May 2020.