There Is No Need to Save for Retirement

Abstract

Perhaps it is every mental health private practitioner’s dream to one day sell his or her practice and to use the proceeds of the sale to fund his or her retirement. This chapter addresses the reasons for this actually being a rare event. Challenges in selling a private practice, including valuing it and creating a business that survives without the involvement of the practitioner who built the practice are addressed. Relevant issues such as contracts and products, outstanding income, debts, good will, and real estate holdings are each discussed as one considers how to value a private mental health practice. How to estimate one’s financial needs in retirement and how to plan effectively for and fund one’s retirement years are described, with specific recommendations for achieving one’s financial goals.