Juan Gervasoni
Specialist
March 27, 2025
Relief Vet Retirement Planning: Start Early, Save Smart
As a relief veterinarian, vet tech, or vet assistant, your career path offers the flexibility and freedom to work on your terms. However, one of the most important aspects of managing a successful career in relief veterinary work is ensuring you’re financially prepared for the future. Retirement planning might not always be top of mind, especially when you’re juggling multiple contracts and jobs. But the earlier you start, the better positioned you’ll be for a secure, stress-free retirement.
In this blog, we’ll guide you through the essential steps of retirement planning for relief veterinarians and veterinary professionals, focusing on how to start early and save smart.
Unlike full-time veterinary positions where retirement benefits like 401(k) and pension plans are often provided, relief veterinarians, vet techs, and assistants are usually independent contractors or freelancers. This means you have to take charge of your retirement planning and build your own financial safety net.
Starting early ensures you don’t face financial stress later in life. Without employer-sponsored retirement plans, relief vets have more control over their financial future but also bear the responsibility for securing their retirement funds.
One of the key strategies in retirement planning is starting as early as possible. The earlier you start saving, the more time your investments will have to grow. Even if you’re just getting started in relief veterinary work, it’s never too soon to begin.
For more on setting a strong foundation for your relief vet career, check out our article on Relief Vet Pay: What You Can Earn and Factors Affecting Your Pay.
There are several retirement accounts that are well-suited for relief vets and independent contractors. Let’s explore some of the most popular options:
A Traditional IRA allows you to save for retirement while enjoying tax-deferred growth. This means you won’t pay taxes on your contributions or investment gains until you withdraw the money in retirement.
Traditional IRAs are a great option if you’re just starting out and want to take advantage of tax deductions while saving for the future. The annual contribution limit is $6,500 for individuals under 50, and $7,500 for those over 50.
A Roth IRA works similarly to a Traditional IRA, but with one key difference: your withdrawals in retirement are tax-free. This means you pay taxes on your contributions upfront, but you can enjoy tax-free withdrawals when you retire.
If you’re younger and expect to be in a higher tax bracket when you retire, a Roth IRA might be a good option. The contribution limits are the same as a Traditional IRA.
A SEP IRA is designed for self-employed individuals, including relief veterinarians and veterinary professionals. With a SEP IRA, you can contribute more than a Traditional or Roth IRA—up to 25% of your income or $66,000 (whichever is lower).
A SEP IRA is an excellent choice for relief vets who have variable incomes or want to save more in a given year.
For more tips on building a successful career in relief work, check out our post on Transition to Relief Veterinary Work.
Once you’ve chosen the right retirement account, it’s important to create a savings plan that aligns with your goals. You can start by setting a target amount to save each month or each year. Even if you start small, consistency is key.
The amount you should save for retirement depends on various factors, including your lifestyle goals, expected retirement age, and whether or not you plan to work part-time during retirement. A good starting point is to aim to save at least 15% of your annual income for retirement.
As a relief vet, your income may fluctuate based on the number of shifts or contracts you take on. If you’re in a low-earning year, it’s still important to save something, even if it’s a smaller amount. On higher-earning years, try to maximize your contributions.
In addition to saving in retirement accounts, it’s important to diversify your investments. Diversification helps manage risk by spreading your investments across different types of assets, such as stocks, bonds, and real estate.
As a relief vet, it’s important to strike a balance between growth and stability in your portfolio. Consider working with a financial advisor who can help you make strategic investment choices that align with your risk tolerance and retirement goals.
For more on managing financial risk in your career, check out our article on Veterinary Burnout Prevention to ensure you’re balancing both your work and personal well-being.
As you continue to save for retirement, it’s important to monitor your progress regularly. This means checking in on your retirement accounts, evaluating your investment choices, and adjusting your savings plan if necessary. Make sure your goals are still aligned with your desired retirement lifestyle.
Your retirement planning strategy will evolve over time. It’s important to revisit your plan annually, adjusting it as needed based on changes in your income, life circumstances, or financial goals.
Retirement planning is an essential aspect of being a relief veterinarian, vet tech, or assistant. By starting early, choosing the right retirement account, and following a well-defined savings plan, you’ll be well on your way to financial security for your future. Don’t wait until it’s too late—start planning today for a smooth, worry-free retirement tomorrow.
For more advice on how to build a fulfilling and financially secure career in relief veterinary work, check out Relief Veterinarian First Day Tips: Starting Your New Job Right.
