AboutRichard E. Reyes, CFP Expertise I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.
Experience Through the years Richard has built a reputation as one of Central Florida's premier retirement income specialists by providing sound, unbiased wealth coaching.
We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.
Organizations Financial Planning Association
Junior Achievement
Publications Seminole Success Magazine “Retirement Planning”
Seminole Success Magazine “Small Business Snapshot”
The Orlando Sentinel – Ask the Expert Financial Section (Various)
Greater Orlando Broker Agent Magazine “The New It”
Senior Market Advisor “Random Reader, Random Questions”
AuthorThe Dirty Filthy Lies My Broker Taught Me and 101 Truths about Money and Investing
Education/Credentials B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL
Awards and Honors 2005,2006,2007,2008 America's Best Financial Planners
2007 Orlando Business Journals "Top 25" Top Financial Planners in Central Florida
I am a 41 year old male who works for an employer who only offers the 401K program for individuals who were hired after 2007. Unfortunately, since I was hired in 2007, I don't qualify for the pension program but I do contribute 10% of my salary into my 401K every 2 weeks which is matched up to 6% by my employer.
My dilemma is I really didn't start saving for retirement until I was 39 so I have a long way to go. Is there an insurance policy that I can pay for on a monthly basis that will guarantee me a monthly pension benefit starting at age 65? With the recent crash of the stock market and losing some of the money I have been putting away I am feeling uneasy about continuing to invest in the 401K long term.
If you can please let me know I would certainly appreciate it. There just has to be something better out there I can contribute to montly that will give me a montly pension check in return at retirement.
Thomas, thanks for taking your time to ask me this question. I would tell you that you do not need to freak out nor should you go out and purchase some expensive insurance. It does not matter when you started to put money away. The fact that you started is the important part. Sure we have all seen the charts of what would happen if you put away "x" amount of dollars at age 18 and so on. I have yet to find many who have put away money that early in life.
The great thing is you started to put money away. Just keep doing it and make sure to put away at least 10% of your income at a minimum. Since you indeed start a little late, pump it up if you can. Make sure to also design a globally diversified portfolio of index funds in your portfolio which are low in cost and just pile the money in for as long as you can. No one says you have to retire at 65, you can put money in till age 68 or 70. Just put money in and don't stop.
This is a rather simplistic approach and I would tell you to contact a "fee only" financial advisor and visit then to get a more comprehensive plan of attack that would be specific to your individual goals and needs. In addition, make sure they are a CFP certificant.
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