Retirement Planning/Retirement situation.


First off thank you for the opportunity to ask you questions. This is a question that has been in my mind for many years now. I am 57 years old. the last 21 years I have been helping my wife (who is also 57) at her dental office and never had an official salary, so I do not have social security history. I have no retirement plan and my savings hardly reach 200 dollars (yes two hundred dollars) I am up side down with my house and since we cannot afford the house any more we will have to either to do a short sale or sale it with no equity whatsoever. I have 37,000 dollars in student loans for 15 years and I have been in deferment ever since. the situation with our dental office has been always bad and up until today the only thing that we can count for our retirement is the value of the office that if we sold it today after paying the office's debt we would end with 200,000 dollars minus personal debt that is about 50,000 dollars. With all this dark financial mess are we still on time to build up a retirement or the Future looks very difficult for us. Thank you

Richard E. Reyes, CFP
Richard E. Reyes, CFP  
Thanks for your question. In my 17+ years in this business I am often not that preoccupied with the past. I have met folks that are in a lot better position than you and folks that in a lot worse position. One thing is similar to all .... they all want to tell me what they did in the past and if they would not have done it, they would have more money.

With all that being said I would tell you that you still have time. You and your wife are 57. Retirement might not come at 65 but you could easily work hard to make it happen at 68 or even 70. Whatever the case may be you have time and if you want it you can have it. You are just going to have to work hard to accomplish it. Social Security might be a little tough for you but worse comes to worse you will receive a portion of your wife's.

Also your wife is a dentist and you are an office manager. You can easily sell your practice and she could go get a dental position for a private practice or even the VA. You can do the same with your experience. You also have about $150,000 in assets after the sale of the practice to start off. We would then get aggressive with other things and before you know it you can easily have about $350,000 to $500,000 in savings with a guaranteed income coming from Social Security, even a pension if your wife took a government job as a dentist. I don't foresee a European vacation every month at retirement, but you should be easily able to accomplish it.

Good luck. Get up and get with it. Let's get moving.

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Richard E. Reyes, CFP


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.


Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution 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.

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”

B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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