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    A retired dentist tells you 4 reasons why you may not be able to retire

    Do you think you can retire comfortably and live the lifestyle you want to lead? You may think the answer is yes … but it’s very, very possible that the answer is actually no. Here are four reasons why that might be the case for you.

    LIFESTYLE

    You are working hard and making a great living. Just moved into the country club in a big, new house. Mercedes sitting in the driveway and momma needs a new SUV to haul the kids. A week at the beach to keep the family happy. Skiing in Colorado at Christmas.

    Sound familiar?

    It does to me! This isn’t exactly my story, but it is close enough to make me squirm. The problem with for most of us is that it eats up ALL of our income, leaving none for savings and retirement. Most of us make enough money to have nice cars and homes but, if you are like me, you may have gotten caught up in your affluence at the cost of taking the long view of what you will need later.

    Sadly, later comes quickly.

    Most of us need to look at what we need to live comfortably, not extravagantly. I am talking to the 75% or more of us who do not live and work in a world where money is no object. What this means to you is so personal, I dare not judge how much you need to spend versus save. I just know from experience that if you are not saving for retirement

    NOW, one day you will look back on the THINGS you spent your money on and wish youhad planned better.

    HOT READ: 4 reasons why you never see emergency patients again

    ASSET DRAIN

    Depreciating assets are the worst. Cars, boats, and other toys become out of date and need replacement quickly. We all need these things, but what kind and at what expense is the question.

    Vacation and second homes are great; I have had some of each. As long as the cash flow is adequate from your day job, enjoy the luxury. In my hands, these purchases followed the “buy at the peak of the market, sell at the bottom” rule. Be cautious when buying these assets to make sure the cash flow will be something that can be handled if the market does not allow you to sell at the exact time you would like to change your circumstances.

    Our second home is beautiful, on a lakeside golf community … and now that I have retired, I would like to have only one home to make my cash flow better. I bought it in 2008, at the peak of the real estate market. There is NO market for my home unless I want to give it to someone.

    We can make it, but life would be easier if we had one home. What seemed so easy and natural before I retired is one of those small gnawing pains in my stomach each month when I pay mortgage, community fees, and maintenance of a second home. Most of us can think of other “assets” that are really liabilities. Think before you put your wants ahead of your needs.

    RELATED ARTICLE: 3 big questions every dentist should ask before retirement

    Read more on page 2...

    David Black
    Drawing on over 40 years of clinical experience, Dr. Black focuses on speaking and coaching through in-office consultation. Dr. Black ...

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