09-14-2018, 09:36 AM
I have been a growth investor for the past 25 years.
The pot is now big enough to sustain me or my wife individually or combined according to those sites recommended here and the Fidelity software.
My Fidelity Advisor has simply said, "Don't do anything stupid and you're in great shape."
The issue is that my wife continues to work and generates a very good income while I've been retired the past 7.5 years.
She is now discussing how and when to cut back on her work over the next 2-3 years.
We're both 62 although I'm 1955 vintage vs her 1954 vintage so a bit of impact on SSN.
Since we both have significant IRA's, I don't want MRD's to cause us Medicare penalties.
I'd also like to move some of that IRA into Roth's when our income goes down (she doesn't work).
To engage her in the planning process I looked at enrolling in a class at a local private college, Retirement Planning in Today's Economy.
I've done all that coursework already so I called the sponsor to learn more about where this class leads.
The teacher is a Retirement Income Certified Planner who is also working on his CFP.
Seems to hit the nail on the head, I need to shift from Growth to Income production to replace my wife's income.
Of course, he'll enroll us in his service which can be a fee for service or him managing the accounts.
The fee for service is $2500 to set up the plan which I am responsible to enact and maintain.
Scheduled consults are $150 for questions/review.
Compared to the amount of management fees for this, it seems to be a great deal.
I'd like to hear other opinions about this and should I try to get other people to review his plan?
He is SEC registered with no filings or complaints and I think I've contacted the right person for this task.
There are so many promo's for Financial Planning and Management services that take 1-2% annually, I want to avoid those.
What am I missing?
The pot is now big enough to sustain me or my wife individually or combined according to those sites recommended here and the Fidelity software.
My Fidelity Advisor has simply said, "Don't do anything stupid and you're in great shape."
The issue is that my wife continues to work and generates a very good income while I've been retired the past 7.5 years.
She is now discussing how and when to cut back on her work over the next 2-3 years.
We're both 62 although I'm 1955 vintage vs her 1954 vintage so a bit of impact on SSN.
Since we both have significant IRA's, I don't want MRD's to cause us Medicare penalties.
I'd also like to move some of that IRA into Roth's when our income goes down (she doesn't work).
To engage her in the planning process I looked at enrolling in a class at a local private college, Retirement Planning in Today's Economy.
I've done all that coursework already so I called the sponsor to learn more about where this class leads.
The teacher is a Retirement Income Certified Planner who is also working on his CFP.
Seems to hit the nail on the head, I need to shift from Growth to Income production to replace my wife's income.
Of course, he'll enroll us in his service which can be a fee for service or him managing the accounts.
The fee for service is $2500 to set up the plan which I am responsible to enact and maintain.
Scheduled consults are $150 for questions/review.
Compared to the amount of management fees for this, it seems to be a great deal.
I'd like to hear other opinions about this and should I try to get other people to review his plan?
He is SEC registered with no filings or complaints and I think I've contacted the right person for this task.
There are so many promo's for Financial Planning and Management services that take 1-2% annually, I want to avoid those.
What am I missing?