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  #21  
Old 05-12-2021, 01:19 PM
port1042 port1042 is offline
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I retired about 9 years ago. I selected a "financial advisor" who was familiar with my employers retirement programs and who worked with a number of retired colleagues over the years. He was highly recommended and he works for one of the "big box" investment firms. My wife retired 2 years ago and we also moved her accounts over to him.
I trust him -- which is probably the most important thing. He meets with us at least twice a year to go over everything that is going on. He's careful about insuring that we avoid unnecessary taxes. If we need something special he seems to be smart about how to do it.
After 10 years I have about 15% more money in my accounts than I did when I retired. This is despite taking both regular and a few special withdrawals.
My advice: Talk to retired colleagues because how your retirement is structured makes a difference. If they are are happy you probably will be too.
I have a couple of things that do bother me. Although I trust my guy I'm not all that comfortable that he has both my wife's and my money. Too many eggs in one basket? Overall, he costs me just under 1% of my total holdings annually.
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  #22  
Old 05-12-2021, 01:28 PM
Da' Walleye Assassun Da' Walleye Assassun is online now
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Sounds like you have a good one. Enjoy your retirement.
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  #23  
Old 05-12-2021, 01:32 PM
Derwood Derwood is offline
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I was away from my desk for a while. Man, a lot of advice and much to take in and digest. Thanks for all the helpful tips and comments! I will start looking into some of it soon. I'm a ways out, but I want to get started. Hey, perhaps I'll become knowledgeable enough to play a more active role in this side of things!
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  #24  
Old 05-12-2021, 01:42 PM
hnd hnd is offline
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im not a big fan of his investing style but my retired in laws encouraged my wife and I (who just turned 40) to read the Legacy Journey by Dave Ramsey and I will say I whole-heartedly believe that book is very prudent. Now it clearly has some religious undertones which you may or may not appreciate, but outside of that, I think it helps set up how to look at retirement.

other books I recommend to near retirees, The investors manifesto by Bernstein and Enough by Bogle.
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  #25  
Old 05-12-2021, 01:53 PM
Derwood Derwood is offline
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hnd - I've gotten back into reading more (hard to find time these last few weeks with the Spring growth, but....!) This is good info!! Thanks!
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  #26  
Old 05-12-2021, 02:21 PM
Misdirection Misdirection is offline
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Quote:
Originally Posted by Derwood View Post
This guy told us he takes 3/4 of a %. I'll have to clarify "percent of what" exactly - good point! You're right though, in retirement a screw up could be catastrophic.



To your "value" point. I was thinking, if he steers me right and my wealth goes up WAY more than it would have had I managed it myself, it could be worth it. I have no problem paying for something like that, especially since it's not something I'm overly confident in. Hard to know if that's how it would be but.
I don't think the primary reason for a financial advisor is to see your investments go WAY up, but rather that they don't go way down, and if they temporarily do, you don't self inflict any damage by selling!

Sent from my SM-A505U using Tapatalk
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  #27  
Old 05-12-2021, 02:34 PM
andersaki andersaki is offline
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Quote:
Originally Posted by MN_Moose View Post
to answer your question I do a bit of both managing my own (IRA) and work with investment advisors for the larger pool.

One thing I would suggest based upon my dealing with investment advisors, seek advisors that work on an hourly fee. Sometimes I feel like I'm being taken advantage of paying 1.8% every quarter for no better than the what an industry measurement is doing. The investment firm makes nearly as much as I do on my money. (It's a long story and they earn their keep by managing my handicap sister's finances)

Read, study and be aware of your surroundings.


Excellent advice!
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  #28  
Old 05-12-2021, 02:42 PM
Derwood Derwood is offline
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Quote:
Originally Posted by Misdirection View Post
I don't think the primary reason for a financial advisor is to see your investments go WAY up, but rather that they don't go way down, and if they temporarily do, you don't self inflict any damage by selling!

Sent from my SM-A505U using Tapatalk
totally agree. Would love to see some gains as we go, but distribution, taxes, etc seem to be more important.
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  #29  
Old 05-12-2021, 02:44 PM
Derwood Derwood is offline
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Default Thank to my WC Friends

I really appreciate you all taking some time to bend my ear/fingers a little bit, today. I am not going to lie, I don't feel much more smarterer though lol!! This is some confusing stuff, and there's a lot of it!! But, I think I can start working on a plan.

Thanks again everyone
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  #30  
Old 05-12-2021, 02:54 PM
Opus Dog Opus Dog is offline
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I too second Dave Ramsey's book. My suggestion is that you start grabbing and reading as much as you can about the subject before you jump into this. When you sit down and start talking about the overall picture of your finances you want a straightforward understanding of what is being said to you. Its not a scare statement. With a little reading and time to digest you will become very knowledgeable on the topic. It is scary to walk into this next phase of life and wonder what your finances/savings will do for you.


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