My Retirement Checklist

[Talent312]

I truly doubt that anyone in my generation and below will ever really be able to retire...

That's 'cuz baby-boomers (my gen) are soaking up all the deposits your gen is making into the system.
So, when we die off, there'll be nothing left. Too bad, so sad.
But you'll have the last laugh, 'cuz you'll you'll still be ambulatory.

Actually, I'm fairly confident that before disaster strikes, they'll make adjustments, like increasing payroll taxes. Also, if you manage to save for retirement, you'll likely end up better off than my gen which has a spotty record on that.
.

 

[WinniWoman]

I retired over 10 years ago. I have had a financial planner from long before I retired. He is fee only and is also a good friend. I have known him, his brother, and father for several years. He is an independent. I have no financial problems at all. That part runs very smoothly and has for the last 10 years. I did take a hit in 2009. My financial planner also does our taxes for free. He charges very little to manage our investments. We talk on the phone at least once a week. I am pretty knowledgeable about investments. The big advantage he has given me is his knowledge and access to financial products that I am not aware of.

The biggest job I had when I retired was consolidating all my IRAs, SEPs, etc. I had many. Other than that the only planning we did was deciding where we wanted to live. We have lived in California, Oregon, Washington, SE Florida, Arizona, California ( both North and South ), Canada, Mexico, and Venezuela. We have also spent a lot of time in Nevada ( North and South ), Texas, Tennessee, New York, and the mid-west. It didn't take us long to narrow it down to California. Our second choice was Arizona around Phoenix. We are very happy here so we definitely made the right choice.

I took my SS at full retirement age and my wife took spousal SS at 63. She has always been a homemaker and a very good one. We have been married for 52+ years.

Does your financial planning guy know of a fee-based only financial planner in New York? Hudson Valley area? I really need someone....can't find one that is fee based only. The ones I find are all brokers who want to sell investments and annuities. I need someone to look over our entire financial situation and give advice on things like when to take SS, when can we retire, how much we will be able to draw down to meet expenses, etc.

 

[WinniWoman]

Aww, retirement, how cute! As a Gen Xer, I truly doubt that anyone in my generation and below will ever really be able to retire.....maybe if they worked for a public entity, but even then, it's pretty iffy....

If you do not have a pension, which mostly only government and union workers have, with a few exceptions in the private sector, it is very hard to retire before SS kicks in these days, unless you make a ton of money or inherit or win some money. We are in that situation and we are at the bottom end of the baby boomer generation.

The only thing you can do is save and invest as much as you possibly can. And try to make as much money as you can. But do not do so at the expense of enjoying your life while you are younger. Balance it out because life goes fast and in this new era you cannot wait to do things until retirement because it is so far off and there is a good possibility you will be so much older.

Not like the retirement ads you see with the man with the full head of silver hair and his lovely wife on their boat, or playing golf and having dinner and drinks with friends. Endless days of vacation/resort type activities. The people in those ads mainly represent people in their 50's. That is not the majority of us.

 

[artringwald]

When I talk to anyone considering retirement, I ask them "what's your plan?". "How are you going to spend your time?". I retired 9 years ago, and I still have some items left on my list. I think it helps to retire in the spring. There's so much more to do when the weather is good. I kept in touch with friends that were still working, but I was a bad influence. Most of them also retired early. Now we ride bicycles every Monday when the weather is good, usually to a destination with adult beverages. When the weather is bad, one thing I've enjoyed doing is taking the free online courses from Coursera and EdX. They both offer wide variety of subjects taught by university professors, and the best part is you don't have to do the homework if you don't want to, and you can drop out at any time.

I got a generous pension, so I'm waiting until 70 to take SS. That 8% increase/year for waiting helps me worry less about running out of money if either of us should live past 90.

 

[artringwald]

Does your financial planning guy know of a fee-based only financial planner in New York? Hudson Valley area? I really need someone....can't find one that is fee based only. The ones I find are all brokers who want to sell investments and annuities. I need someone to look over our entire financial situation and give advice on things like when to take SS, when can we retire, how much we will be able to draw down to meet expenses, etc.

National Association of Personal Financial Advisors (NAPFA) is an organization of fee only financial advisers. You can find one in your area using this web site:

http://www.napfa.org/

 

[WinniWoman]

National Association of Personal Financial Advisors (NAPFA) is an organization of fee only financial advisers. You can find one in your area using this web site:

http://www.napfa.org/

Yes. I tried that. None here or even remotely close. Thanks, though.

 

[GrayFal]

Yes. I tried that. None here or even remotely close. Thanks, though.

I just put your town name in the search engine and there are three within 30 miles, 8 more within 40 miles and 18 more within 50 miles.

"There are 52 advisors in 31 firms within 50 miles"

 

[bogey21]

As a Gen Xer, I truly doubt that anyone in my generation and below will ever really be able to retire.....maybe if they worked for a public entity, but even then, it's pretty iffy....

Agree with this. My Daughter is OK. She is married to a Doctor. My two Sons, ages 38 and 46 not only have no Retirement Accounts but are loaded with debt. I see many of their friends in the same boat.

George

 

[WinniWoman]

I just put your town name in the search engine and there are three within 30 miles, 8 more within 40 miles and 18 more within 50 miles.

"There are 52 advisors in 31 firms within 50 miles"

Thanks. I will check this again. This was the site I went on. Most of the places are a couple of counties south, so I tried ones that were closer. On that site, turned out one guy really didn't have an office here- he was in Maryland and would visit his daughter occasionally 2 counties down. The other person I called didn't have a direct line and always had to call me back from somewhere else- maybe another job she had- don't know. And the third person I called didn't call me back for over a week and when they did he/she sounded a bit sketchy so I passed.

I suppose I should try a few more of these but I got turned off.

Hopefully I will find someone soon.

 

[GrayFal]

Thanks. I will check this again. This was the site I went on. Most of the places are a couple of counties south, so I tried ones that were closer. On that site, turned out one guy really didn't have an office here- he was in Maryland and would visit his daughter occasionally 2 counties down. The other person I called didn't have a direct line and always had to call me back from somewhere else- maybe another job she had- don't know. And the third person I called didn't call me back for over a week and when they did he/she sounded a bit sketchy so I passed.

I suppose I should try a few more of these but I got turned off.

Hopefully I will find someone soon.

If you can drive 250+ miles to Smuggs, you CAN do this. Don't get discouraged; maybe you can get out of your current situation sooner with the right advisor.

 

[artringwald]

Thanks. I will check this again. This was the site I went on. Most of the places are a couple of counties south, so I tried ones that were closer. On that site, turned out one guy really didn't have an office here- he was in Maryland and would visit his daughter occasionally 2 counties down. The other person I called didn't have a direct line and always had to call me back from somewhere else- maybe another job she had- don't know. And the third person I called didn't call me back for over a week and when they did he/she sounded a bit sketchy so I passed.

I suppose I should try a few more of these but I got turned off.

Hopefully I will find someone soon.

They don't have to be local. I live in MN and used a CFP in Georgia because my niece recommended her. They had a secure web folder that I could drop and retrieve documents.

 

[MULTIZ321]

They don't have to be local. I live in MN and used a CFP in Georgia because my niece recommended her. They had a secure web folder that I could drop and retrieve documents.

Also, there is the possibility of doing secure Video Calls and/or secure Conference Calls with the Advisor. Agree with Artringwald - the advisor does not need to be local.

Time to expand your horizons.

Good luck.

Richard

 

[cgeidl]

The CFP designation is important for financial planning as it demonstrates a rigorous educational background. You realize there are those calling themselves financial planners who are annuity and insurance salesmen is disguise. Although a miniscule few may actually be planners it is a small minority. In my opinion as stated by another person close distance is not an essential prerequisite for obtaining the best planner for you.As you seem quite knowledgeable I assume you know your retirement goals. You can make up your own net asset picture. The most important job of the planner is to assist you in planning to meet your retirement goals within your risk tolerance. In simplest terms the process is just like planning for a trip. Where are you? Where do you want to go? The third question of how do you get there requires some real expertise. That's where the planner comes into the picture.

 

[WinniWoman]

The CFP designation is important for financial planning as it demonstrates a rigorous educational background. You realize there are those calling themselves financial planners who are annuity and insurance salesmen is disguise. Although a miniscule few may actually be planners it is a small minority. In my opinion as stated by another person close distance is not an essential prerequisite for obtaining the best planner for you.As you seem quite knowledgeable I assume you know your retirement goals. You can make up your own net asset picture. The most important job of the planner is to assist you in planning to meet your retirement goals within your risk tolerance. In simplest terms the process is just like planning for a trip. Where are you? Where do you want to go? The third question of how do you get there requires some real expertise. That's where the planner comes into the picture.

Yes. I know. I essentially need someone to advise us as to when we can retire based on what we have and how to handle taking SS and Medicare and how to handle withdrawals, and take into consideration that we will be attempting to sell our home and move out of state. Stuff like that. I have used the online calculators and all that but they only go so far. I need someone who is holistic. I am not interested in buying an annuity or sales loaded funds from anyone. We have our own accounts that we are fine with and we utilize our mutual fund company's free advisor. They can certainly make suggestions as to what we should do with allocating the investments, but I would still handle that part. I use a spread sheet to keep track of things. But I couldn't tell you what our whole portfolio yields as a whole. I have limits on what I understand.

I like planning for a trip much better.

 

[WinniWoman]

I did just now put in a request for information from another company on the list that is not too far from us. Will see if I get a response. I will try more as well- maybe the ones in Westchester County.

 

[WinniWoman]

The planner I sent a request to this morning already responded back via email and we have an introductory phone call scheduled for this upcoming Wed. From his website he seems like exactly you what I have been looking for! Even uses the word holistic on the web site! He does not sell any investment or insurance products! Wow! Hope he is affordable. I will, of course, have to get references from him but this could be the one! And- he is located just 45 minutes from my home and in a town that I work in st least 2 half days per week! Plus my husband drives by the town exit on his commute home every day, so would be convenient for us!

He was not listed on the napfa website last Fall when I started this process.

Thanks for pushing me not to get discouraged!

 

[elaine]

I don't know if a CFP will help that much with timing, Medicaire, SS, etc. I think they are more about the planning aspect of financial investments, such as what your portfolio looks like, investment choices to consider based upon tax concerns, explain risk tolerance vs. lower yields, etc. Most of what you want with the other stuff can be done with self-tutorials. The most basic item to start with is to have a budget for retirement of at least your minimum fixed expenses to determine when you can retire. How much you can take out is not an easy calculation, as it involves guessing longevity and annual rate of return.
Rate of return for stocks tends to be higher, but rockier and you need to be able to let a bulk of funds sit untouched in a downturn, as pulling out even 4% in a down market means selling low and it is tough to impossible to recover--such as in 2008. Not many retirees have that ability. But, putting in safer investments typically yields lower returns, which can make your $ run out sooner. No easy fix.

 

[WinniWoman]

Here's the downside I just discovered upon doing more research- He is only in this business since Sept. which is why he wasn't listed when I first searched last year. He seems to only have 4 or so years experience prior to this. (he was in the military) he has an MBA also and worked for USAA. I have to check into his background more.

There's always a catch.....

 

[WinniWoman]

I don't know if a CFP will help that much with timing, Medicaire, SS, etc. I think they are more about the planning aspect of financial investments, such as what your portfolio looks like, investment choices to consider based upon tax concerns, explain risk tolerance vs. lower yields, etc. Most of what you want with the other stuff can be done with self-tutorials. The most basic item to start with is to have a budget for retirement of at least your minimum fixed expenses to determine when you can retire. How much you can take out is not an easy calculation, as it involves guessing longevity and annual rate of return.
Rate of return for stocks tends to be higher, but rockier and you need to be able to let a bulk of funds sit untouched in a downturn, as pulling out even 4% in a down market means selling low and it is tough to impossible to recover--such as in 2008. Not many retirees have that ability. But, putting in safer investments typically yields lower returns, which can make your $ run out sooner. No easy fix.

I know what you mean. My issue is I have no clue how long our money could last. We have a budget now so I have a close idea of how a retirement budget would be. But not sure of anything else. lol!

 

[Talent312]

I just ran some numbers and with 4 months of wages, accrued leave payout, pension payments, and 2 sets of SS benefits, we'll have a bit more in taxable income this year than we did last year. It looks like I'll need to set withholding at 15%, but I expected that.

 

[DancingWaters]

I just ran some numbers and with 4 months of wages, accrued leave payout, pension payments, and 2 sets of SS benefits, we'll have a bit more in taxable income this year than we did last year. It looks like I'll need to set withholding at 15%, but I expected that.

I retired this school year and my dh is retiring in two weeks. We were unhappy with our current financial advisor so we talked to three new ones. One of our big questions was whether to take the full amount of pension and buy life insurance, or to leave spouse part of the pension getting a reduced amount for life. We both had that option with our pension. What have you folks chose in that situation? We also plan to wait 4 years to draw on dh social security sine it would give him a $600 increase....thoughts?

 

[vacationhopeful]

My Social Security monthly increase for waiting is almost $500 per month.

I am still actively doing my own house and apt rentals ... and looking at selling these places. My gypsy lifestyle which is in "month 5" now of "live 24 months in former rental A, sell as principal residence". Repeat several times. Plus, selling some other rental properties and hold mortgages.

 

[rapmarks]

Dancing waters, I don't know where you reside, but we are sure glad we took monthly pension checks from our teacher retirement system. It is hard for us to believe but we will be retired 18'years in June. (We don't get social security)


Sent from my iPad using Tapatalk

 

[Talent312]

One of our big questions was whether to take the full amount of pension and buy life insurance, or to leave spouse part of the pension getting a reduced amount for life.

I had 4 options and it wasn't an easy choice: 1. full pension for life, 2. pension for life + 10 years for spouse, 3. pension for both our lives, and 4. pension for life + 2/3 pension for spouse -- each with a different payout factor. Mon Dieu!

Although the reduction in payments was nothing to sneeze at, we ultimately, we went with #3... who knows how long either of us will live. I could die next week and my spouse live another 20. So we felt the joint "annuity" was the safer bet.

For the same reason, I'm taking SS now, while I can still enjoy the fruits of my labor.


.

 

[amycurl]

Here's the downside I just discovered upon doing more research- He is only in this business since Sept. which is why he wasn't listed when I first searched last year. He seems to only have 4 or so years experience prior to this. (he was in the military) he has an MBA also and worked for USAA. I have to check into his background more.

There's always a catch.....

I think having an MBA and working for USAA (one of the most stand-up companies out there) probably speaks well for him. Also, being a CFP requires ethical standards. My m-i-l is a CFP; we are actually poster children for the whole "if you save for retirement between 25-35, you'll do better than someone who starts saving at 45" compound-interest/math thing.

More Gen Xers believe in UFOs than believe that Social Security will exist when we hit our 60s. I, personally, don't count on it. And we're a super-tiny generation. I can't imagine what will happen with Millennials, since there are just so. darned. many. of. you.