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Self-directed retirement
Posted on 3/2/24 at 2:53 pm
Posted on 3/2/24 at 2:53 pm
Will try to be succint. 67 y/o, retiring end of '24, plenty of money for retirement including SS, not extravagant but comfortable. Currently with financial adviser, fee-based, approx 1% annual charges. He has given good advice as I approach retirement re: shifting some assets around, tax management; very accessible. Question: would like to become self-directed to save his fees- is this feasible/advisable? If so, best way to educate myself? Securities are basically index funds and ETF, i.e. not actively managed, but there is periodic re-balancing, so his investment advice is not necessarily better than others. Some hurdles i see ahead-some possible Roth IRA conversions, RMD @ 70 1/2, which bucket of assets do I tap 1st, 2nd, etc, how to handle sizable life ins. cash value. I do have revocable Family Living Trusts for wife/myself. Any thoughts/questions?
This post was edited on 3/2/24 at 2:55 pm
8
Posted on 3/2/24 at 2:55 pm to gungho
I would recommend you have a candid conversation with your FA to see if there is a different fee structure you could arrange (otherwise you are leaving…)
Posted on 3/2/24 at 4:39 pm to gungho
quote:
RMD @ 70 1/2
RMD isn’t 70.5.
If you’re going to do it yourself, you need to start educating yourself on all of the things the FA is/was doing for you, plus staying on top of the ever changing rules - like RMD age. I realize that’s the point of your post, but I’m not really aware of any DIY financial planning books.
Also, it’s worth pointing out that self-directed investing is cheap because the risk is shifted to you. None of us know what we don’t know (I’m an FA, that goes for me too), but your advisor sounds like he or she is delivering at least some type of value. Have you tried to quantify that value?
Posted on 3/2/24 at 8:07 pm to gungho
Use a free robo advisor.
Posted on 3/2/24 at 8:53 pm to gungho
Look for an FA that is focused on Retirement Income. Most FAs are better at the accumulation phase and not so great at the decumulation phase. Dr. Wade Phau's "Retirement Planning Guidebook is a good place to start for self education. It's not exactly light reading, though. 
Posted on 3/3/24 at 5:30 am to gungho
There’s a pretty simple way to look at the fee. Does the FA provide more value than you’re paying him? Tax strategy would probably be most significant.
Posted on 3/3/24 at 8:48 pm to gungho
My CFP is also my CPA
Having CFP as CPA I feel like will be worth its weight in gold in retirement.
Having CFP as CPA I feel like will be worth its weight in gold in retirement.
Posted on 3/3/24 at 9:10 pm to gungho
Just make sure you’re comfortable estimating impacts of conversions etc on things like tax and IRMAA.
Saw the comment re RMD age. How well versed are you in everything? You might be better off going to a Fidelity or something similar. They can provide the guidance on the RMD things, but if you’re not comfortable with the tax planning scenarios, you’ll need assistance, and they don’t really provide that.
Saw the comment re RMD age. How well versed are you in everything? You might be better off going to a Fidelity or something similar. They can provide the guidance on the RMD things, but if you’re not comfortable with the tax planning scenarios, you’ll need assistance, and they don’t really provide that.
This post was edited on 3/3/24 at 9:15 pm
Posted on 3/4/24 at 7:41 pm to gungho
Check out Creative Planning website. I have heard good things about the company. I do my own investments. Good luck!
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