re: Self-directed retirement

For the OP, these are things that I have concerned myself with as I head toward retirement:

- How do I move from growing my money to producing income?
- Will that income provide the retirement that I desire?
- When should I take Social Security?
- Controlling my MAGI to maximize an ACA subsidy, if possible.
- Controlling my MAGI to avoid IRMAA, if possible. This involves being cognizant of the two years prior to being subjected to Medicare which determines what you would pay.
- Converting pre-tax retirement assets to post-tax retirement assets on a specific schedule to minimize tax, avoid RMDs, and maximize future after-tax net worth (FANW). This could be worth hundreds of thousands of dollars to heirs, depending on the estate.
- Planning for philanthropy goals (great for tax-deferred accounts, which affects all of the above).
- Managing overall cash flow as you make these financial moves. Do I know how each year of my retirement will be funded, if multiple sources exist?
- What happens to my spouse if I die? How does this modify the plan?
- How confident am I that the plan will work?

Unfortunately, I have yet to find someone who is more interested in developing my plan than they are to manage my assets or sell me a financial product. I get it, there is less money in helping people figure this stuff out because it's hard to do. There are a few fee-only groups that will do it, but they are expensive -- which is fine especially if your estate is large. If your estate is not large (>$5M), you are probably fine reading about these topics and even paying for software to help you figure it out. Here are some specific suggestions:

For a small estate, consider something like NewRetirement. It's a fairly new DIY retirement planning online service, but they provide a lot of educational material and even have live 8 week courses to ensure you understand how to use the software. You can also pay them $175 an hour to walk you through your planning.

Bogleheads have recommended a gentleman named Mark Zoril who uses a software called PlanVision. HERE is a video that provides some information. The complaint I've read is that they don't really hold your hand. They set you up an account, you enter the information, and then they point out big issues. They don't seem to be really taking ownership of whatever your particular problems are without a more expensive relationship. If you're a DIY'er, though, apparently they like it.

If you have a complicated or large estate, then a group like Timothy Financial Counsel could be what you're looking for. They are in high demand.

Otherwise, READ READ READ READ READ. If you have the interest and capability you can save yourself a tremendous amount of money. If you lack confidence or just want to make sure you have a second set of eyes, then engage one or more to act as a sounding board for your plan.

There are many, many pretenders in this field. Locally, I've found nothing but shysters working in their own best interest or those who seem incompetent from a holistic planning view. Good luck.