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Message
Advice for parents retirement - Divorce related
Posted on 12/12/19 at 10:12 am
Posted on 12/12/19 at 10:12 am
I have searched and reviewed the sticky, but didn't quite see what I was looking for.
Long story short, my parents are splitting and my mom is 1-2 years from retirement. She mentioned to me she was talking with someone at Edward Jones. I told her to hold on.
For myself, I max my 401K and do all my investments myself in a personal account. I am too uncomfortable to manage or even suggest she do that.
My question is, what is the best retirement service I should angle her towards that considers, taxes, income, medical, etc...
I looked at the fees for Edward and I think they are high and that doesn't include the fund fees.
There is a lot out there and just looking for some guidance or things to look into for her.
Thanks.
Long story short, my parents are splitting and my mom is 1-2 years from retirement. She mentioned to me she was talking with someone at Edward Jones. I told her to hold on.
For myself, I max my 401K and do all my investments myself in a personal account. I am too uncomfortable to manage or even suggest she do that.
My question is, what is the best retirement service I should angle her towards that considers, taxes, income, medical, etc...
I looked at the fees for Edward and I think they are high and that doesn't include the fund fees.
There is a lot out there and just looking for some guidance or things to look into for her.
Thanks.
6
Posted on 12/12/19 at 10:51 am to JayDeerTay84
(no message)
This post was edited on 12/12/19 at 10:52 am
Posted on 12/12/19 at 11:06 am to JayDeerTay84
quote:
Long story short, my parents are splitting and my mom is 1-2 years from retirement.
I think in the next couple of years, you are going to see an entire field sprout up dealing with "silver divorces".
The number of people in their 50s and 60s getting divorces is growing pretty fast.
Posted on 12/12/19 at 11:15 am to JayDeerTay84
Are they in a community property state? If so, have they worked out how they will divide their retirement accounts? It sounds like what she needs is an independent financial adviser in her town who she can sit down with and discuss her needs.
Posted on 12/12/19 at 11:23 am to JayDeerTay84
Agree that she needs an independent advisor. You might also caution her that her retirement horizon might change. Community property settlement, dividing retirement assets that may jointly belong to her, etc: all of that stuff needs to be worked out and settled before she thinks about retiring. If there is a jointly owned home, who will receive it (and what other assets are provided in exchange) or will it be sold & proceeds split....there is no way for anyone to competently plan for her retirement until their assets are divided.
Some women come out ahead, others don't. Entirely depends on their total financial picture & whether she is well-advised by her attorney. Don't let her make the emotional mistake of keeping the family home in lieu of more easily liquidated assets. Some women hang onto the big family house out of sentiment, and then end up poor in their twilight years due to home maintenance/carrying costs....when they would have been far better off forcing a sale of the house or taking the investments over the house.
You're a good son to look out for her welfare.
Some women come out ahead, others don't. Entirely depends on their total financial picture & whether she is well-advised by her attorney. Don't let her make the emotional mistake of keeping the family home in lieu of more easily liquidated assets. Some women hang onto the big family house out of sentiment, and then end up poor in their twilight years due to home maintenance/carrying costs....when they would have been far better off forcing a sale of the house or taking the investments over the house.
You're a good son to look out for her welfare.
Posted on 12/12/19 at 11:41 am to hungryone
It is Louisiana.
She is getting half of the retirement account and half of the savings/checking.
My dad is letting her have the home and her car is paid for. Home is about 75% paid for, but well within her means should she keep it. If she sells, which I think she will and have advised her to downsize, she will have enough money form the sell of the house to put an 80%-100% down-payment just from that.
All of this is done and they sign soon. Though selling the home might take some time.
Her SS, from what I read, is based off his income which is good and from my calculations, the "current" value of her retirement plus the SS at her retirement age will be plenty "I think". Though I am not an expert which is why I was researching advisor/services she would be best to use.
I have seen a few people recommend independent advisor. Any in the BR area worth recommending? Or should we broaden her search area?
She is getting half of the retirement account and half of the savings/checking.
My dad is letting her have the home and her car is paid for. Home is about 75% paid for, but well within her means should she keep it. If she sells, which I think she will and have advised her to downsize, she will have enough money form the sell of the house to put an 80%-100% down-payment just from that.
All of this is done and they sign soon. Though selling the home might take some time.
Her SS, from what I read, is based off his income which is good and from my calculations, the "current" value of her retirement plus the SS at her retirement age will be plenty "I think". Though I am not an expert which is why I was researching advisor/services she would be best to use.
I have seen a few people recommend independent advisor. Any in the BR area worth recommending? Or should we broaden her search area?
This post was edited on 12/12/19 at 11:43 am
Posted on 12/12/19 at 11:54 am to JayDeerTay84
quote:
Her SS, from what I read, is based off his income
50% of his SS, or 100% of hers, whichever is greater. There’s a lot to consider with this alone
This post was edited on 12/12/19 at 11:55 am
Posted on 12/12/19 at 5:03 pm to JayDeerTay84
quote:
I have seen a few people recommend independent advisor. Any in the BR area worth recommending? Or should we broaden her search area?
I highly recommend that her advisor be a fiduciary. I don't have anyone to recommend but I will say that we used Burns Estate Planning and Wealth Advisors and were not happy.They work hard on getting your business then ignore you once they have it.
Posted on 12/12/19 at 5:13 pm to JayDeerTay84
I appreciate your parents probably waiting years to get divorced and decide to raise their kids in a stable home. Tough to do, but also their responsibility to give u the best chance possible. Very unselfish if that was the case!
This post was edited on 12/12/19 at 5:15 pm
Posted on 12/13/19 at 11:38 am to gobuxgo5
quote:define stable
I appreciate your parents probably waiting years to get divorced and decide to raise their kids in a stable home
Posted on 12/13/19 at 4:22 pm to JayDeerTay84
3 letters
CFP
google search Certified Financial Planners Baton Rouge.
This also looks like a pretty good place to find them
LINK
whomever it is you decide to see check their record on
LINK
You will be able to see any formal complaints to FINRA (securities industry self regulatory institution) and the outcomes.
CFP
google search Certified Financial Planners Baton Rouge.
This also looks like a pretty good place to find them
LINK
whomever it is you decide to see check their record on
LINK
You will be able to see any formal complaints to FINRA (securities industry self regulatory institution) and the outcomes.
This post was edited on 12/13/19 at 4:29 pm
Posted on 12/14/19 at 1:23 pm to gobuxgo5
quote:
I appreciate your parents probably waiting years to get divorced and decide to raise their kids in a stable home.
That's a big assumption right there.
Posted on 12/15/19 at 8:38 am to Shepherd88
quote:
50% of his SS, or 100% of hers, whichever is greater. There’s a lot to consider with this alone
If she is unmarried and meets the other requirements, she may be entitled to an independently entitled divorced spouse's benefit. Her lifetime working wages would have to be very low to be worth less than 1/2 of your Dad's benefits. Social Security benefits are weighted toward lower-income workers.
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