Hi all,
My parents are retired, age 63 and 65. My father took early SS and is getting 19k/year. My mom retired a number of years ago and get 15k/year from state pension. My parents are very hardworking, no college education, but did very well for themselves considering, but did not save a ton of money. They also do not know anything about finances and have an advisor which I have tried to tell them they do not need.
The have 260k saving in retirement accounts and from what I can gather they have it a mix of funds, one being S&P 500, one being an international fund of some sort, but again the details are very fuzzy at this point, but I do know that he claims he is not making much money on any of accounts, which I find hard to believe.
I ask my father how much he pays his advisor and he does not know. I really want to help, but I don't know how to get him to drop the advisor, he also doesn't have much for me to look at other than quarterly statements. The good news is he is starting to open up to me about his finances, which he has never done in the past.
Basically they can cover their expenses with the pension and SS, so I want to dump all of the 260k in an index fund, maybe 60-40 stock to bond and then just have them set up 4% withdrawal amount each year.
Any advice on best way to get him to drop his advisor, should I meet with his advisor if he lets me? He has had him for a very long time.
Thanks!