Hire a financial advisor? Or go DYI?

[Melisande]

Does anyone here actually hire a bone fide financial advisor? Or are you all just DYIers when it comes to finances?

My husband and I are semi-moustachians, which means in reality, that I am while he is not. He is a big (but not irresponsible) spender who likes to work and is earning the big bucks. I am a tightwad who hated her job and retired at the age of 48. In 2 to 3 years when he is 66, 67, or 68, my husband will retire too. One of my many jobs now is preparing for “for-real” retirement. We saw a financial advisor (associated with TIAA-CREF) about 5 years ago. At that time, he said we were in great shape with a 99% chance of meeting our financial goals in retirement. In the years since then, the situation has improved, if anything.

I don’t think we risk running out of money if we just do our own finances, but would it pay to hire an independent financial advisor to optimize things? I’m not interested in having a “free” advisors associated with TIAA or Vanguard. I would want someone truly independent. But is it worth it? Would they tell us anything we can’t figure out for ourselves on-line or by reading retirement and finance books?

Actually, the biggest questions I have have to do with Medicare and health insurance, not finances per se anyway. Where do people go to get help with that?

[reeshau]

"Financial adviser?"  No.  That is an ambiguous term with no standard behind it.

A fee-only certified financial planner? (CFP) Yes.  I did a financial plan with one about 8 years ago, as we were expecting our first child.  It cost $1,200, if I recall, but I could come back for a "refresh" for $400 within 2 years.

I didn't end up consulting with one when I retired (also at 48!) but I had spent a lot of time myself planning for it, so I was fairly confident.

I think the role of a planner is twofold: yes, to inform you of things you don't know about.  But if you are Mustachian, there likely isn't much new there.  The other thing, which might be what you are looking for, is guidance to help you stick with your plan.  Maybe That's a phone call in week 2 of the invasion of Ukraine, with tech stocks down, and your sell finger is getting itchy.  Maybe That's a consultation if your husband wants to take up an expensive hobby or start a side business when he retires.  Those kind of things are more a sounding board: a third party who fully knows your situation, but doesn't have any emotion about your situation.  Both roles can be worth the money--it's cheaper than making a mistake, when your stache is big enough to be FI.

Medicare I know nothing about.  Of course, the ACA has guides that can help you choose a plan.  Will be good to know if there is something similar.

[MDM]

Actually, the biggest questions I have have to do with Medicare and health insurance, not finances per se anyway. Where do people go to get help with that?

You might check your local library for Medicare for Dummies.

As long as you are here, you could ask your specific question(s) and see what results.

The Bogleheads forum is also a good resource.  I believe its population skews older than here, so it might be an even better resource for Medicare-type questions.  Early Retirement & Financial Independence Community is another option.