General Discussion > Post-FIRE
Please Help me get rid of my $800/month Financial Planner!!!!!!!
JMH221:
Just retired after working 40-years and need to get my (financial) ducks in a row. I'm currently paying (please don't judge) a Financial Advisor a ridiculous amount of money per year for below average returns. I'm just starting to learn how to live on a fixed income and would love to hear what all of you recommend as far as how to invest and how to generate a monthly income. Please let me know what you think and if you can recommend any good books/online resources. Thank you so much for the help!!!!!!
65 years young
Portfolio:
Traditional IRA Balance $762,000
Roth IRA Balance $172,000
Taxable $378,000
Pension:
$1,600/month (after taxes)
SS:
$1,000/month until 2020 then $1,600/month
Expenses:
$32,000/year
Thanks again!
aj_yooper:
No need to be coy, Roy. Just set yourself free! ala Paul Simon "Fifty Ways to Leave Your Lover"
Seriously, if it is costing $800 a month, I would lose the planner as soon as I could. There are many much lower cost advisers available. You could do Vanguard (@ https://investor.vanguard.com/financial-advisor/financial-advice) for way less and have a CFP who will have your interests first, not his income.
Or, you could contact a reasonable adviser like Rick Ferri, CFP (@ http://www.rickferri.com/about/about-rick) and save a whole lot of fees.
You have done well in building your stache. Now you need to streamline and focus. Your current adviser will naturally scream like hell at the loss of your account, but your costs are, to me, atrocious.
Best wishes.
MDM:
You could do worse than taking a few hours (either all at once or spread over a few days) to go through the items below:
http://www.bogleheads.org/wiki/Category:Getting_started
http://jlcollinsnh.com/stock-series/
Based on the numbers in the OP you will be fine, and have no need to pay $800/mo for an adviser. See also http://dilbert.com/series/57.
Rufus.T.Firefly:
That's a great decision! Congratulations on retirement as well.
As for reading lists, I am putting myself through a DYI Finances and Investing course with a reading list. I have to admit that this list is a bit overkill, but I enjoy reading finance books. Pretty much, you can just read A Random Walk Down Wall Street and you will have all that you need to know about investing. Here is my current progress:
Currently Reading:
Your Money or your Life (Robin & Dominguez)
Finished:
- Intelligent Investor (Graham)
- Common Sense on Mutual Funds (Bogle)
- A Random Walk Down Wall Street (Malkiel)
- The Big Short (Lewis)
Future Planned Reading:
- The Millionaire Next Door (Stanley)
- Irrational Exuberance (Shiller)
- Buffett: The Making of an American Capitalist (Lowenstein)
- Security Analysis (Graham and Dodd)
gaja:
According to your math, your expences are basicly covered by your SS and pension. Why not quit the advisor cold turkey, and let everything sit in peace while you figure it out?
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