Financial counseling?

[jeff kushner]

We have a whole group of older folks here, not all of you but a lot.....I can't be alone.

I've been a "bunged up mess" for months. Easily twisted, don't eat right....just can't seem to relax....even on Vac it took 4 days to relax. After we got back home, I looked inside in that scary place.....maybe it was time to makes changes and ditch Kerry? No, that idea didn't seem to make me feel better....then it dawned on me, I'm afraid. I'm afraid b/c while kinda sure things will be okay, I have no financial plan for retiring...I don't REALLY know how much I will have available. I know how much are in each account, just not what that translates to each month for income.

I'm far from wealthy but between Kerry & I, we have two homes, 3 -401k's, 2 pensions.

I have never "worried about money" so I really know very little of how to set things up for the future.

So who do you talk to about your money in retirement whose personal agenda doesn't include taking as much of it as possible? How do you find that person?


Seems like everyone I've talked to so far just wants to sell me something. I would rather pay someone to be frank and honest than all this BS and fluff.

Anyone got any ideas or experience in this?

 

[jsheffield]

{{{listening...watching}}}

 

[wellington]

First thing to do is not count on Kerry's money, you are not married.
So figure out expenses only you will have and the income only you will have. Do the subtracting and see where you stand.
Then think about what you would still want to do when you retire and try to figure out if you would have enough. If not, start now, putting money in CDs or guaranteed interest earning accounts.
I have never paid anyone to figure out where I needed to save money or get more money. It seems like a waste of money to do so and the first thing to cut would be that person.
Sometimes a life style may have to be changed some. Usually not completely but maybe things won't happen as often or as much as you had planned.
Good luck, with what you said, if one pension is yours and at least one 401k and you have the little bit from social security, sounds like you should do fine. Of course I don't know your expenses or what you want to do in your retirement.
I would personally never pay someone to figure out if I had enough money, that's a wasted expense right there. However, I have always been good with having money for those rainy days. I have also though always planned from the beginning.

 

[SinLA]

I won’t counter what @wellington says, but I will say if you DO seek a financial advisor, find one that is flat fee and does not sell anything. Then you less have to worry about conflict of interest in their advice.

 

[ZEROPILOT]

It's a lot to consider, Jeff.
I planned to do a lot of things with my wife. Moving back to South Carolina and living cheap with no payments and no debt. It was a good plan.
But while I was on the deferred retirement (DROP) my wife changed her mind on moving. Health issues crept up on me and long story short. Five years into my retirement now.(I was 54) I'm looking to go back to work.
My pension does pay all of the bills. But not our yearly vacations. Not the trips to visit my mother every 2 months and certainly no more new motorcycles.etc.
We also eat out about once a day.
Money doesn't stretch like it would have if we'd stuck to the plan. But my wife's happiness comes first.
Just having that pension is something most people don't have. And I'm still a decade away from getting my social security.
A big part of retirement is the plan. Know what you plan to do and stick with it.
Make sure it's realistic. And talk at great length with your significant other.
I'll probably go back to work soon and ride that into my social security age.
I shouldn't have retired in the first place to be honest.
It's been boring and totally anti climactic.
I hope yours will be better.

 

[jeff kushner]

Every time I even think of this stuff, I get a little pit in my stomach and I can't seem to get past that.

I have no plan other than "if they raise taxes, we'll move somewhere else".

Kerry is not my sugarmama and I do not count on anything from her b/c life is funny, we may not be together for some reason in the future. There's another reason I don't count on her money. I'm the one in good shape, she's gonna eat cat food. LOL

I know that you've been struggling with boredom lately Z and I appreciate you warning me of that, I really do. I took 6 months off a few years ago and while the first 3-4 were fine, the last two sent me spiraling downward in boredom. I was crashing and burning fast so I bailed and came back to work! I wasn't really planning on retiring so I was just "winging it".....it didn't work out well for me.


I'll come back and read this thread 100 times, searching for motivation to begin pulling out the papers to see what the heck I really have. I don't even know what each 100K in a 401 translates to monthly.....how the heck am I supposed to know how long I'm going to live, I'M not the one in control of that, am I? The gist seems to be to scare people to worry about "what they will do when the $$ runs out" and have them adjust their monthly allowance downward in an effort to keep the "pile" going.

20 years, 30? Really? You're kidding, right? With the crap I do? LOL

Don't know too many 86 yr old's with emphysema....that seems to thin them out a bit....so do I plan on 15 or 30 years?

Yikes! It is overwhelming....I need a cup of coffee now!

 

[SinLA]

again while I do tend to agree with Wellington about using a FA, I will say if you are a combination of a) flustered and anxious trying to figure it out, b) doubt your ability to figure it out or not sure where to start, and c) you DO have funds at the moment to spend on getting yourself a better understanding of what you need in the future, then I think investing in a meeting, or a package of meetings, with a flat fee advisor could be a worthwhile investment. Especially if you have a variety of assets like houses and multiple retirement accounts.

At least have someone who can unbiased look at what you have and give you ideas of tools to use to help you plan and figure things out. Simply having someone assist you learn enough to feel more secure with future decisions or planning can be helpful.

 

[jaizei]

We have a whole group of older folks here, not all of you but a lot.....I can't be alone.

I've been a "bunged up mess" for months. Easily twisted, don't eat right....just can't seem to relax....even on Vac it took 4 days to relax. After we got back home, I looked inside in that scary place.....maybe it was time to makes changes and ditch Kerry? No, that idea didn't seem to make me feel better....then it dawned on me, I'm afraid. I'm afraid b/c while kinda sure things will be okay, I have no financial plan for retiring...I don't REALLY know how much I will have available. I know how much are in each account, just not what that translates to each month for income.

I'm far from wealthy but between Kerry & I, we have two homes, 3 -401k's, 2 pensions.

I have never "worried about money" so I really know very little of how to set things up for the future.

So who do you talk to about your money in retirement whose personal agenda doesn't include taking as much of it as possible? How do you find that person?


Seems like everyone I've talked to so far just wants to sell me something. I would rather pay someone to be frank and honest than all this BS and fluff.

Anyone got any ideas or experience in this?

I think it generally comes down to how much of a self learner vs guided learner you are. Any information a low cost or flat rate financial counselor or planner will give you, is available online. If you want more guidance, I'd look at taking a course or class before talking to someone so you have a foundation and a better chance of being able to judge their advice.

Whoever is the administrator or custodian of the 401ks and pensions presumably has a website, and it probably has a section that explains the basics of financial planning. Might even have calculators you can play with to see how much you can withdraw vs how long it would last. It's probably generic, industry standard explanations so should be a safe and easy starting point. If you go to a financial counselor or planner, more than likely they'll say things that sound like they're reading those generic industry standard explanations. If they work up any projections for you, they're using those same calculators.

 

[ZEROPILOT]

The pension is easy.
After completing of your 30 years of service and your DROP period, you get a lump sum check. Pay off whatever debts you have with it. If you need to. Then you get a set. Known amount in a check. Every month for as long as you live. With a 3% or more cost of living raise, yearly.
No need to hire a pencil pusher to figure that out. The math is easy.
I never got into a 401k. Or any type of investment plan.

 

[Len B]

It's a lot to consider, Jeff.
I planned to do a lot of things with my wife. Moving back to South Carolina and living cheap with no payments and no debt. It was a good plan.
But while I was on the deferred retirement (DROP) my wife changed her mind on moving. Health issues crept up on me and long story short. Five years into my retirement now.(I was 54) I'm looking to go back to work.
My pension does pay all of the bills. But not our yearly vacations. Not the trips to visit my mother every 2 months and certainly no more new motorcycles.etc.
We also eat out about once a day.
Money doesn't stretch like it would have if we'd stuck to the plan. But my wife's happiness comes first.
Just having that pension is something most people don't have. And I'm still a decade away from getting my social security.
A big part of retirement is the plan. Know what you plan to do and stick with it.
Make sure it's realistic. And talk at great length with your significant other.
I'll probably go back to work soon and ride that into my social security age.
I shouldn't have retired in the first place to be honest.
It's been boring and totally anti climactic.
I hope yours will be better.

I retired at age 51 and everyone told me it was to young. I was planning on working another 5 years. The company I was working for had a 5 year maintenance contract at the LNG plant on the Chesapeake Bay. But when Enron happened all that work was cancelled. So that's when I decided to retire. But it was a good decision even though unexpected things happened in the future. Like you I had to wait 10 years for SS to kick in. My wife made good money and loved what she did. We spent a lot of time together and everything was great I never got bored. Things really changed a little over 6 years ago when my wife went in the hospital for surgery and didn't come out alive. We were planning on getting a conversion van and travel around the country. I'm still financially stable with just my income after 21 years of retirement. So everything has worked out but wish Betty was still here with me.

 

[Len B]

Every time I even think of this stuff, I get a little pit in my stomach and I can't seem to get past that.

I have no plan other than "if they raise taxes, we'll move somewhere else".

Kerry is not my sugarmama and I do not count on anything from her b/c life is funny, we may not be together for some reason in the future. There's another reason I don't count on her money. I'm the one in good shape, she's gonna eat cat food. LOL

I know that you've been struggling with boredom lately Z and I appreciate you warning me of that, I really do. I took 6 months off a few years ago and while the first 3-4 were fine, the last two sent me spiraling downward in boredom. I was crashing and burning fast so I bailed and came back to work! I wasn't really planning on retiring so I was just "winging it".....it didn't work out well for me.


I'll come back and read this thread 100 times, searching for motivation to begin pulling out the papers to see what the heck I really have. I don't even know what each 100K in a 401 translates to monthly.....how the heck am I supposed to know how long I'm going to live, I'M not the one in control of that, am I? The gist seems to be to scare people to worry about "what they will do when the $$ runs out" and have them adjust their monthly allowance downward in an effort to keep the "pile" going.

20 years, 30? Really? You're kidding, right? With the crap I do? LOL

Don't know too many 86 yr old's with emphysema....that seems to thin them out a bit....so do I plan on 15 or 30 years?

Yikes! It is overwhelming....I need a cup of coffee now!

In today's society you have to factor in healthcare which can become very expensive. When I retired my healthcare through the union, International Association of Heat and Frost Insulaters and Asbestos Workers 24 cost me $56 a month and still does. They pick up 100% of the medical cost. My biggest and only cost is the SS deductible since Medicare is the primary. I tell you this because Betty's hospital bill was near a quarter million dollars. And my insurance payed 100 % of the bills.

 

[ZEROPILOT]

I retired at age 51 and everyone told me it was to young. I was planning on working another 5 years. The company I was working for had a 5 year maintenance contract at the LNG plant on the Chesapeake Bay. But when Enron happened all that work was cancelled. So that's when I decided to retire. But it was a good decision even though unexpected things happened in the future. Like you I had to wait 10 years for SS to kick in. My wife made good money and loved what she did. We spent a lot of time together and everything was great I never got bored. Things really changed a little over 6 years ago when my wife went in the hospital for surgery and didn't come out alive. We were planning on getting a conversion van and travel around the country. I'm still financially stable with just my income after 21 years of retirement. So everything has worked out but wish Betty was still here with me.

I'm very sorry to hear that.
I can't imagine continuing without my wife.
Everything revolves around her at this point.

 

[ZEROPILOT]

In today's society you have to factor in healthcare which can become very expensive. When I retired my healthcare through the union, International Association of Heat and Frost Insulaters and Asbestos Workers 24 cost me $56 a month and still does. They pick up 100% of the medical cost. My biggest and only cost is the SS deductible since Medicare is the primary. I tell you this because Betty's hospital bill was near a quarter million dollars. And my insurance payed 100 % of the bills.

My insurance costs about $850 a month
The state of Florida chips in $150 as part of my pension. But that's still $700 a month.
And something I can't not have.