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Old 04-30-2015, 11:09 AM
 
Location: Texas
43,566 posts, read 52,728,947 times
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I pay guy I trust to manage an investment account for me at a 1% fee. I'm not sure I call that financial planning. To meet financial planning is overall life and lifestyle planning from a financial point of view.
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Old 04-30-2015, 11:20 AM
 
29,809 posts, read 34,900,894 times
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Quote:
Originally Posted by joni78 View Post
To be fair, I asked Mathjak the specific question and appreciate his detailed answer.
I know that MJ and I are buddies and this is a continuing conversation with implications for others. Some might say there is the accumulation stage transitioned via the fret/look back stage to hopefully the Bada Bing stage.
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Old 04-30-2015, 12:28 PM
 
Location: Idaho
1,456 posts, read 1,158,299 times
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Quote:
Originally Posted by TuborgP View Post
Some might say there is the accumulation stage transitioned via the fret/look back stage to hopefully the Bada Bing stage.
I just don't understand the fretting/looking back part especially in the near retirement or retirement stage.

It just like when you realize that you had taken the wrong turn taking a more circuitous route but the destination is near, you will just continue your way.

One should reflect and make periodic assessment of one's life but the time, effort and energy should only spent on moving forward.

For me, my happiness is measured in what I currently have and not what I could have, would have, should have or will have. With this attitude, I have been in the Bada Bing stage for a long time ;-)
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Old 04-30-2015, 01:05 PM
 
1,227 posts, read 1,262,186 times
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I use a CFP in combination with a CPA to do both future planning and future tax planning. I don't use a CFP to pick funds for me. Mostly the CFP is a sounding board. If she finds something that I haven't thought of, or something that can be accomplished in a better manner she tells me. Then I run to the CPA and say "ok, what is this going to do to my future taxes and is there a better way?". I am rather like a little ping pong ball.
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Old 04-30-2015, 01:10 PM
 
29,809 posts, read 34,900,894 times
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Quote:
Originally Posted by BellaDL View Post
I just don't understand the fretting/looking back part especially in the near retirement or retirement stage.

It just like when you realize that you had taken the wrong turn taking a more circuitous route but the destination is near, you will just continue your way.

One should reflect and make periodic assessment of one's life but the time, effort and energy should only spent on moving forward.

For me, my happiness is measured in what I currently have and not what I could have, would have, should have or will have. With this attitude, I have been in the Bada Bing stage for a long time ;-)
Depends on how many moving parts there are and have been to your retirement plan. How involved and complex your finances are and how many years it all has to unfold over. MJ and I both have moving parts that have and are still playing in over a multi year period. For us it is almost 11 years and we have four more to go. We are over the hump with one more income stream to kick in. We know what the ROI has been on our first seven years of investments and that are balance is well above when we retired. We also transplanted with retirement and we now have that behind us and it worked well. We have other financial decisions and a second home and that was a how will that impact things, again worked out well. You can crunch the numbers over and over and Firecalc to your hearts content but there is nothing like time and seeing percentage chance of success either remain the same or go up. There are three broad financial categories to a calculator like Firecalc, expenditure, assets and income. After seven years your pre-retirement numbers can either look real good or ooops or somewhere in between. I am very familiar with MJ's financial picture and as it relates to this thread and health care cost he will be starting out with COBRA and when he hits Medicare age it will be plus and a chunk of costs will hopefully be behind him. I say seven years to him because by then it will mostly all have played out hopefully to the good as multiple income streams have kicked in and hopefully his portfolio has continued to grow. The other thing is age and our declining life span and healthy years. Many planners tell you to plan for thirty years and that often begins around 64 and takes you to 94. Each year you may plan out another year but eventually you realize hmmmmmm. Not everyone is like this and has no reason to be. My comments were to MJ and a few others as I know how they roll. There is certain golfer or two who probably won't be out on the links as much when they hit 88 or be travelling as far to play. But give them seven years of retirement golfing as much and where they are planning for and they will be Bada Bing!
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Old 05-01-2015, 10:35 AM
 
Location: Columbia SC
9,002 posts, read 7,766,040 times
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Some years back we went a fee based financial planner. They had nothing to sell us, As an example if they wanted us in large cap stocks, then they gave a list of their top 20. Overall we followed their plan. Evry few years we went back for a review and made a few adjustments.

I am just not comfortable with "Financial Planners" that have things to sell to me especially if there is an insurance product is involved. I distrust them the most.
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Old 05-01-2015, 02:01 PM
 
1,227 posts, read 1,262,186 times
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Johngolf, I didn't feel comfortable with the people who had something to sell me either. On the other hand, I wasn't comfortable with this last fee-only CFP. He frustrated me, he became easily confused, and I just didn't feel that his advice was sound. However, I have now found a fee-only CFP that I have connected with and feel confidence in. Many of the things she has said to me were echos of the CFP's with something to sell, but having gotten similar feedback from 3 separate people (both commission and fee-only), I now feel that I am going in the right direction.

I am finally feeling more confident in my projected retirement date. Please keep fingers crossed everyone.
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Old 05-01-2015, 02:44 PM
 
Location: Central NY
4,686 posts, read 3,256,586 times
Reputation: 12012
I have had three separate advisers. The first was with a large well-known company. That company has had some problems and has been written about in the news (not a good thing). The second one worked for a company that I worked at. Eventually the guy I was dealing with left for medical reasons and his boss took over my account (I didn't have a lot). After a while he told me I was going to run out of money and that I should file for bankruptcy. That did not sit well with me. So I asked some friends (who seemed to be doing pretty well with their plans) to recommend another who I currently have. He set me up with a plan that insures I will get a check every month till I die. And he didn't suggest going bankrupt. So I'm sticking with this present person. I do not have a lot of money but I am darned glad to know that I will get that check every month till I'm dead.

My attitude about going bankrupt is...... I made those bills, I'm the one who caused them. It's my business to pay them and as long as I am able to, I will continue to. Bankruptcy would be an easy way out.
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Old 05-01-2015, 03:24 PM
 
Location: Los Angeles>Little Rock>Houston>Little Rock
6,488 posts, read 6,960,220 times
Reputation: 17366
Hubby and I use one. Hub's parents have been using him for over 30 years. I don't even know how he gets his fee.
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Old 05-02-2015, 07:45 AM
 
Location: Florida
4,376 posts, read 3,712,866 times
Reputation: 4116
Quote:
Originally Posted by maggie2101;3th9450914
Hubby and I use one. Hub's parents have been using him for over 30 years. I don't even know how he gets his fee.
Part of what a planer should be doing is teaching. Helping you set goals. Make decisions on how you will allocate your resources. It should really be you and your husband making decisions and the planner guiding you in the areas you need help. If it is only the planner and your husband you could have problems down the road. One thing we have to keep in mind is that our planner will retire so at some point there has to be a translation to new planner.
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