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keep in mind that today retirement planning can be a minefield . everything gets linked to retirement income . social security being taxed , what you pay for medicare , rmd's , aca subsidy's while waiting for medicare age ,use of zero capital gains brackets , surcharges , etc , etc .
throw in low interest rates and an unpredictable stock market and current research has shown that using more integrated strategy's are a much better idea . combo's of single premium immediate annuity's , your own investing and tax free life insurance ploys are far more likely to succeed under a wider field of outcomes then just you and the markets going at it alone shouldering all the risks .
which leads me to the next point . VERY FEW ADVISERS ARE SKILLED IN THE 2ND HALF OF THE GAME .
most grew up with the baby boomers and only know the first half of the game , the accumulation stage . they run on old myth's ,research shown to be wrong and old thinking when it comes to the 2nd half of the game which is the decumulation stage ..
in my search for our own adviser i found fee only to be the worst over all .
many were not up on the latest research because they lacked the education and certifications in a lot of different products .if they had the credential's and education to sell other products they may not be fee only .
so in my experience i gave the fee only guys we researched an "F" . they were to far behind the times in their ideas and lacked the knowledge and ability to really put a good solid integrated strategy together
the guy we found the most knowledgeable in the 2nd half was the commissioned adviser we bought our long term care insurance from .
we worked out a fee only deal with him to pay him for his time . it was only by chance we were interested in a nys partnership plan for long term care and he handled them .
so the word to the wise is while fee only can be a good thing in the first half of the game , the accumulation stage , it may end up a poor choice in the 2nd half of the game if they are not up on all the latest research and study's .
in fact ,very easy test . ask them what they think of michael kitces . michael is one of the most well known , well respected retirement researcher's in the industry today . if the adviser says who ? get another adviser .
Last edited by mathjak107; 01-08-2017 at 03:43 AM..
We're heading out for our appt. now.... which I'm sure will bring up more questions so please don't go anywhere.. Lol
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