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Hello
I'm asking this question as in the last yr I met twice with a "retirement planner" ( which was offered through my job) and apart from the usual investing/stocks talk they kept asking me about retirement goals.
When stated my goals are like follows
1-be in the best health i can be so i can take care of my grandkids
2-live close to my kid and siblings
3-maintain a modest house and have a paid off car
4-Maximize my SS benefits
The financial planner got condescending and tried to make me feel guilty for aiming too low and not enjoying my "golden years" and was really surprised that I did not want to travel and see the world.
Then you need to fire your financial planner and find another or do it yourself.
That financial planner is only concerned about his best interests and his bests interests are making money now, and he can't do that, unless you "aim high."
That man will never make a decision in your best interest, so fire him, and if he's with a company/firm, he's probably a product of that company's/firm's culture, so finding someone else in the same company/firm is not going to help you.
Good plan but note, they keep raising the retirement age for SS
On what planet is that happening?
The retirement age was raised only once and that was in 1983 and that increase only affected full-retirement age, not the base retirement age.
You need to be better informed.
Quote:
Originally Posted by Dad01
she offered me nothing other than what is already common knowledge about investing. I never said I do not desire more wealth if I can legally get it from my retirement
But I take issue when
1- she looks down upon how i want to spend /use that wealth
2- her claim that she somehow has some magic formula that can save me hundreds of thousands
3- also her assumption that everyone will be in great health to scuba dive, sky dive etc
Okay, so it's a she.
Take a deep breath, exhale, fire her.
It's not rocket science and it doesn't need to be wrapped in drama.
She will never act in your best interest. She's going to do what she wants to do and to hell with you. Depending on how attentive you are, and I'm guessing you're not very attentive, it may be months or years before you figure she has been doing what she wanted to do all along.
So end the drama and fire her now and find someone else. It will only take a few minutes to a few hours of your time to do that.
Everyone agrees you should find someone else if you do not trust or like your previous advisor. I would have at least bothered to listen to what she wanted to recommend. Someone seems exceedingly immature with a short temper.
Good plan but note, they keep raising the retirement age for SS
Good luck
No, they don't keep raising the retirement age. A law was passed in 1983 that created a phased in change in retirement age. It's been a gradual change over time, but will stop increasing once people born in 1960 real social security age, and FRA for that birth cohort and later will be 67. The only reason it seems like it keeps changing is that they've added additional months along the way based on the year of birth, instead of someone born in December 1959 having a FRA of 65 and then all of sudden, someone born in January 1960 having a FRA two full years later.
Your goals need to be those of you and your spouse (if mattied). Not the Financial Planner's goals, not your neighbor's or friend's goals, and certainly not mine.
Maybe we will sell our current home to purchase a local Condo and a cottage on a lake, or maybe not. Maybe I will sell my daily driver sedan after retirement and replace it with a funky old pickup, or a Ferrari 348 (the least expensive Ferrari), or maybe I will keep the Sedan.
Do what you desire not what others say you should do.
I am not sure where you came up with any of this. According to the OP, the advisor painted a picture of retirement that the OP did not like. It seems likely the advisor was merely trying to stimulate some interest in saving for retirement, which has been a big problem for many people.
Here is what the OP wrote: "I feel like not everyone had a wanderlust and not everybody wants to hang out in a beach resort with a margarita all day and go gambling.It seems to me that the planner was about to pitch me some unscrupulous retirement plan /managed funds, and was wooing me by presenting this rosy picture of retirement .So I got a little snippy and left."
We only hear one side of the story here but to my way of thinking none of this seems to indicate that the advisor was unscrupulous or incompetent or was even trying to push opinions about what the OP should do in retirement. When someone comes on the internet to complain about an advisor who presented a rosy picture of retirement, I have to think something is wrong with that person's emotional stability. Getting snippy and not even listening is another red flag. Just because someone posts their story here does not mean they have a lick of sense. I just do not understand why the OP would come here to complain about an advisor when they did not even listen to their recommendations.
thanks for your recs , i will call her back and schedule another meeting
Everyone agrees you should find someone else if you do not trust or like your previous advisor. I would have at least bothered to listen to what she wanted to recommend. Someone seems exceedingly immature with a short temper.
really , do u enjoy listening to every used car salesman or time share pitch ?
I don't , its a waste of my time
if a 20 something lady who does not even bother to disclose her credentials claims to be a "financial planner" and tries to drum up expectations of retirement just to sell me some managed mutual funds then why should I trust her judgement or intentions ?
I would rather get a fiduciary
anyway the main purpose of posting this thread was , do all retirees suffer from wanderlust ? and it is something hard to realize when one is in his 40s. Just wanted some opinions on that not my psychoanalysis ( but feel free to spin your wheels )
Planning for retirement is a lot more than just saving up some money to take trips.
Anyway this whole thread seems sort of pointless. The OP just did not like or trust the financial advisor and seems to want to vent. There is nothing unique about mistrust for an advisor. Even very competent advisors might not click with every potential client.
what are the credentials of a "very competent advisor" ?
Be prepared for life's curveball. My wife and I had a goal identical to your goal #1. Our oldest son and his wife cannot have children. They both dreamed of being parents and spent countless hours in discussions with fertility and genetic specialists, but it is not to be. Our youngest son and his fiancee are still not married (or even living in the same State) and are both approaching 40. So our Grandchildren expectation will never be met.
Keep your goals flexible to match what life gives you!
excellent point , and nowadays change in sexual orientation and gender too
that is why my first priority would be to live close to my siblings and THEN my child /grandchildren
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thanks for your recs , i will call her back and schedule another meeting
