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How much does it cost to consult with a financial advisor?
I would get a good book on investing and saving for retirement and then start doing it. I am sure people on this forum have some great book recommenations on this subject.
It is wonderful that you are already thinking about this--that tells me you are going to be just fine.
I think the advice of planning your retirement as if there were no SS available is great advice. My wife and I do not include it in our portfolio at all and we are in our early 30's. It is doubtful it will even be around for another 20 years anyway.
An older book you can read is "The Wealthy Barber" by David Chilton. It may help get you going in the right direction.
Even if social security is still around, it's not enough to live off. No one should ever plan to live off social security. Security and retirement comes not just from having a good job, but from keeping credit card debt to zero, to investing in IRAs, 401K, brokerage accounts, having adequate disability and life insurance (if there is family who depends on you), on saving, and owning your own home, on not overspending. This probably sounds really obvious but is an extremely LOW percentage of Americans who do it.
See a financial advisor, invest early. Pay yourself first (meaning--you don't need that new dress if you're IRA isn't fully funded for the year).
People my age don't consider retirement an issue. Forget that, I'm 23 and I've got about $370/month going into a Roth 401k. You just have to start drinking cheap beer, and change your lifestyle a little bit. I spend my free time at the beach, so my recreation is almost free.
I expect Social Security to be defunct by the time I retire.
Yes, you can keep up a good lifestyle. Just have to know how to shop and get the bargains. Shop ebay. You don't have to get all the latest and greatest electronics every year either. Go to carmax and get a used car - or get a new gas-thrifty vehicle and you can save lots of $$ there (also on insurance).
There are lots of free things to do too. Staying away from the clubs and drinking is a definite good way to save $$.
I wouldn't rely on the government for any type of retirement money.
These are the same people that run the passport office, that run the DMV. That responded after Katrina. And they're responsible for retirement money?!?
Save like there isn't going to be any social security. I'm 29 and I honestly don't think it will be there for me to use by the time I retire.
I'm also 29 and the savings started years ago (even before I had a 'real job') I have NO confidence in the system and I'm going about it as if I have to save for my own retirement (which, technically, i have to).
Also, not to say anything bad about Florida but this is retirement capital and I see first hand what happens when you DON'T plan well for retirement. I don't think all of those senior citizens are bagging groceries for sheer hell of it. It's sad and scary at the same time. I don't want to spend my last days like that.
Interesting User Name. Our pregnant D-I-L is not quite twice your age, has lived in big cities (NYC & Boston) all her life until recently, is now in a medium sized city, and because of what COVID-19 is doing to the populations of large cities says she never want to live in a big city again!
But back to your original question. This crisis will probably result in a massive social upheaval in our country, with the US style of life mimicking the Democratic Socialism of Western Europe and Canada. People are dying in droves in big cities because the US does not have universal health care, nor do we have a livable minimum wage, nor do we have a valid retirement income system. The much touted "three legged stool" of SS, Pensions, and Personal Savings for Retirement no longer exists. Pensions are gone, SS has been reduced, leaving only Personal Savings to carry us thru Retirement. No one can balance long term on a stationary Pogo Stick!
Or.... we become an Oligarchy that rivals Russia at its worse.
Just as the Great Depression gave birth to the Great Society in the 1930's, this pandemic will result in substantial societal changes - of some type.
How much does it cost to consult with a financial advisor?
I would get a good book on investing and saving for retirement and then start doing it. I am sure people on this forum have some great book recommenations on this subject.
It is wonderful that you are already thinking about this--that tells me you are going to be just fine.
Personal experience;
Initial evaluation may cost $500. Fees after that point vary on who you enroll with, but we paid $30/month for years. Others say to use "Fee Only" planners exclusively, but if you are not a regular client they may need to do a full evaluation with each change you request.
Shop around. Talk to friends & family; particularly older friends & family who have been using these services for a while. Interview many. Select the one that best fits your style.
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I spend my free time at the beach, so my recreation is almost free.
Agreed!
