Retirement savings ....Yikes !

[Brokermike]

I'm an expert in my field, but definitely NOT in financial planning, etc. So, BrokerMike, (sorry to ask for free advice...) I don't even know how to find a financial counselor, etc., in my area. I wonder if it would be too much to ask of you and some of the other financial experts here, just how to go about finding a local person to help with retirement planning? Man, talk about a dumb question, I guess I asked one! But really, I absolutely think there are many people like me - well educated in our fields with advanced degrees who probably think that since we are so smart in our fields, aw what the heck, surely we can plan our own retirement! But, hey, I'm being honest - I ain't got hardly nary a clue!! Now, I have had sense enough to just live below our means all these years, but that's about it...

A good place to start is this FINRA link.

Selecting Investment Professionals: Search for Possible Candidates - FINRA

they also have a great step by step assesment of what the different types of professionals in the industry do, and who they are regulated by. I would interview at least three and find someone that you are comfortable with and that listens to your goals. I also think there is value in working with a team so that you aren't left holding Herman if someone is on vacation.

On a personal level I would encourage you to look for someone that is licensed to buy stocks, options and bonds (series 7), has passed their series 66 (which allows them to be an investment advisor, and sell mutual funds), is registered with the MSRB, has their insurance license and has made a commitment to continuing education by gaining other designations such as Accredited Wealth Manager, Accredited Asset Management Specialist, etc

I have seen some of the more egregious problems come from "advisors" that are only licensed to sell one product, such as insurance. Better to work with someone that has all of the tools and only needs a few than someone that only has one "solution". There is some truth to the saying that if you're a hammer everythign looks like a nail. The Certified Financial Planner (CFP) designation can be valuable if the person isn't just an insurance salesman, check their licenses and be careful if the first words they utter start with "A" and finish with "nnuity"

You might find that the person that listens the best, or that has come most highly recommended, checks out through FINRA, and just seems to "click" isn't all that local. Many of the best advisors are licensed in many, many states and build their clientele through referrals.

Good Luck and don't be afraid to ask tough questions. You are looking for someone that could very well end up becoming a lifelong friend and advisor.

Also keep in mind that some firms limit the things that advisors can recommend. I would ask that question up front, and I would lean towards someone that gets paid either hourly, by a fee, or both.

 

[MacLawn]

Wow! Thanks a lot Broker!! I think what you just said could help a whole lot of people here, and everywhere! If you don't mind, I'll pass this information on to friends and family as I can. Like I said, I do think most people have been so busy in their respective fields, they haven't learned how to begin! Now, I can at least know where to start and tell others too.

 

[Gale Hawkins]

The big question in my mind is have we as a nation reached a point of no return in our desire to count on the government rather than our direct efforts to feed and care for ourselves as a nation?

 

[Gale Hawkins]

Cancer clinics are turning away thousands of Medicare patients. Blame the sequester.

Good reason to have that $1,000,000.00 savings account in retirement just for health care needs. I hate all the talk about death squads had any validity.

http://cnsnews.com/news/article/rationing-begins-states-limiting-drug-prescriptions-medicaid-patients

 

[Gator6x4]

The big question in my mind is have we as a nation reached a point of no return in our desire to count on the government rather than our direct efforts to feed and care for ourselves as a nation?

Given the large number of individuals in their early fifties in society today who's only retirement plan is Social Security I would say their desire is to have the taxpayer, not the government provide 100% of their retirement is coming to fructification. In my opinion we crossed the line years ago where a very large percentage decided to defer retirement onto the tax payers back. The government only passes out tax payer money it has no authority to make anyone prepare for retirement. Let someone mention enacting some type retirement law and listen to the large very vocal objections.

 

[DABSGT]

Brokermike 2 very good posts, with good advice.

A few years ago my wife and I found a good adviser, his only question to me is "why are you still working?" I told him i dont have all the toys i want yet.
But truthfully with out him I may not be able to retire when I want!

Sent from my iPad using TractorByNet

 

[daugen]

Cancer clinics are turning away thousands of Medicare patients. Blame the sequester.

Good reason to have that $1,000,000.00 savings account in retirement just for health care needs. I hate all the talk about death squads had any validity.

Rationing Begins: States Limiting Drug Prescriptions for Medicaid Patients | CNS News

this is sure no joke. My wife was turned down by Cancer Center of America early this week where she wanted to go for a second opinion.
they saw that she was covered by Medicare and said "so sorry." This is utterly absurd.

And we've been wondering why her primary oncologist at Fox Chase Cancer Center has been less motivated lately, asked
her if she had considered hospice... Nice. My wife is not even close to that yet, and they are trying to get her out the door.
Utterly absurd and utterly scary.

 

[brin]

this is sure no joke. My wife was turned down by Cancer Center of America early this week where she wanted to go for a second opinion.
they saw that she was covered by Medicare and said "so sorry." This is utterly absurd.

And we've been wondering why her primary oncologist at Fox Chase Cancer Center has been less motivated lately, asked
her if she had considered hospice... Nice. My wife is not even close to that yet, and they are trying to get her out the door.
Utterly absurd and utterly scary.

How awful....time to contact the media, your congress members and anyone else you can think of ...We cannot let this stand...WE were all warned about rationing and we stood still....we were all told Obama care would have death panels and we stood still....we stood still and watched 1/2 a trillion dollars shifted from Medicare to Medicaid.....and here we are...How much longer do we just take it ?

 

[Travelover]

Wow! Thanks a lot Broker!! I think what you just said could help a whole lot of people here, and everywhere! If you don't mind, I'll pass this information on to friends and family as I can. Like I said, I do think most people have been so busy in their respective fields, they haven't learned how to begin! Now, I can at least know where to start and tell others too.

I'm sure this will offend Broker Mike, but I think that anyone of average intelligence can manage their own investments. There is an entire industry that works to maintain the perception that you need to pay a "professional" to manage your money or you will not receive an adequate return on your money.

I'd recommend reading a few books off this list and hanging out at the Boglehead's forum for a while and posting a few questions.

Bottom line, look at your total investing expenses. If an adviser is dinging you for 1 to 2%, that is a quarter to a half of your 4% safe withdrawal rate.

 

[MacLawn]

brin, my understanding is that 'bamacare won't fully kick in until 2014, is that right? daug, my prayers for your wife! You too.