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"Just tell me what to do!" series for retirement
Old 05-15-2012, 03:30 PM   #1
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"Just tell me what to do!" series for retirement

Retirement Researcher Blog: May 10, 2012 linked from Wade Pfau's blog...

Seems like we have new and standing members who fit this description, and there's nothing wrong with that. Even if you have well developed plans, never hurts to read other POVs right?
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Steve Vernon has put together a series of brief posts at CBS MoneyWatch with some generalized one-size-fits-all retirement planning advice. This is aimed for for people with no interest in investigating these matters personally to develop a more customized solution.

In spite of my encouraging words, a common response I hear is, "Steve, just tell me what to do! I just don't have the time to figure it out. It's all Greek to me, and I don't want to screw it up."
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Old 05-15-2012, 04:58 PM   #2
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Steve doesn't tell us what to do in 3 words or less. Steve tells us to go and research. The right answer but not what the audience wants to hear.
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Old 05-15-2012, 06:20 PM   #3
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A void that fee based advisers could fill.
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Old 05-15-2012, 09:16 PM   #4
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Hmmm. I read the May 16 blog entry (here: Retirement Researcher Blog )

This suggests to me that living off dividends alone is 'safer' than spending at a 'SWR' of 4% (say--or even 3.5%).

A different paradigm.
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Old 05-16-2012, 01:13 AM   #5
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Originally Posted by Midpack View Post
Retirement Researcher Blog: May 10, 2012 linked from Wade Pfau's blog...
Seems like we have new and standing members who fit this description, and there's nothing wrong with that. Even if you have well developed plans, never hurts to read other POVs right?
Writing about this has opened my eyes to a whole 'nother world of people who are dying for advice like Vernon's. It's not that they "can't" or "won't"-- it's just that they don't make the time for it and don't want to make the time for it.

Either that or they want to know how to find a good financial advisor.

I'm working Vernon's articles into a military-oriented blog post.
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Old 05-16-2012, 01:24 AM   #6
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I have to say I am blown away at how good Vernon's advice. If you are only going to spend 20 minutes reading about retirement finance his articles are the ones to read.

Obviously I have a million quibbles but they are just that quibbles.
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Old 05-16-2012, 09:20 AM   #7
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Writing about this has opened my eyes to a whole 'nother world of people who are dying for advice like Vernon's. It's not that they "can't" or "won't"-- it's just that they don't make the time for it and don't want to make the time for it.

Either that or they want to know how to find a good financial advisor.
P. T. Barnum would be in seventh-heaven these days.

"It is a sin to let a sucker keep his money."

Time to re-open Faith-Based Investments. "Give your money to me and pray you get it back."
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Old 05-16-2012, 10:26 AM   #8
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Originally Posted by clifp View Post
I have to say I am blown away at how good Vernon's advice. If you are only going to spend 20 minutes reading about retirement finance his articles are the ones to read.

Obviously I have a million quibbles but they are just that quibbles.
My thoughts as well, I thought it was pretty good advice for someone who just can't/won't invest (pun intended) more in planning. And the author rightly acknowledges your (well founded IMO) "quibbles" at the end of the last article.
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I'll readily admit that you might be able to find retirement income solutions that are more appropriate for your goals and circumstances, compared to the "just tell me what to do" recommendations in this series of posts. But that will require you to spend some time figuring out the strategy that best fits your goals. Or you'll need to hire a financial planner who's qualified and has your best interests at heart. Finding a competent, trustworthy planner also takes time and effort.***

While I still advocate that you should take the time to do the job right, the strategies I've outlined in this series of posts are the next best thing. You won't screw up by adopting these strategies, and there's a very good chance you'll hit your 80s and 90s with your retirement paycheck still chugging along.
I think Steve is a pretty good source, this is not the first series of his articles I've read. For those who want to be a little more hands on, I thought his 12 Steps to Get Your Retirement Plan in Order series of his was very good. http://www.cbsnews.com/8301-505146_1...plan-in-order/

*** While I'm wary of his somewhat benign mention of hiring a financial planner, I recognize they're the firms that provide their ad revenue, so they can't outright steer readers away from planners. And as I've said before, there are good ones, and there are indeed people for whom a good planner is appropriate - just few it any here.
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Old 05-18-2012, 12:40 AM   #9
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Obviously I have a million quibbles but they are just that quibbles.
That's not "Just tell me what to do!"

That's "Yeah, but..."

I have 1800 words on this loaded up for Monday or Wednesday. Depends on how much surfing writing I get done this weekend.

Minimal initiative (or none at all) can be a good thing. I had a memorable six-month Western Pacific deployment in 1991. One of the things that made it memorable was being able to draw $30K of advance pay before we left, and being young/invulnerable we invested it in an aggressive 20th Century mutual fund. When I returned it was worth $50K. Most of the success of that investment was due to me being multiple time zones out of touch for the entire six months, otherwise I probably would've sold when the balance reached $35K.
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Old 05-18-2012, 07:24 AM   #10
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.....While I'm wary of his somewhat benign mention of hiring a financial planner, I recognize they're the firms that provide their ad revenue, so they can't outright steer readers away from planners. And as I've said before, there are good ones, and there are indeed people for whom a good planner is appropriate - just few it any here.
I wish he had said "fee-only" financial planner rather than just financial planner.
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Old 05-18-2012, 10:39 AM   #11
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I wish he had said "fee-only" financial planner rather than just financial planner.
I'm afraid you can't expect that from a source/writer who depends on ad revenues, they have to cast the net as broadly as they can for ad dollars to stay afloat, especially these days where content is "seemingly" free. Media business models are in flux to put it mildly.
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Target AA: 60% equity funds / 35% bond funds / 5% cash
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