Cheesehead
Recycles dryer sheets
Hello All,
I’d like advice as to how I can get a monthly automatic check for 3% from my nest egg, I realize that during a downturn perhaps it will be less. It seems my alternatives are either an annuity or a managed fund service at Fidelity. I have done an extensive Google search on them plus on this forum. Like many of you I have been a DIY index investor and have been very happy over the years avoiding fees. I follow the Bogglehead’s Couch Potato AAs, usually 40% total stock index, 10% international, 50% Total Bond Index, CDs, etc.
However…in June of 2017 both of us will be 59.5 years old (I'm 63) and we want to start withdrawing 3% monthly from the nest egg, which is mainly at Fidelity. My eyes glaze over at doing this because we are scattered over many accounts: 401K, IRAs, 403Bs, etc. and I don’t understand the tax implications nor am I smart enough to learn.
I don’t like fees but if they can do a better job than I, then I am interested. We all know that studies show an index will do as well or better than a manager but…I want this steady 3% monthly check and I don’t get how to set that up. We do have an hourly independent CFP we talk with annually who does not try to sell us anything, we use him to compare his Monte Carlo simulation with Fidelity’s, and we do have a CPA. We will be in “good shape” with DW’s pension, my SS and if we can get 3% off the nest egg. So how?
Naturally our Fidelity rep suggested their Portfolio Advisory Service and before I pull the trigger I wanted to ask the non-DIY here that are in their '60's, ALREADY IN RETIREMENT, meaning too old to recover from another crash, how do you get your monthly income in a steady manner without all the mathematical gymnastics? This forum is very heavy with math geeks and the financially savvy, former engineers I assume. I am practically dyslexic with numbers and investing bores the hell out of us, so how do we get a regular check? I am winding down a 38 career as a small business owner and freelancer, having to sweat when checks would arrive and always having cash flow problems, so getting a regular check is my idea of retirement!
In sum, does anyone know, if I put my nest egg into one bucket at Fidelity, where I can get a 3% check written monthly with the lowest amount of fees? Preferably not through the Professional Advisory Services? Something like a Wellington or Wellsley of Fidelity where all accounts can be consolidated and this monthly check be sent to us?
Thanks
I’d like advice as to how I can get a monthly automatic check for 3% from my nest egg, I realize that during a downturn perhaps it will be less. It seems my alternatives are either an annuity or a managed fund service at Fidelity. I have done an extensive Google search on them plus on this forum. Like many of you I have been a DIY index investor and have been very happy over the years avoiding fees. I follow the Bogglehead’s Couch Potato AAs, usually 40% total stock index, 10% international, 50% Total Bond Index, CDs, etc.
However…in June of 2017 both of us will be 59.5 years old (I'm 63) and we want to start withdrawing 3% monthly from the nest egg, which is mainly at Fidelity. My eyes glaze over at doing this because we are scattered over many accounts: 401K, IRAs, 403Bs, etc. and I don’t understand the tax implications nor am I smart enough to learn.
I don’t like fees but if they can do a better job than I, then I am interested. We all know that studies show an index will do as well or better than a manager but…I want this steady 3% monthly check and I don’t get how to set that up. We do have an hourly independent CFP we talk with annually who does not try to sell us anything, we use him to compare his Monte Carlo simulation with Fidelity’s, and we do have a CPA. We will be in “good shape” with DW’s pension, my SS and if we can get 3% off the nest egg. So how?
Naturally our Fidelity rep suggested their Portfolio Advisory Service and before I pull the trigger I wanted to ask the non-DIY here that are in their '60's, ALREADY IN RETIREMENT, meaning too old to recover from another crash, how do you get your monthly income in a steady manner without all the mathematical gymnastics? This forum is very heavy with math geeks and the financially savvy, former engineers I assume. I am practically dyslexic with numbers and investing bores the hell out of us, so how do we get a regular check? I am winding down a 38 career as a small business owner and freelancer, having to sweat when checks would arrive and always having cash flow problems, so getting a regular check is my idea of retirement!
In sum, does anyone know, if I put my nest egg into one bucket at Fidelity, where I can get a 3% check written monthly with the lowest amount of fees? Preferably not through the Professional Advisory Services? Something like a Wellington or Wellsley of Fidelity where all accounts can be consolidated and this monthly check be sent to us?
Thanks
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