SoReadyToRetire
Recycles dryer sheets
I don't feel confident in being able to keep up with all the tax ramifications, IRA-to-ROTH conversion decisions, etc etc etc, that will be required once I retire. My memory isn't near what it used to be, and there are SO many variables! I believe I'd like to get a fee-only financial planner.
That being said, I have twice hired financial planners, and both have lost money for me. I'm doing much better self-managing my Fidelity account.
First time, I chose someone who did a presentation of some sort at my workplace at the time, and I liked his style/demeanor/what he had to say. He used "model portfolio theory" but also stuck me in a couple of REITs. The REITs sucked/lost money, and the rest didn't keep up with my hubby's gains in his self-managed retirement account. (He was a CFP with a long list of credentials and good reputation.)
The second time I used someone from Morgan Stanley, who came highly recommended by a very smart friend who's also a CPA/CFO of multiple companies. This time, even the "fixed income" fund she had me in LOST MONEY. I didn't know that was even possible!
So I put all my money into an aggressive growth fund at Fido to make up for the losses, and it has worked.
Now I need someone to guide me from here. I'm 60 and want to retire on my 61st bday, 62nd at the latest.
How on earth did those of you who like your FOFP choose one? What criteria do you use? How can you know how good they are until you get in bed with em and start losing money
Thank you.
That being said, I have twice hired financial planners, and both have lost money for me. I'm doing much better self-managing my Fidelity account.
First time, I chose someone who did a presentation of some sort at my workplace at the time, and I liked his style/demeanor/what he had to say. He used "model portfolio theory" but also stuck me in a couple of REITs. The REITs sucked/lost money, and the rest didn't keep up with my hubby's gains in his self-managed retirement account. (He was a CFP with a long list of credentials and good reputation.)
The second time I used someone from Morgan Stanley, who came highly recommended by a very smart friend who's also a CPA/CFO of multiple companies. This time, even the "fixed income" fund she had me in LOST MONEY. I didn't know that was even possible!
So I put all my money into an aggressive growth fund at Fido to make up for the losses, and it has worked.
Now I need someone to guide me from here. I'm 60 and want to retire on my 61st bday, 62nd at the latest.
How on earth did those of you who like your FOFP choose one? What criteria do you use? How can you know how good they are until you get in bed with em and start losing money
Thank you.