I'm almost 52 and my husband is almost 60. Many friends in our peer group are retiring or know the exact date they will retire. Many are asking us when we are retiring. We don't know. We don't know how to determine when we can. We just hired a financial advisor who comes recommended by two friends (who don't know each other). This advisor is fee-based, which I've learned is different than fee-only. He is a fiduciary. However, I've also read that there is a standard called best-interest which is less strict than fiduciary and comes into play when a financial advisor is also recommending products that may earn them a commission.
We are middle class W2 wage earners. We throw money in our 401k and just hope for the best. I'm frustrated because not only do I not know how to map out my own retirement plan, but I feel like I don't even know how to properly hire a financial planner.
These are both big issues, David! How to hire a financial planner + how to know when you're actually financially ready to retire. Glad you've got a financial advisor on it!
I was mind blown when I went to the ER with a gaping gash in my head and was told to wait in a room and review pages and pages of documents and consent to them while I’m in throbbing pain. Also when I was in labor and begging for an epidural. I would’ve signed anything they put in front of me. It’s outrageous and I don’t know how it’s not considered signing under duress
This is the injustice of the financial system— they prey on young folks who were likely uneducated about personal finance, whether it was from lack of financial ed at school, at home, in the community... I hope you can release the regret you feel and understand the system was designed for us to make expensive mistakes like this— these mistakes meant profits for predatory lenders…
I'm almost 52 and my husband is almost 60. Many friends in our peer group are retiring or know the exact date they will retire. Many are asking us when we are retiring. We don't know. We don't know how to determine when we can. We just hired a financial advisor who comes recommended by two friends (who don't know each other). This advisor is fee-based, which I've learned is different than fee-only. He is a fiduciary. However, I've also read that there is a standard called best-interest which is less strict than fiduciary and comes into play when a financial advisor is also recommending products that may earn them a commission.
We are middle class W2 wage earners. We throw money in our 401k and just hope for the best. I'm frustrated because not only do I not know how to map out my own retirement plan, but I feel like I don't even know how to properly hire a financial planner.
These are both big issues, David! How to hire a financial planner + how to know when you're actually financially ready to retire. Glad you've got a financial advisor on it!
I was mind blown when I went to the ER with a gaping gash in my head and was told to wait in a room and review pages and pages of documents and consent to them while I’m in throbbing pain. Also when I was in labor and begging for an epidural. I would’ve signed anything they put in front of me. It’s outrageous and I don’t know how it’s not considered signing under duress
This is the injustice of the financial system— they prey on young folks who were likely uneducated about personal finance, whether it was from lack of financial ed at school, at home, in the community... I hope you can release the regret you feel and understand the system was designed for us to make expensive mistakes like this— these mistakes meant profits for predatory lenders…