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Old 10-18-20, 08:02 AM  
Hsim
 
Join Date: Sep 2016
No I would never consider using a financial planner even using the NAPFA certification. Their first goal is selling regardless of the certification level. I have worked in Finance and Accounting for 40 years and I have made a point of being "money savvy" by reading and listening to podcasts. That being said not everyone feels comfortable with taking on this role. Some people would rather use an advisor.
The other point is if you use an advisor to try to find a fee based planner rather than one who charges based on total assets invested.
Do you and your husband have a budget? That is always a great starting point because it lets you know how much you need to cover monthly expenses. You may need to add in line items for taxes and medical insurance once you retire. Once you see how much money you need you can compare that against inflows from social security, pensions and investment draws.
Good Luck. I am still waiting to see if I can retire at the end of the year or early next year. I am concerned with the value of my investment portfolio and watching the market to see if it tanks or not.
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Old 10-18-20, 08:57 AM  
Carol K
 
Join Date: Nov 2001
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I haven't personally used a planner from NAPFA, but the advisors who are listed there are supposed to be fee-only planners not salesmen who work on commission, unless something has changed. I have been through the CFP education and I would only use a fee-only planner.
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Old 11-15-20, 12:53 PM  
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There are a lot of retirement financial planning podcasts that I listened to when I was first laid off. I don't remember which ones I found most useful, but I did find that they helped a lot.

From what I've heard, if you do look for a financial planner, the word "fiduciary" is crucial. There are certifications that require a fiduciary duty, meaning they must by law be acting in their client's best interest. But not all financial advisor certifications carry that requirement.

I didn't seek one out. I feel that I've learned enough to make good decisions, and I find investing rather enjoyable.
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Old 11-15-20, 01:23 PM  
Carol K
 
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CFP is one of those credentials.
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Old 11-15-20, 02:20 PM  
Paula N
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Years ago, I paid a fee-only financial advisor for a consultation, and I think it was money well-spent. I paid for the most basic review-only package they offered, but they did give me some general guidance on some tweaks I could make to my portfolio. Not specific investments, but reallocations to asset classes and new assets classes to add.

This pandemic has gotten me to thinking more my career direction. I am not yet at retirement age, but I am dreading going back to a 5-day a week office environment, including commute, dressing up, chained to a desk, cubicles packed together, etc. I have been to several virtual job interviews (that was a weird experience) and one company was seriously considering giving up their office space and moving to remote work permanently. Or I would love to switch careers entirely, but I have no idea what else I want to do,and feel far too old to go back to school.
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Old 11-15-20, 03:44 PM  
Carol K
 
Join Date: Nov 2001
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I went back to school at age 52 after being laid off from a company where I had worked for over 23 years. I had a bachelor's degree, but I went to a community college for an AAS degree in Health Information Technology. I loved it. When I was in my 20s, I sat in the back of the class and never said anything. In my 50s, I sat in the front and talked all the time. And now I have a second career as a medical coder at a university teaching hospital and I'm the team lead. It was the best thing I ever did for myself. I'm 63 now and I would be perfectly happy to work until I'm 70.
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Old 11-15-20, 05:30 PM  
Paula N
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Carol, that is so inspirational to me! I would be open to taking a community college program, particularly something I could do part-time, I just don't want to the time or money commitment of another bachelor's degree. In fact, years ago I made an appointment with a career counselor at a local community college to investigate some options. She was very honest with me and told me that for the options I was considering (paralegal was one), there were already too many candidates looking for work and that the job market was very tough.

I am not sure I really want to retire, but I would like a job that was somewhat more fulfilling and interesting that what I am trudging through right now. Or maybe I just need a change. On the other hand, I keep telling myself that I am so lucky to have a steady, secure job and to just leave well enough alone.
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Old 11-15-20, 05:36 PM  
Carol K
 
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I totally understand that Paula. I would never have had the motivation to go back to school if I hadn't been laid off. I'm just lucky the way it worked out.
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Old 11-16-20, 07:38 AM  
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Quote:
Originally Posted by Paula N View Post

I am not sure I really want to retire, but I would like a job that was somewhat more fulfilling and interesting that what I am trudging through right now. Or maybe I just need a change. On the other hand, I keep telling myself that I am so lucky to have a steady, secure job and to just leave well enough alone.
One option is to pick a field or job that you think you might enjoy and then do volunteer work, or get a part-time job in that area. That's what I did. It can be tiring and you'll have a full schedule, but it's a great way to experiment with new options while still having the security of your current full-time job.
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Old 11-16-20, 08:17 AM  
donnamp
 
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Location: Maryland, USA
Paula -

Not much to add to the thread except to say - I hear you - the thought of going back into the office full time just makes me sick....I don't dislike my current job, but I feel I could last longer in it if I could work at home more of the time.

I just turned 53 and have a DD who is looking at college next year, so realistically, retirement is a ways off.

Hopefully, the powers that be will see that stuff got done - w/ remote work and will allow for more flexibility.

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