Retirement question

[Narrator02]

I'm probably going to retire in the fall of 2024. I have a 401k with Merrill Lynch, a Roth with TRowe Price, and a Roth with Morgan Stanley. I'm curious as to what others are doing. Should I hire an investment planner? I do want to consolidate all my accounts into one company and it definitely won't be Merrill. Anyone have an advisor already? How is the fee structure?

[mtpockets]

I'm probably going to retire in the fall of 2024. I have a 401k with Merrill Lynch, a Roth with TRowe Price, and a Roth with Morgan Stanley. I'm curious as to what others are doing. Should I hire an investment planner? I do want to consolidate all my accounts into one company and it definitely won't be Merrill. Anyone have an advisor already? How is the fee structure?

No Advice my friend but I will congratulate you on your upcoming retirement and bump the thread. There are some money savvy folks on here who I am sure will chime in and provide some sound advice.

Congrats and good luck!

[CommitmentRulz]

I'm probably going to retire in the fall of 2024. I have a 401k with Merrill Lynch, a Roth with TRowe Price, and a Roth with Morgan Stanley. I'm curious as to what others are doing. Should I hire an investment planner? I do want to consolidate all my accounts into one company and it definitely won't be Merrill. Anyone have an advisor already? How is the fee structure?

I retired earlier this year. Hired an investment and retirement planner about 2 years ago. Smart to do so. Has given us a lot of advice, confidence, and comfort.

[Mark1T]

OP, you are doing well.

Since you asked, ever since the 6-month Treasury hit 5%, I am riding that for as long as it remains above 3.5%. I do not need to pay an advisor to do this.

Are the fees too high with Merrill?

[Cantplankwell]

We have used a paid for advice only planner recently. It answered the question that we are on the right path. One thing for sure is you want to make sure you dont have any tax pitfalls or skeletons or upcoming estate issues to deal with at a later date...some of these issues can be pivotal tax wise, so a planner is good for that as well.

I have heard different things from different folks who do not have defined benefits pension plans (government, teachers, firefighters, police, military etc) and just as many do their own planning as others that hire a "money guy". I really dont trust small boutique investment planners TBH, We are likely going to be going with the wealth management division of one of the largest Banks here in Canada, might cost a bit more tho..but maybe more piece of mind. But at the same time some of my portfolio will be self directed....not putting all of my eggs in one basket. It really depends on how financially literate and your level of risk tolerance. My wife and I have only defined contribution plans and I we are not going to inherit anything much from either side and both of us are self employed...we have nothing to fall back on so our tolerance is moderate to low.

Another lesson I have been learning from talking etc and observing is you want to enjoy life and assuming you are set...just get on with it and retire. If you are bored and or need some cash get a part time job for a few hours a week, I will probably do that so I can buy more guitars, cooking gadgets and to cover my green fees.

[mtpockets]

Another lesson I have been learning from talking etc and observing is you want to enjoy life and assuming you are set...just get on with it and retire.

Well said, When I was 16 unloading trucks, I worked with a couple of old fellows that were ready to retire around 65. They were beat up from working. One croaked shortly after and the other one's golden years weren't golden.

I took my next paycheck and banked it vowing to retire at an early age. Keeping my eye on the prize I was able to do it earlier than planned.


Life is a crap shoot and nothing is ever guaranteed and the odds are less in your favor as you age, so if you have the opportunity to retire and do what you want, that's freedom at it's finest imo. Just do it.

Now if you are the type that want to work until you die, have at it. I'll be fishing


Time is Wealth





Here's a link to a retirement thread we have here in the OV35, there are some great posts in there if anyone is interested.

https://forum.bodybuilding.com/showt...1468123&page=1

[Kilted100]

Interview 5 or 6 wealth managers/financial planners. Show them what you have and tell them how you want to live in retirement. They will let know if you can do it. Pick the guy you feel most comfortable with.