Financial Planner fees
Hello Terry, my wife and I are 63 and 65 respectively with $1.3 million in investment retirement funds. We anticipate this to be close to $1.7 million in 3 1/2 years. I am currently paying my financial planner .006% on these phones. The compound map on this seems to be if I pay him say is an average $8000 a year and if I compounded this over a potential 30 year retirement Horizon at 6% I would be paying him $678,463.42. My thought is to take 700,000 of those dollars and put them in a 3 to 4% on the market account. That’s my nine year bucket for immediate income. Then I would hope to invest remaining million dollars and 60% Schwab dividend, 30% S&P 500 and maybe 10% QQQ. Do you think this is a reasonable strategy
Terry Says
Not quite sure what you are paying your financial planner. It’s either a typo or a pittance! Good advice is worth paying for. But if you think you can do it yourself, you can save some money. And we will only know in the long run if your strategy works — and if you can stick to it through tough times!
Personally, I’d suggest a review by a fee-only FIDUCIARY planner. Watch the video at this link and learn more.
