Ask Terry Questions Finding a CFP for retirement

Finding a CFP for retirement

By Terry Savage on January 03, 2016 | Financial Planning / Retirement

Hi –

I’m trying to choose a certified financial planner who specializes in pre-retirement planning. I have two plans in place: long term care insurance and a deferred variable annuity (85K). I am currently teaching for another 9-10 years before I turn 69 so have the state pension as well (Illinois!) so want to receive a “check-up” to be sure I have the right tools in place. Any website I can check? I’s used the Garrett one but there didn’t seem to be very many in my area (Oswego/Naperville). I’m wondering if that would be due to the relatively low amount that would be involved.


Terry Says:  It sounds like you’re on track — but that you’ll need a lot more money to retire.  I’m assuming that because of the pension, you won’t have Social Security. And the pension itself could have some issues ten years from now!   Fidelity has a new retirement calculator that might be helpful.  Here’s a link to that page.

You’ve done a good thing by purchasing LTC insurance — those costs could devastate all your plans.  But how did you get the variable annuity?  I hope it was through TIAA-CREFF (likely since you’re a teacher),  and that reminds me that they have an excellent pre-retirement counseling service, free to their members.  That would be the perfect place to start.

Then if you want a CVP who charges only a flat fee, and not commissions, you can go to — to search for CFPs who can help individually.  But first look at those other two options.



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