Ask Terry Questions How am I sitting financially at 77 years old

How am I sitting financially at 77 years old

By Terry Savage on February 25, 2024 | Financial Planning / Retirement

We own our house. Very little debt. I have a pension and have been managing my portfolio by myself. My question is would I be better off with a financial advisor AND the fees involved OR continuing on with low cost balanced index funds. My returns have been ON average over the years, 5%. We live on s.s.n./pensions

Terry Says

Well a fee-only fiduciary financial advisor would ask you all the questions (and more) that come to my mind right now — and the planner would ask your age and that of your spouse!
1. Do you have an up-to-date estate plan? Have you created a revocable living trust — and retitled all your assets into it.
2. Have you named a beneficiary and a contingent beneficiary for your IRAs.
3. Do you have life insurance.
4. Have you done a withdrawal scenario since you will start withdrawing at age 73 — and need to make your money last your lifetime? And have you matched it with your cost of living needs.
5. Have you made provisions for long term care insurance.

And more and more.
So if you want to keep doing it yourself, I suggest you go to, created by my friend and co-author Larry Kotlikoff. It is the most sophisticated planning tool available.
Or go to, by following this link and learn how to be matched with a fee-only Fiduciary planner you can trust.

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