Ask Terry Questions Retirement Check-up

Retirement Check-up

By Terry Savage on August 14, 2017 | Financial Planning / Retirement

My husband's 401K is managed by a company his firm has engaged. We think they have done a pretty good job and are always available to sit down with us and answer questions. As we get closer to retirement, we would like an independent fiduciary to give us a second opinion and help us make some decisions as to how best to manage our money once we are taking a draw. How does one go about finding such an individual? Many thanks!

Terry Says

There's no harm in getting a second opinion.  But be sure you get more than "investment" advice.  You want a Certified Financial Planner to look at your entire retirement lifestyle, potential costs for everything from vacations to healthcare, and then determine the appropriate allocation to stocks, bonds, or cash.  (I'm just about to post a column on that subject so check back at later this week.) You probably want a "fee-only" financial planner - so search online at ( the association of fee-only financial planners|).  The first meeting should be at no cost, so you can get an idea of not only what they recommend, but how concerned they are about YOU and your situation.  For more on what to ask, and be asked, go to look at their suggested questions.

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