Husbad is 64 y/o and plans to retire soon - need to learn more to prepare
Good afternoon Karren. Thank you for your question. Most of the time, if you go to a "retirement class" what you will find is some on using "retirement" subject line to get people in and then try to sell them something, like an annuity. Not always, but pretty often In my experience the best way to go about this, is to meet with an Fully Independent Planner who is only compensated by a fee and not a commission. We all offer first initial consultation for free. You can go in sit down with a planner and he/she will take their time walking you though the process of getting ready to retire. They will evaluate your income needs, against the actual income you are getting, look at inflation, long term care, premature death, estate planning needs, identify a gap and then run simulations to see what is the best way for you to invest your portfolio. It is a very important step, the decisions you make now will have a very big impact on your future and your ability to enjoy your golden years. Therefore you want to make sure you invest enough time in putting a comprehensive plan together as well as take enough time with your planner to make sure you completely understand everything and feel 1000% comfortable with your decisions. I hope this helps Please let me know if you have or need additional help Sincerely Michael Mezheritskiy, Founding Partner, Visionary P.W.M.G. www.VisionaryWealthMgmt.com
Hi Karen, As Michael pointed out finding a truly objective and unbiased "retirement class" can be challenging. There are firms who do offer strictly educational programs on retirement issues, and they should be billed as such. Our firm hosts a no-cost, quarterly "Lunch and Learn" program on a variety of retirement issues and because we act as fiduciaries for clients, these sessions are designed to inform, not sell. Typically, a fee-based investment firm is more likely to offer purely informational programs. If you can't find an educational event that you feel confident is only providing information versus trying to sell a product, then do as Michael suggested and seek out an investment advisor who assumes a fiduciary role - that means they are only going to make recommendations that are in your best interest. Most fee-based, independent planners do offer an initial consultation at no cost, and they can offer both guidance and direction in helping you address all areas that impact the retirement decision - income needs, Social Security planning, health and long-term care expenses, estate planning and taxes. Best of luck to you and your husband as you begin exploring this next phase of your life. If my firm can be of any assistance to you, please feel free to contact us. www.retirewithicm.com. Angie Chapman CRPC®
Here are a couple of suggestions you might also consider:
1) If your husband works for a company that provides a 401(k) or similar plan, sometimes the plan sponsor offers free classes for employees that are nearing retirement age. Your husband might want to contact his human resources group to see if such classes might be available.
2) If one is nearby, you might check with a local community college to see if there are evening classes available. In my town, for example, a local college offers these roughly twice a year. The cost is minimal (around $100 for two evening classes). Perhaps a college local to you offers something similar.
Hope this is of some help.
The other advisors have given you some excellent suggestions. I would recommend a slightly different approach. I would ask some of your friends, colleagues or neighbors for suggestions on investment advisors who they use or know. You could also search on Brightscope. Set up a meeting with two to three different advisors and see what they have to say given your unique circumstances. This will give you a base line of knowledge to work from. Most advisors will be happy to meet with you and this will give you a starting place to continue your research.