5 • 706 Ratings
🗓️ 19 December 2023
⏱️ 30 minutes
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0:00.0 | Ready for Retirement, a listener wants to know if he's crazy for paying his financial advisor $25,000 per |
0:05.0 | year when he thinks he might be able to do the same work on his own for free. So on today's episode, |
0:09.9 | discuss ways to know if he's crazy for doing this, for continuing to pay his advisor, |
0:13.8 | and I'll point out things he should look at to know if this cost is potentially justified. |
0:17.9 | It's all coming up next on Ready for Retirement. |
0:24.1 | This is another episode of Ready for Retirement. I'm your host, James Cannell, and I'm here to teach you how to get the most of |
0:27.7 | life with your money. And now, on to the episode. Today's episode is based upon a listener |
0:35.0 | question. This listener's name is Don, and Don submits the |
0:38.2 | following. He says, first off, I love your podcast and I've learned so much from you. To be honest, |
0:43.0 | listening and reading as much as I have over the last year or so has emboldened me to realize that |
0:46.9 | my current financial advisor makes much worse decisions than I have over a 10-year time period. |
0:52.2 | All that I have done is work, put away money, raised a family, |
0:55.2 | and trusted that my advisor was making sound decisions. Well, now that the kids are grown and I'm |
1:00.2 | slowing down at my job, I realize that I believe I can do all this on my own for free, |
1:04.8 | instead of paying an advisor now $25,000 per year on average as my assets have increased. |
1:10.6 | I have a portfolio of approximately |
1:11.9 | $4 million and my estimate that my expenses in retirement will be approximately $120,000 per year in |
1:18.1 | today's dollars. Doing the simple math, I'm not too worried about running out of money. So my question is, |
1:23.6 | why not simply invest in the S&P 500 fund and keep it all simple with about three years |
1:28.6 | of cash reserves to weather and downturn in the S&P 500 fund? Take from the cash from the |
1:34.1 | market's down and take from the other assets when the market is up. Also in the meantime |
1:37.9 | convert as much as makes sense from a tax standpoint to my Roth IRA from my traditional IRA. |
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