Retirement Planning
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retirement resources
–Feb 18, 2025Looking for recommendations to help my parents (mid-60s) plan for and adjust to retirement. They are both very identified with their jobs and struggle to imagine what retired life could look like that is as fulfilling as their long careers have been. They are likely to keep working until physical demands and/or industry changes force them to stop. I don't think they have a ton of money saved, which likely factors into their situation. Wondering if anyone has recommendations on books, podcasts, or even therapists or support groups that could help with the transition. I've always thought of retirement as an exciting and freeing time but both my parents are approaching it with a lot of resistance and hesitation. Thanks in advance for your kind suggestions.
Feb 18, 2025Reply now »Budget retirement - housing options in Bay Area
–Sep 27, 2024I currently have a part-time job but I might go into forced retirement. I know I have to sell my townhome due to associated costs, and would like to stay in the Bay Area where my friends and doctors are, but are there any realistic fairly inexpensive options? I am also wondering if it is better to just take my social security now (I am 62) or wait (but I would be living on withdrawals from my 401K). I've gotten stuck trying to figure out what to do. Thank you for any tips or information you have.
Sep 27, 2024looking for retirement advisor
–Jun 30, 2024I have an investment advisor who also does retirement plans but I'd like to talk to someone who is tax centric and can guide me through the best ways to manage my withdrawals with medicare costs in mind, etc. Right now, I feel that I can make mistakes in withdrawal amounts that can put me in a higher tax bracket and a higher medicare cost bracket. I want someone who proactively plans withdrawals and spending to minimize taxes and costs Does anyone have a recommendation for someone who knows this aspect of retirement? Thanks in advance for any guidance you can provide.
Jun 30, 2024Fixed Annuities -- Perspectives from people who have them
–Oct 29, 2023Recently met with a financial advisor at Fidelity my 401k (from a previous employers) is. She ran a couple simulations that showed if we kept our retirement money only in a 401k we would run out of $ when I was in my early 90's. Whereas, if we put assets from my 401k into a fixed annuity, we would not run out of $ during retirement and there would be a small amount of assets (from 401k) that our heirs would inherit (these simulations assuming below market returns and both myself and my spouse would live to late 90's). I've done research online into the pros and cons of fixed annuities but wondered if anyone who has a fixed annuity can chime in whether they are happy with their decision to obtain one and if they had to do it again would they make the same decision. I'm still 10ish years from retirement.
Oct 29, 2023Fee-based financial advisor for retirement planning
–Sep 27, 2021I need help figuring out if I am financially secure enough to retire soon. I will have income from a pension, social security and some savings. But I am not sure how to estimate how long this will last. In addition, I am getting a larger inheritance from my parents in Germany. I believe, there are no taxes due on this, but I would also like to discuss any potential tax effects and help with investing the money from the inheritance.
I would like to work with a fee-based financial advisor. I am not sure if one professional would have the expertise for all these questions, or if I need to work with multiple advisors.
Sep 27, 2021Flat fee financial advisor to plan retirement
–Sep 11, 2021Hi!
I am looking for a recommendation for a flat fee financial advisor. Someone who can easily walk us through some planning and help us figure out our retirement with our limited resources. We don’t have a lot to work with and are also interested in learning about low index funds. We are in our early 40’s , 2 young children, a school teacher and an X-ray tech. We now live on the Peninsula but are willing to drive to the East Bay . Thanks in advance for your recommendation and or advice!
Sep 11, 2021Roth IRA for a Teen
–Feb 18, 2021My teenage daughter earns occasional money from dog sitting. I'm looking to deposit an equal amount into a Roth IRA for her. Looking for some advice on where I could do so without a minimum balance or high fees. My first choice would be Vanguard but they have a $1,000 minimum balance. Once we get to $1k, I plan to transfer the balance to a Vanguard account. Until then, what's a good option? So far we are only starting out with $75 and not sure when the next dog sitting/money earning opportunity would be, but will probably get a couple more sometime this year. Thanks for any advice!
Feb 18, 2021I'm mid-40's, single, no kids, self employed.1) what's an "acceptable" fee to pay a company like Vanguard or Fidelity etc to help manage your retirement investments (SEP/ROTH)? I know this kind of service requires a % fee, but what's considered "average" or acceptable?2) I'd like to find a Financial Advisor or Planner this group highly recommends. I want to learn more about managing my retirement investments, but need some guidance and education initially. (I've been reading a lot online and in books, but having a human to guide and ask questions to would be helpful). I don't want to be sold into specific funds the advisor is affiliated with. I just want guidance so I can eventually mange them myself and reap better returns. My previous investments were lacking in any strategy and I have a lot of catch up I need to do. TIA
Jul 27, 2020
As a retiree who is very busy with immensely satisfying activities, I cannot imagine relying on my adult offspring - be they ever so well-meaning - to help me "adjust to retirement".
First of all, from what you have written, I don't see any compelling reason why your parents would need to retire, if they enjoy working.
Depending on the circumstances - assuming that they are not, for example, federal park rangers being forcibly dumped by Elon Musk - many employers would be willing to orchestrate a ramp-down in hours worked per week..
If your parents are "very identified with their jobs", perhaps they can continue to practice what they do in some way, if not as part-times, then as mentors or volunteers.
If they "don't have a ton of money saved", perhaps they can parlay their skills into starting a business, or consulting.
These are just some thoughts. If what they are doing works well for them, don't try to fix it.
Hello, that's great that you are trying to help ease your parents' concerns. I don't have specific book/podcast/therapist recommendations. But I did want to offer than some employers are willing to do "phased retirement" -- basically reducing hours when physical demands of work make it impractical to work full time. Since they both identify strongly with their jobs, this could be a way to keep working even as it gets harder physically. Depending on the type of jobs they have, it could also be possible to do consulting/advisory work in their fields, which can offer a lot of flexibility in work location/hours/etc., while still being involved and making some money. Once they stop working fully, there could be ways to remain active in their career fields if they do white collar type work, such as LinkedIn posts, blogs, professional organizations, volunteering, mentoring. I think there may be ways to end "the grind" of work but not lose that part of yourself and identity. Another thought is that they must have some other interests besides their careers - can they foster these while they are still vibrant? It can help if retirement is not just a loss of something, but a gain of something else. Lastly, while I don't have specific book recommendations, the public library could be a great source of books on the transition to retirement, and the librarian may have recommendations or be able to help you find these. Best of luck to you and your parents!
Very good of you to want to help them. The libraries run programs around retirement, and there are also two senior centers in Berkeley, and one in Albany. They may be realistic about their financial situation, and want to keep working for as long as possible so as not to burden you. They are likely to have retired friends and co-workers they could turn to for advice. My one piece of advice is to sign up for Medicare Part A as soon as they turn 65 -- it is free. When they actually retire, they will need Medicare Part B, and either a supplement or an advantage plan. (Most of the advice is to avoid the Advantage Plans, because the coverage is more limited.) My thought would be to actively listen if they bring this up, but to assume they will figure it out on their own. (The same way one does with young adult children.)