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Originally Posted by biscuitgirl
Hi all. My husband and I are recent arrivals in TV. We’re looking for a professional to advise on taking withdrawals from our savings to fund retirement. We’ve always made our own investment decisions and feel pretty comfortable with that. But we have a few big-ticket items coming up with the house, as well as day-to-day expenses, and I’m struggling to figure out when and from which accounts to take money to minimize tax impacts. There seem to be plenty of people around that will sell you an annuity or manage money for an ongoing fee, but surely there must be people that specifically advise on the withdrawal side of things. Can anyone recommend a good fee-based advisor who can help guide us through this, or even identify the type of professional I'm looking for to better target my google search? Thanks.
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Perhaps, projection from my thoughts. The first thing to face is we will not live forever.
That is a hard thing to face. Assuming you have an accountant they should be able to advise you.
Annuities are often pushed. Not because it make financial sense for all but because the commission is huge. For many I must have an income of ????? per week, per month.
My income was never like that, so I do not think that way. If, you have a brokerage account, you can instruct them to send you ?????? per month. There is no fee for doing that.
How much risk are you willing to take? Everyone has a high risk tolerance when things are up. That changes rapidly when things are down. There are investments with essentially zero risk. A ten year treasury pays last time I looked 1.6%. You pay your top federal tax rate on that. The CPI consumer price index has recently hit 5.6%. That too is paid after taxes.
Before seeking advice be sure to understand how that person is paid. Paid to manage your money? Would you trust anyone to do this? They will charge you a percentage of your portfolio. That is whether you make money or not. They will likely put your money into stock, bond funds and ETFs (exchange traded funds). You will pay the regular fund fees plus the manager fee. We went to a presentation for this. I could not believe people were filling out forms with their name address, phone, e-mail NET WORTH social security number etc. We had a nice lunch and turned in a blank form. If, I recall they charged .5%.
Major home expenses? What needs to be done now? If, roof is leaking, it needs to be done now. A pool? I neither have a pool or want one. I've had several boats. The old joke is a hole in the water that you pour money into. A pool is a hole in your backyard that you fill with water and pour money into it.
Mistakes happen when you allow others to rush you or you rush yourself.