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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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The type of professional you need is a FEE ONLY FINANCIAL PLANNER. However, be prepared to do A LOT OF WORK to aid them in doing their job. Do you have a good handle of your fixed and variable monthly expenses ? Do you have an agreement on how much more you are willing to spend year ? Have you thought about segmenting your new spending goals into the three stages of retirement ? GOGO, SLOWGO, and NOGO ? Is your end goal to spend your last dime at the moment of your last breath, or are you planning to leave a lot of money to kids, grand kids, charitable causes.. etc. All of that comes before you get into asset allocation, risk tolerance, expected returns .. A previous poster mentioned a bucket strategy, which I am a proponent of. Do a search on retirement bucket strategy. Christine Benz from Morningstar writes regularly on that, as does Kiplinger. Most describe a three bucket strategy to buffer yourself from market downturns. All that comes AFTER you do all the hard work above