Have a question about your own retirement savings? Email us at [email protected].
I’m 48 and have been married to my wonderful husband, 49, for almost 20 years. We have one son, 18, who lives at home. We have three other adult children who now live on their own: My husband has two sons, ages 27 and 25, and I have a 29-year-old son from a previous marriage.
I wake up with anxiety wondering if I made a mistake retiring. The problem is that financial planners want to manage our $2 million portfolio for a fee, and we are scared that our retirement savings will be destroyed if we hire the wrong adviser. We have not received the best advice in the past. See: I’m in my 60s with almost $1 million. My home is paid off.
The word “fiduciary” is being thrown around a lot lately, especially after President Biden recently proposed a rule that would make retirement-planning investment recommendations more stringent. But you are correct to set your sights on a fiduciary over a commission-based adviser. Also see: ‘I’m losing sleep’: We’re retired and buying a $1.3 million townhouse. With everything going on in the world, is it too risky to make a move?
Sometimes, advisers will pursue a certification in a specific arena, such as retirement planning. Two common designations are the Retirement Income Certified Professional and the Chartered Retirement Planning Counselor.
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