# Free Financial Advice



## Packerjohn (Nov 3, 2019)

I used to laugh at all those financial advisers every February telling us that we need about 1.5 million dollars to retire so that we could "maintain our present life style".  Now, that I have been retired for 19 years with very little savings but a decent pension I can see what a bunch of baloney this advice.  Also, we all need a financial advisory, don't we?  HA!  I want to have a good life when I live & not become the richest man in the graveyard.


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## rkunsaw (Nov 3, 2019)

We have a decent amount of savings, a company pension and social security. We live very comfortable lie without  touching our savings, even adding to them.

But as we grow older and our health becomes an issue I look at the cost of assisted living or nursing home care I realize we could be flat broke in a short time.

So I say the more savings you can manage to put aside the better. You never know what the future holds.


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## Don M. (Nov 3, 2019)

rkunsaw said:


> But as we grow older and our health becomes an issue I look at the cost of assisted living or nursing home care I realize we could be flat broke in a short time.



That's the Big Question, for all Seniors.  Extended/Nursing Home care can quickly bankrupt a person....or they can wind up in some state run facility that offers minimum care.  About the Only way to avoid that is to have a good Long Term Care policy.


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## Aunt Bea (Nov 3, 2019)

It really depends on where your retirement income comes from and how you choose to live.

I get a decent amount from SS but my pension isn't enough to pay most people's monthly cable or cell phone bill.

I built my investment portfolio so I could fund my own version of a decent pension.

We all need to do the best we can to create a comfortable retirement with what we have.


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## OneEyedDiva (Nov 3, 2019)

The two times I listened to "experts" as far as investing, those investments lost money, so I don't put much stock (pun intended) into what they say. Like you, I'm blessed to have a pension and rarely tap my investments. I'm finally starting to read articles (by or featuring financial planners) that admit everyone will not need that 1 million.  Setting that as the default goal for everyone to achieve can act as discouragement for those who know it's not achievable.  These Gen-X'ers and Millenials have a lot on their financial plates, even those who work hard and long. The "must have a million plus" planners need a reality check. Many Americans can't manage to save enough of an emergency fund, let alone a million dollars.

I've read articles in Money magazine about people who were living well off half their salaries in retirement. That was me when I first retired since I did so 11 years before I was eligible for social security.  But my housing and personal expenses have always been much lower than average for this area.  Now my income is 81% of what I made when I was working. I know the recommendation use to be for it to be at least 80%.  But it's all according to income vs expenses, what lifestyle one chooses and whether or not one is living within means.  I'm managing to live the lifestyle I want while living within my means. Took 9 or 10 weeks vacation this year. Having good health insurance, as I'm blessed with, is certainly a plus as well.


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## Packerjohn (Nov 4, 2019)

Thanks for the good comments.  I live in a 55 plus rental unit.  There are all sorts of people here.  Some have 2 cars & go down to Arizona for the winter.  Others do not.  I believe that you can live on less when you retire.  Why does a retired couple pay for 2 cars when one would do fine?  Yes, the trick is when your health goes & you need assisted living care.  The government places here are pretty sad.  The good ones are private run but they are not cheap.  Guess if you bought a new vehicle every few years & never saved any money than you are out of luck.  I have also learned that having a decent pension is really good because it keeps coming & coming at the end of each month.  Savings are good if you can live off the interest but that is pretty hard these days.  Small savings can disappear pretty fast.


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## Trade (Nov 4, 2019)

Here's my free advice:

Be your own financial advisor.

And while you're at it be your own personal trainer and be your own "life coach."


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## Packerjohn (Nov 4, 2019)

This ole' packer never had a personal trainer & I never had a life coach but I survived 7 decades by having a lot of common sense.  Common sense seems not to be so common today!


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## treeguy64 (Nov 4, 2019)

My ex had a financial advisor. She went bankrupt, and was foreclosed. She lives in a trailer park. Anyone want her advisor's name and number?

On another subject: I have to admit that I don't understand those who financially plan for living in assisted living. Are you simply willing to give up on staying in good shape, living a fulfilling life? At the point where I can't do what I want to do, I can't enjoy things that make life worth living, why should I bother to prolong my frustrations by having someone assist me in doing so, and pay a ton of money for that service, to boot?


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## mathjak107 (Nov 4, 2019)

first off , we all back in to what we have and make it work . some of us may be living lifestyles we dislike or find very stressful every time an unexpected bill comes up … but I can tell you this MONEY BUYS CHOICES IN LIFE  … the more choices and options most of us have the better …. so yeah you can make living on ss work and others can find a 6 figure income is  not enough . so I don't really find much merit in blaming advisers for the fact you can make do and make what you have work .

we can live in a hobble even here in nyc in a part of the city i rather not live in and make 1/2 our less of our current income work .. do i want to ?  hell no

good financial planners never give you a number … they take what you have and maximize it  , tax wise and return wise ….they then tell you the odds of accomplishing that income draw based on how you would have done over the last 119 30 year retirement cycles we had already ….
!


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## mathjak107 (Nov 4, 2019)

my biggest mistake was not seeking advice early on . because I did well as an investor I thought I knew all I needed to know ...well now that I am retired tax wise my plan could have been way better had I structured differently and paid for good advice ….. if anyone thinks good advice is expensive wait and see what free costs


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## treeguy64 (Nov 4, 2019)

Be your own advisor, but be the smartest advisor you can find, by meticulously researching the subject of planning for your retirement. I did. No problems.


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## mathjak107 (Nov 4, 2019)

I consider my myself very savvy as an investor but I have to say WE ONLY KNOW WHAT WE KNOW AND WE DONT  KNOW A THING ABOUT WHAT WE DONT KNOW ..

I WAS MY OWN  ADVISER ...
I did a great job as an investor ....but I knew nothing about  planning around getting an aca subsidy from 62-65 ... I knew nothing about planning how to get a 6 figure income while delaying ss  by planning around having little taxable income .. I learned to late to do much good ..... had I utilized Roth’s early on , had I over funded my life insurance policy for a decade at 4% interest , no expenses on it and borrowed it out tax free now along with lots of other ploys I would have saved thousands of dollars  I spent on insurance and taxes.

people with assets to work with , shoot themselves in the foot by not seeking proper help ..in fact we found out when we went to see an adviser that met  my standards ,we had a huge nys estate tax issue because I had no clue at the time ny had a tax cliff ...if you went over the estate tax limit you did not pay on the overage ...you lost the entire exclusion..so we needed special disclaimer trusts ... who knew

good planning is far more than buying a bunch of etf’s


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