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Looking for information

  1. #1
    Join Date
    Jun 2019
    Location
    Cuyahoga Falls, Ohio
    Posts
    2

    Looking for information

    Hi,
    I'm Dale, I'm 61 and live in Ohio. I work in Information Technology, and my days are numbered there. I'll retire soon, not sure when, it won't be my choice.

    My situation is, I've just paid off my house, my cash reserves aren't great, but I do have a reasonable 401k. I've done some simple budgeting and figure I'll need around $45k a year to live a modest lifestyle and handle small emergencies.

    My biggest concern is my 401k. I've read that the employer plans aren't well suited for retirement/distributions. Currently, my 401k is a 50/50 mix stocks vs. bonds. How do I find an advisor who isn't looking to retire on what they can siphon off of my 401k? Where are sites that are informational, not trying to sell me a bunch of junk?



    I figure that best case, I have 6 months left before I am retired. I'll be 62. I did the math, and it looks like beginning my social security at 64 is reasonable. If I start at 64, age 80 is where I'd be losing money for starting early. I am willing to take that risk.

    Thanks in advance for any input.

  2. #2
    Join Date
    Nov 2014
    Location
    central Missouri
    Posts
    5,294
    Quote Originally Posted by DaleD View Post
    My biggest concern is my 401k. I've read that the employer plans aren't well suited for retirement/distributions. Currently, my 401k is a 50/50 mix stocks vs. bonds. How do I find an advisor who isn't looking to retire on what they can siphon off of my 401k? Where are sites that are informational, not trying to sell me a bunch of junk?
    You might want to consider rolling your 401K into a conservative mutual fund with one of the major fund companies....such as Fidelity or Vanguard, etc. When I retired, about 17 years ago, I rolled my 401K into a fund with American Funds, and the results have been quite good. Go to a couple of these funds web sites, and look up their "advisors" in your area, and set up a meeting with them. I looked on the Am Funds site, and they show several advisors in the Akron and Cleveland areas.
    Things get better with age....I'm approaching Magnificent.

  3. #3
    Join Date
    Jun 2019
    Location
    Cuyahoga Falls, Ohio
    Posts
    2
    Quote Originally Posted by Don M. View Post
    You might want to consider rolling your 401K into a conservative mutual fund with one of the major fund companies....such as Fidelity or Vanguard, etc. When I retired, about 17 years ago, I rolled my 401K into a fund with American Funds, and the results have been quite good. Go to a couple of these funds web sites, and look up their "advisors" in your area, and set up a meeting with them. I looked on the Am Funds site, and they show several advisors in the Akron and Cleveland areas.
    Thanks. My current 401k is with Fidelity, but as I said, it's an employer sponsored fund, and from what little I know, those aren't good for monthly distributions. I just don't want to make any mistakes, it's too late in the game for that. If I just keep what I have, I'll be ok. I figure it might be a little tight until I start drawing SS, but I don't think I'll be eating dog food.
    I'll start with a Fidelity advisor, then check out Am Funds. A friend of mine has had good luck with them too.
    Thanks again

  4. #4
    Join Date
    Aug 2017
    Location
    Buffalo,NY
    Posts
    2,199
    Hi Dale D welcome to this friendly forum
    You might to check out the retirement/financial thread on the website
    I'm sure other people who regularly post there can give some advice
    I hope you enjoy it here Sue in Buffalo,NY
    Walkers Take It All In Strides

  5. #5
    Join Date
    Feb 2019
    Location
    USA
    Posts
    1,081
    Well if you are going to do it....you know you are preparing for your final exit. Make sure your home is on one level, you can walk from the outside from all doors and garage without climbing any stair steps and the doors are wide enough to accommodate a scooter when you can no longer walk. There will be a day you will wish you did this, if you don't do it now. If you have persons you wish to leave money to just buy insurance and make them the beneficiary. Sounds like you have enough money to comfortably retire on, don't stress out trying to get more. If you have heard about the phrase, ''The Golden Years" the persons using it are full of BS. Financial advisors don't work for free, they make commissions by moving your money to other investment programs. Sounds like you have handled you finances pretty good. Sounds like you really don't want to retire, but your job is ending. Social Security is now called ''Federal Benefit Payments" and if the government keeps stealing our social security money and raising the retirement age no one will be drawing a check. Heck if you are in good health, get a low stress job, odds are on your side to live another 20 years. Best of luck Dale and WELCOME...
    MY LEGS HAVE ALWAYS HELD ME UP, MY ARMS ALWAYS BY MY SIDE, MY FINGERS I COULD ALWAYS COUNT ON.

  6. #6
    Join Date
    Aug 2015
    Posts
    8,971
    Hi Dale..we have a financial section here in the forums nearer to the top of the page if you want to ask a question there, too. I, too, am in Ohio in the northern region.


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