Posted on 08/19/2019 9:03:32 AM PDT by freedumb2003
Can I retire on $500K?
Soon to be ex-wife and I had the last of all our blow-outs. 25 years married, no kids, own the house outright, $1.7 MM (maybe 2), zero debt, 60-something.
Reached out to Cordell Cordell the only law firm I know of that will take care of the man side of things.
soon to be ex-wife does not work.
OP - I’d recommend you consult a “fee only” CFP for help. While many people can, and do, retire without a solid plan on spending, asset allocation, asset spend-down, income planning, etc, a Certified Financial Planner that is “fee only” can develop a detailed plan that includes all of these (and more) important topics.
Also - watch out for people who CLAIM to be “fee only” and then tag on a percentage of Assets Under Management (AUM) or worse - have ulterior motives like selling you an annuity or life insurance. There are more of those out there than you’d expect, and I’ve personally encountered that very situation when planning my own retirement..
Here’s a source to check for fee-only planners in your area: garrettplanningnetwork.com. I’d recommend asking whoever you talk with to disclose ALL the ways they get compensated - ideally, you want someone who is a “fiduciary” (which has legally binding meaning that they always act in YOUR best interest) and is not compensated in ANY other way beyond a flat, per-hour cost. That means zero AUM fees..zero commissions..just a per-hour cost to develop a plan and advise you..that’s the only way you’ll truly get objective, professional advice without someone having an ulterior motive (or many).
Depending on your situation, you may be able to find a fee-only CFP that can develop a plan for you for $1 - $3K on an hourly basis. That’d be money well-spent, IMHO, as there are a gazillion decisions that go into retiring - not the least of which is how to allocate your investments and how to plan your income sources.
Best of luck..
Ironically, I often stand behind welfare people in the supermarket line and they have their carts filled with nothing but junk like frozen pre-prepared foods that they heat up in the microwave. Absolute over-priced garbage that not only keeps you poor but makes you unhealthy as well.
Golly Moses. All those miles and nights!
Stay chill for awhile.
And breathe. Just breathe
The ones I’ve seen have several carts overflowing with lobster, shrimp, steaks, wine, Coke etc, and they take it all to an $85,000 Caddy Escalade. How do they do that on EBT Cards?
I have not always been the best person to gauge the markets.
However, knowing how evil and pervasive the Global elites and the Deep State obviously are, people would be nuts not to sleep with one eye on the market and the economy in the summer of 2020 before the election.
Thank you.
Wise advice indeed.
No alimony in Texas.
>>Just don’t get yourself married again!<<
Best advice on the thread (and echoed more than a few times).
We are going on 30 years and I cannot say that it has always been easy. I am in a lot better shape financially than friends who are smarter and more disciplined than I am, but can't stay married. And some who never got married but lived with women for extended periods and they still got their stuff. I have learned a lot from watching some of my friends go from marriage to marriage and having them fail for the same reasons each time. According to my buddies it has always been their wives fault but certain patterns often emerge. They even pick women that are just like their ex-wives... sometimes its hard to keep them straight.
He’d be smart to heed our advice before things go south quick here. Plus his dollar can purchase probably double (at least) in another country than what he can here.
True, Basque weather isn’t much on sunshine during most of the year.
Spain used to be fun to me, but over the last couple decades the people there have gotten even more soulless.
Regionalism is ok, I get it. In all reality Spain could hardly qualify as a nation considering all the languages/cultures there.
“I went to an advisor who advised me to invest in
closed-end mutual funds pushed by his agency. It was
all I could do to keep from laughing in his face.”
*
So, what did you invest in?
* * *
I have friends that were discovered face down on their desk still looking for more bucks. If that turns your crank, go for it.
Do you plan on dating a Kardashian?
What idiot asks legal advice and financial planning on the internet?
I went with a T Rowe Price mix of funds recommended for my age.
Disposable income from redemptions, which I began maxing out just under the income cap before triggering federal tax, went into Vanguard’s S&P 500 fund.
Advice from professionals is risky as it is, let alone open up the potential abuses of the internet. Do you know how many people are scammed by telephone solicitations? Just imagine how scammers can con innocent people on the nameless internet.
Sorry, its a real bad idea to solicit advice involving money or finances on the internet.
80k from consulting + 36K guaranteed income from pension/SS= ~120K/yr not including income from 500K investments. Unless you have expensive lifestyle you should be fine.
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