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    1 Reply Latest reply on Dec 4, 2012 5:02 PM by moneytrack

    How to retire/When to retire?

    trich Scout

      I sold a business a few years ago, made some money and thought that retirement planning would be easy. It is not.

      I actually enjoy working and have a few projects going on now that make a little money for me. The issues are: 1) How to pay for health care; 2) How does one select a Wealth mnagement company? 3) When can I consider that there is enough money for me to retire? I originally hoped to have enough to live off of investments...probably not going to happen now.


      The problem with selecting a Wealth management company is that they all look the same, they all charge 1% for AUM and the one that I have been with for over 10 years underperforms the market continually. (THa'ts why I'm looking.)


      Health care is riduculously high,  covers almost nothing and encourages me to NEVER go to a Dr. I am 55 y.o. and hope to have enough money to retire some day. I appreciate all comments and discussions.

        • Re: How to retire/When to retire?
          moneytrack Scout

          Hi Trich,


          Those are all very common questions, and the truth is, there is no way that anybody would be able to answer them without more information (especially question #3).  A few things to consider (I'll order them as you wrote your question)


          1.  Your health care plan should be tailored to your needs.  Are you someone that uses healthcare a lot of very little?  The answer to this question will help you decide on what type of plan to choose.  For those that are relatively healthy and wealthy, it often makes sense to look into a high deductible plan and opening up an HSA.


          2.  Be sure to interview a few different Fee-only financial planners and find one that you feel comfortable working with.  It sounds like you are unhappy with your current adviser because of performance, but keep in mind that past performance doesn't = future performance.  Find out exactly how they get paid.  They don't all charge a flat 1% fee.


          3.  Once you find your adviser from your second question, they should be able to help you with the this question.  Too many variables here such as lifestyle and current net worth for me to get into any more detail.

          The Money Track
          Independent Financial Advice & Personal Financial Planning