My parents are in their late 50s. They're currently working, making a combined ~150k per year (this number is a lot higher now than it has been for most of my life, due to some large pay bumps late in their careers). They have around ~300k invested in various accounts, including a couple variable annuities they were sold on at some point. They don't know what they're invested in, and they don't have any idea how much they'll need / how far they are from retirement.
I employ a pretty simple, 3 fund portfolio type strategy for my own investments, and I don't feel like I'm knowledgable enough to help them figure their situation out.
I recommended they use https://www.napfa.org/ to find a fee-based fiduciary to help them figure out their financial situation, namely:
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How can they optimize their current investments given the constraints of whatever agreements / contracts / withdrawal limits are present on their current annuity allocations.
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Roughly how far away they are in pure $$$ terms & in length of time (assuming consistent contributions) from being able to retire
Is this the right approach? Should they be attempting to find a fee-based fiduciary? Or would they be better off going some other route? I wish I could have them figure it out on their own, but I don't think that's feasible.
Additionally, are there any other questions they should be asking / trying to figure out the answers to?
Any tips or help are very welcome. Thanks!
Submitted December 28, 2019 at 08:41PM by cootercodes https://ift.tt/2t8rb3Y
