S/O Financial Planning... | 2Peas Refugees

momto4kiddos
Drama Llama

Posts: 5,153

S/O Financial Planning... May 27, 2016 11:24:49 GMT

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Post by momto4kiddos on May 27, 2016 11:24:49 GMT

We have a financial planner who handles our investments. She's someone we found through my sister. She meets with us whenever, but mostly we use her for doing IRA's or putting away some found money.

Because of the post about financial planning, it seems like maybe we aren't using her to our full advantage/her capacity. So i'm wondering how much does your financial planner know about your income? I know someone said they helped them retire at 49... Did they project the income needed for that goal?

I'm just curious if I should be getting more involved with ours. We save, but husband has never had any real goals (to be honest we probably wouldn't even have savings if it weren't for me insisting.) I am a planner so i'd love to be doing more, have wanted to buy something to rent out so all our stuff isn't just in one place, but he really just doesn't think of the future....and i've just gone along for the ride I guess.

So tell me more about financial planning and how much "planning" you do every year. Are there goals for each year that contribute to the end. Do you have a retirement goal for savings? What do you chat with your financial planner about lol. I love the woman we have and have known her for years, but I think maybe we kept her at arms length in the beginning and she's stayed there.

raindancer
Pearl Clutcher

Posts: 3,095

S/O Financial Planning... May 27, 2016 11:48:30 GMT via mobile

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Post by raindancer on May 27, 2016 11:48:30 GMT

I hate to go into too much detail here, but yes ours knows our salary,any bonuses and raises and was the first person who knew about our inheritance money last year, etc.

For retirement he advises my dh on his 401k and life insurance needs as well as additional savings and investments that take his chronic illness into account. He also advises me on retirement and I have a very healthy retirement plan even though I haven't worked for nearly 15 years. We have monthly and annual plans and we pay ourselves first and automatically so it really doesn't take effort. We budget with what is left after saving.

I realize a lot of people will balk and say they can't save, and I get it. There have been years when we altered Contributions to manage day to day.

But we have saved for 19 of our 20 years of marriage, so very young. Even $25-$50 a month is better than nothing and grows over time.

I say take full advantage of their help. I find that it is harder to make rash decisions like pulling 401k money if you know you will be explaining why to someone else. While we do what we want we make sure we are sure amd clear on our reasons.

mikklynn
Eternal Pea

Posts: 23,142
Location: Minnesota

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S/O Financial Planning... May 27, 2016 15:13:29 GMT raindancer likes this

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Post by mikklynn on May 27, 2016 15:13:29 GMT

Our financial planner knows EVERYTHING. Income, debt, savings, retirement funds, home value, and even our insurance amounts.

You have to have a plan if you want to retire. He helped us determine how much income we would need in retirement. He updates our plan twice yearly. It used to be annually, but since DH retired and I am getting close, it's more often.

Lynn

MichyM
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Posts: 12,057

S/O Financial Planning... May 27, 2016 15:42:20 GMT raindancer and bdawnb like this

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Post by MichyM on May 27, 2016 15:42:20 GMT

That was me. My financial planner knows every single thing. Honestly, they can only help you as much as you allow them to. I cannot image having a financial planner who doesn't have the entire picture. If you're not comfortable giving that info to your current planner, find a new one!

I wasn't planning on retiring that young, so I wasn't necessarily planning for it. There have been a bunch of big life changes in my life over the past several years. I sat down with him and we projected out how long my money would last if I retired then, and was good to go. My goal is to live off income, and hopefully keep most, if not all, of the principal intact for my son someday.

As for what we chat about. He brings me up to speed as to what the world (and US) economies are doing, and how that will effect me. Also what he expects over the next few years. This year we spent a little time on whether I could afford to do an extensive remodel this year.

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May 2001
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