Viewing a single comment thread. View all comments

Unruly5peasant t1_j5veroc wrote

Probably okay for retirement but is it worth $1000 to have someone review my finances?

4

washingtonpost OP t1_j5vjbdi wrote

Here’s how I typically answer this question. If you have a painful problem with your gums or teeth, would you try to fix it yourself? Or would you hire a professional/dentist to treat you?

Same with your money. If you are unsure of what to do, or you need a second opinion or guidance pay the money to get help. I have and it has made a world of difference. A few years ago, I found an old folder with advice from a financial planner. She had made a number of recommendations – term life insurance in addition to what my husband and I carried at work, disability insurance, stop being so conservative in our workplace retirement accounts, start those 529 plans, create a non-retirement investment account. We followed all the advice and I’m so grateful. We are doing very well because of her guidance. I would have never done that one my own in my 30s because I was too scared of risk. So, yes, pay the money for someone to look over your financial plan.

6

washingtonpost OP t1_j5vjxby wrote

Wanted to add something. So, if you are hiring a fee-only planner paying $1,000 to $1,500 is about right if the person is doing a comprehensive look at your financial situation and making recommendations. And you will want that to to include an assessment of whether you are on track for certain goals, such as saving for retirement.

7