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The Water Cooler
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I'm getting burned out
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<blockquote data-quote="dennishoddy" data-source="post: 4135332" data-attributes="member: 5412"><p>Find a financial advisor. Interview everyone you can find. Take notes and if you don't understand, ask them to simplify it for you. Put it in non-financial simple to understand English. Splain to me where you make your money, explain to me how my nest egg is going to grow. Will I retain the principal or are you interested in a spend down where you spend the retirement money prior to getting SS?</p><p>Ask them to put what is going to happen prior to getting SS and Medicare. Medical insurance before Medicare can cost well over $1000 a month depending on your obamacare score.</p><p>If you have a large retirement to pass down, get a trust. Zero taxes to your beneficiaries after passing.</p><p>My advisor put the retirement funds into two buckets. I retired early so the first bucket was to get me to Medicare. Wife is younger and needed to work a few more years so I rode her health insurance.</p><p>I hit Medicare but she had two more years before that age when she gave it up which cost us $1200 a month for obamacare where you can keep your doctor, keep you plan and save $2500 a year per family according to obummer.</p><p>Well, that turned out to be a major lie and we paid that money for two years before she got to medicare.</p><p>A good financial advisor can certainly help grow more money vs putting the money into a bank and drawing it down.</p><p> We have some friends that retired recently that did just that. They took a cash withdrawal from their 401K's to clear out the account, paid the penalty for early withdrawal and sit around bragging how they screwed the government because they qualify for free obamacare now as they have cash.</p><p>Cost them a couple hundred thousands of dollars IMHO.</p></blockquote><p></p>
[QUOTE="dennishoddy, post: 4135332, member: 5412"] Find a financial advisor. Interview everyone you can find. Take notes and if you don't understand, ask them to simplify it for you. Put it in non-financial simple to understand English. Splain to me where you make your money, explain to me how my nest egg is going to grow. Will I retain the principal or are you interested in a spend down where you spend the retirement money prior to getting SS? Ask them to put what is going to happen prior to getting SS and Medicare. Medical insurance before Medicare can cost well over $1000 a month depending on your obamacare score. If you have a large retirement to pass down, get a trust. Zero taxes to your beneficiaries after passing. My advisor put the retirement funds into two buckets. I retired early so the first bucket was to get me to Medicare. Wife is younger and needed to work a few more years so I rode her health insurance. I hit Medicare but she had two more years before that age when she gave it up which cost us $1200 a month for obamacare where you can keep your doctor, keep you plan and save $2500 a year per family according to obummer. Well, that turned out to be a major lie and we paid that money for two years before she got to medicare. A good financial advisor can certainly help grow more money vs putting the money into a bank and drawing it down. We have some friends that retired recently that did just that. They took a cash withdrawal from their 401K's to clear out the account, paid the penalty for early withdrawal and sit around bragging how they screwed the government because they qualify for free obamacare now as they have cash. Cost them a couple hundred thousands of dollars IMHO. [/QUOTE]
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