Wednesday, April 28, 2010

Where is the best place to turn to find good financial advice regarding my family's retirement?

I am 43 and my daughter is 4. I am starting late on saving for retirement and would like to set aside money for my daughter's education. I am considering hiring a CFA to set up some accounts to accomplish both these goals. Aside from liking the CFA's approach, I have little knowledge of his background and track record. Is there a good way to approach the situation and sift through the over abundance of funds and options available? I hope to retire in about 20 years and send my daughter to four years of college. Is there any hope of accomplishing these goals, with little set aside so far?Where is the best place to turn to find good financial advice regarding my family's retirement?
You can do what you want to. It'll just take a little more saving and savvy on your part. Your daughter can start at a community college. State schools are affordable and offer a fine education as well. Since I'm in your business anyway, it's a noble thought to want to provide for your daughter. But if she has to pay for all or some of her education herself she'll be a lot more appreciative of what it means to go to school. She can take out loans. If you want to be a good provider you can surprise her by helping her pay them off. Besides, nobody goes through four years of college in four years any more. It's probably a good thing to start and stop a couple of times. As far as retirement, the ';experts'; say you need over a million to retire comfortably. I know a lot of people who retired very nicely on a lot less. If you work until you're 67 you can get full social security benefits. (Yes, it will still be there) You can (and probably should) get a part-time job in retirement. The important thing is to get started. You'll be a lot better off than if you don't.Where is the best place to turn to find good financial advice regarding my family's retirement?
Try this website for advice: www.choosetosave.org.





For the CFA, ask for three references. Call them and ask them how he did for them. Also check if he's appropriately registered as a business and has some sort of credentials to give advice.





I also like Money Magazine and Kiplinger's Personal Finance Magazine.





Good luck!

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