We here at The Budget Brigade have you in mind. We try to focus on the must relevant and helpful topics to cover and resources to develop to help you succeed.
Have you stumbled across a question along your personal finance journey that we hadn’t addressed yet? Drop us a comment below; and we’re happy to add it to our content creation list.
I have no desire or background in investing. What is your opinion of using a financial advisor? I can’t stand the idea of paying someone 1% of my investments. If I use Fidelity or Vanguard should I be able to execute my retirement income on my own? Is there help or support in the retirement community for that?
Confused and concerned.
Becky
I have added this topic to our article list to write because it’s a very common question and a good one, too.
The short answer is you can look into the option of fee-only advisors that don’t charge for AUM (assets under management). Instead, they charge a flat rate or an hour rate to provide financial planning services. It’s a bit of a charge up front (can be around $2,500, depending on your situation), but you don’t have to pay an ongoing fee each year.
Robo-advisors are another option that are significantly cheaper than the 1% AUM fee which can be a good compromise, but they don’t have a long track record of returns yet.
A DIY approach can work wonders as well, but requires discipline on the emotional side of investing. Target date funds and index funds are popular choices here for people who want to retire without getting into the weeds of investing.
I would recommend spending time researching what you want to invest in regardless of which approach you take. I know the desire might not be there, so it doesn’t have to be a lot (this was me a few years ago), but it’s good to know where your money is going so that you’re in control.
There is definitely help in the retirement community for this question, as you are not alone. But you’ve got this!