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One-On-One with Retirement Advisors

March 22nd, 2017 at 04:15 pm

Can you hear me sighing a bit with relief? I spent a very productive 45 minutes with my 403b advisor this morning. She was excellent, and I'm so glad I went.

She plugged IRA values, my state pension values, my 403b, SS, and other numbers in--and generated a rating of worst case/ mid-range/ and best case. Apparently they rank your retirement readiness from 0-150 with 150 being the best. We got a 150+--even with the worst case scenario. Granted that includes DH's new job with a hefty 401k Match--but most of it was from my state pension, SS, and IRA.

She gave me some good advice on shifting cash into DD's 529, and really staying the course--seeing if we could squeeze another couple hundred a month into things to allow us more travel money etc.

But I now foresee a carefully budgeted for bathroom remodel in our future. I am both very relieved, and still a bit anxious. Hopefully that anxiety will disappear after DH gets a few months under his belt.

We also talked college costs--and we decided to shoot for $30,000/year for DD. We have a long way to go on that, but I think it's do-able. She's decided not to go to French camp this year, and I'll try to plop that money into her 529.

It was interesting to hear her cautionary tales of people whose readiness scores were under 20. Now off to BOGO lunch with friends.

Posted in Not shy or retiring | 9 Comments »

9 Responses to “One-On-One with Retirement Advisors”

  1. creditcardfree Says:
    March 22nd, 2017 at 04:41 pm 1490200877
    1490200877

    That's great news! I see you listed three main factors, but what do you think gave you such a high score even in the worse case scenario?

  2. My English Castle Says:
    March 22nd, 2017 at 05:00 pm 1490202052
    1490202052

    Some of it was our low(ish) monthly expenses. Being mortgageless helped. I started my IRA pretty young-- I think I was 25, and although there were years when I didn't contribute much, it's been a solid base. I honestly thought they'd try to sell my on more stuff--but no sales pitch at all.

  3. PatientSaver Says:
    March 22nd, 2017 at 10:11 pm 1490220711
    1490220711

    I can't imagine what a readiness score of 20 would look like!

    T. Rowe Price also has a retirement readiness score with 100 being the top score. I think mine is at around 92.

  4. My English Castle Says:
    March 23rd, 2017 at 01:21 am 1490232077
    1490232077

    That's what I was wondering, PS! She said it usually was for folks who had no savings apart from their SSI, and thought their retirement would be filled with exotic vacations, homes in tropical regions, etc.

  5. scottish girl Says:
    March 23rd, 2017 at 07:45 am 1490255152
    1490255152

    Great news!

  6. VS_ozgirl Says:
    March 23rd, 2017 at 10:05 am 1490263528
    1490263528

    That's wonderful!

  7. snafu Says:
    March 23rd, 2017 at 12:18 pm 1490271500
    1490271500

    Kudos to you, meeting/exceeding numbers needed for future retirement. The percentage of population prepared for the future is worrisome. I wondered if your advisor commented on asset allocation. I know my numbers are out-of-whack with those outlined on charts but with interest rates not keeping up with food price increases, I'm stubbornly staying overweight in equities.

  8. My English Castle Says:
    March 23rd, 2017 at 04:49 pm 1490287780
    1490287780

    I asked her about asset allocation, snafu. She gave me the sort-of standard percentages and talked about reconsidering when it's time to draw some of this down.

  9. FrugalTexan75 Says:
    March 25th, 2017 at 03:06 am 1490411187
    1490411187

    What a nice boost!

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