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

Question

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?

Answer 1

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.

Answer 2

First, congratulations on the ten% into your TSP. with somewhat of success, for as we communicate, you're literally not contained in the C, S or I money...they are not sturdy for now, till the market starts a good rally. G fund, believe it or no longer, or the F Fund is more effective useful, for the little while period...basically to keep your vital in good structure. Now, the version between the IRAs you reported will be sure what style of money you'd be utilising. because you already put in a enormous component (yet no longer the max) into your TSP, you're constrained in how a lot you are able to positioned into yet another tax-deferred association, it really is what an IRA is. on account that classic IRAs, alongside with a custodial IRA account, makes use of oftentimes in the previous tax money to fund, till you attain your human being decrease on the quantity you are able to protect, positioned that right into a ordinary. in case you attain the optimal you are able to defer, yet nonetheless pick to have tax sheltered moneys construct for retirement, use a Roth, it really is funded with after tax money. the version right it truly is that the Roth's features will construct tax deferred, and once you retire and commence to take distribution, the features are tax loose. i desire this helps. best of success.

Answer 3

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!