The place we looked at has one-bedrooms available most of the time, but there are waitlists for two- and three-bedroom units. Sometimes people get on the waitlist years before they are ready so that everything’s in place when they are ready to make the move. It’s $10k to get on the WL, but it’s refundable and while you’re on it you get various perks, such as a free dinner once a month and access to the health club and classes.
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@AgeofAquarius and @kjofkw or anybody else, did you ever end up using PlanVision for your retirement planning? I saw that you were both interested in that awhile ago. It seems like a very comprehensive and inexpensive way to get help figuring things out.
Deleted. Wrong thread.
I visited the website and watched some of the videos posted there, but didn’t take any further steps. We had a complimentary meeting with a Schwab financial advisor instead, who put our information into their software (MoneyGuide Pro) which then spit out a forecast over the next few decades. But Schwab also uses an AUM fee structure for future financial advice and management, so I’m still looking for a true fee-only financial advisor. I don’t recall if I posted this before, but there is a personal finance author, Harry Sit, who compiles a list of fee-only advisors that you can get access to for a year for $200 (this saves the work of contacting financial advisors to see what they mean by “fee only”). I haven’t gone that way either yet, but keep that option in the back of my mind.
PlanVision seems inexpensive enough to try? Maybe @kjofkw can chime in on that.
Also, there’s a CFP whose YouTube videos I find really informative. His name is James Conole and his firm is Root Financial (just specifying what to search for on YouTube if you’re interested). One of his videos I’ve watched has a link to the financial software he uses in his videos, and offers (lifelong?) access to that (with tutorials on how to use it) for purchase. Darn it though, I don’t recall which video that was, but IIRC the software cost around $500-$600?
On Bogleheads, there are numerous threads of what retirement software programs people there have used. Just another option for searching for information. A popular one mentioned there is called Pralana, which recently became available as an online version. The Pralana Bronze version is free and the Pralana Gold/Online is a subscription model. I haven’t tried it because I’m a bit intimidated by it. But here is a 4-page thread on Bogleheads about Pralana Online where users talk about their impressions.
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Thanks for your thoughts and information! I saw some people mentioning the Pralana on Bogleheads also. The PlanVision offers financial advice with the program, so that’s why I was interested in it, but maybe the Pralana does too. I’ll check into the videos you’re talking about, and post here if we choose some software.
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We’ve tried (unsuccessfully) to find a true fiduciary advisory to meet our needs. Happy to share that journey via DM (PM?). We’ve tried the AUM model (for about 12 years with 2 advisors, so long enough to assess performance and advice). We hired an hourly planner, who did almost the opposite of what we asked. We’ve interviewed many. Maybe we’re too “picky” 
The latest attempt was with Plan-Vision. It is very inexpensive comparatively - but also relatively basic advice (that you can also find online with research). Their yearly fee allows you to use E-Money. However, some things can only be updated through the advisor. We did not agree on the default inflation factor, for instance. They would change it to what we preferred - but it does not give you the ability to play with all the assumption options on your own.
The jury is still out.
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AUM is considered fee-only, ie no buy/sell commissions involved. But it is not flat-fee… it is proportional to funds in the account (Schwab, Fidelity etc) that includes their name as “managed by”. My understanding is that if you are not happy with value of their service you can remove their name, stop paying the fee. However it’s probably not worthwhile to go down that path unless you are likely to continue.
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@busdriver11 I found the link to the planning software that James Conole uses in his videos. It’s $297 if paid in full for lifetime access (but no live support). I haven’t bought it so I can’t give my impression of it, and therefore I’m not endorsing it, but I figured I would just make it easier to find for anyone interested. Watch a few videos of his first to see how he uses it.
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I watch his stuff, too, and he hawks that program on various episodes. Should be easy to find.
ETA: And now I see that @AgeofAquarius has found it!
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I shall, thanks!
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If you like the software and end up using it, please do come back with some feedback.
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For years there has been a push to privatize everything (pensions to 401Ks, Medicare to Medicare Advantage). I am very skeptical that there is any such thing as a true “fiduciary” because there is always a conflict of interest somewhere. FAs are not doing this out of the goodness of their hearts. They will get their pound of flesh coming or going. Every fee structure has its downsides. I particularly do not like the Fisher Investments model of “when you make more money, we make more money.” If your goal is capital protection rather than returns, that is a bad model and will serve you ill. I lean toward the single fee model. I’ve come to believe that you always pay, either upfront or on the back end. This is true of insurance also (high premium vs. low premium but pre-authorization, referrals, and denials you have to fight). I’d rather pay a one-time fee for advice than be locked into an ongoing fee structure. Also, isn’t the Vanguard/Bogleheads model just “index funds, don’t try to beat the market”? Why do you have to pay someone to do that for you when the info is out there? I’m open to other perspectives.
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for those with a plan and discipline, following the boglehead 3-fund program is no-cost, easy and works very well. If such a program allows you to sleep well at night, go for DIY.
But some folks need hand-holding or reassurance when the market goes crazy on the downside. Those folks might end up panic selling and then when the market returns, they’ve lost a chunk of assets.
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I agree. I think expecting everyone to self-manage their pensions is unrealistic and we will see significant problems with that in the coming years. The concept of the 401k was a “big sloppy kiss” to the financial industry in the same way that the ACA was to the health insurance industry. People are being forced to buy these private industry products on the industry’s terms, and that’s bad (a triumph for lobbyists, however). But there are people who are trying to educate themselves and read up on their options. I do need to have health insurance but I don’t necessarily need to line the pockets of financial advisors if I can educate myself. That’s what I’m trying to do.
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I’ll say I am extremely happy to have had the opportunity to invest my own money, and company matches, in a 401k over the last few decades. I have done much better for my future by owning that burden than by relying on someone else to provide for me via SS for example. Before having access to a 401k I also did well with an IRA. I personally think handing most people the reins to their future is a positive and powerful tool. It’s been a game changer for me, having grown up in a household where SS was the only retirement income for my parents I saw from a young age that I needed to step up and provide for my own future if I wanted to be comfortable. It seems to be working out well. I’m very pleased. I personally am extremely grateful to have this avenue available. It’s my.money. I manage it as I see fit and I am the beneficiary of my hard work.
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We too did very well handling our own 401K. But since our pension situation is not what we had hoped, our retirement challenge is determining how to best leverage our assets and SS options to provide a ‘monthly paycheck’. You certainly can do that on your own, just more factors than investment decisions.
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I manage my own 401k account and just allocate among diversified funds offered by my plan (large cap growth, small cap, international, etc…). I might on occasion reallocate based on views I have on sectors and the economic cycle we are in and the one upcoming.
I do have a financial adviser on my non-retirement assets. Where he provides value is minimizing cap gains by harvesting losses to offset gains at year end. He also has access to alternative investments and better insights into some fixed income, preferred and convertible products where he has an eye for mismatches in pricing especially when there are sector sell-offs and there are some babies thrown out with the bath waters.
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I have no problem paying professionals to help me. We use a financial planner, but we didn’t rush into the relationship. When we finally chose his firm to help us, it was after much research and deliberation. We have been very happy with our choice. If I could rewire my house myself, I could save a lot of money. But I would choose to hire a highly recommended electrician, just as I chose to hire a planner we feel is giving us value added. So hey, handle your finances yourself if you are good at it - you’ll save money. But if you’re like me and you need the professional assistance, don’t feel bad paying someone to help you.
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Seniors aging in place:
It depends on the home, and the people, but one potential problem with someone staying in their home (my parents lived in theirs for 59 years) is that many older folks won’t make the changes! (If I had a dollar for every time my dad said about my fall-risk mom, “your mom does the stairs fine”. And you know when we will find out she can’t? When she falls down them.)
Also, preparing a home for aging in place may not replace the social aspect, which I am learning is very important. Especially if one person in the couple loses the ability to go out, etc. Or if one person in the couple dies.
Getting into a CCRC and building a community (and keeping your brain & body active) while you can is a big plus.
That said, I am sure it is not for everyone.
And as NJ Sue said, maintaining a house can be a lot of work - even if you hire people.
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