Note from Editor: Sarah was behind in her retirement savings. She got in touch with an Advice-Only advisor and received needed help. She kindly agreed to share her experience.
I’m 55 and I’m behind in my retirement savings. After being out of work for over a year due to a layoff, I’m back at working a day job plus consulting gigs. I wanted a written plan of action to meet my financial goals of retiring at 67.
I had many questions. Where should I put my “catch up” funds? How much should I save? How do I divide my money (401a, Index funds, IRAs)? Should I fund my HSA? How much? What else should I be doing?
After speaking to the Advice-Only advisor candidates, I chose to work with one of them. So far, I feel very appreciative of his work. He is efficient and professional. The cost is very reasonable, in the hundreds of dollars, not thousands. I like the dashboard from my advisor. It gives me an easy-to-understand overview of my financial picture. In addition, and most importantly, the advisor helped me set a direction and move forward in an imperfect situation.