Do you guys have a financial planner? If so, what do you ask them, what do you expect of them? What kind of services do they provide and what should you not expect of them (I’ve heard you should not expect marriage counselling 
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No. For the most part, they are commissioned sales people. That’s not a good model for creating the best results for clients.
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Like Marcus said, they are mainly commission based sales people, and I do not need financial planner.
I am more interested in getting a good estate planner. Any good suggestions?
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.
How much estate do you have?
If I had less, I don’t need to bother.
If I had more, I can afford to not care.
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What is the difference?
My husband is looking for someone to help us plan spending (I said “Maybe you need a ‘spending planner’”) not so much managing investments. He wants advice on saving for retirement and budgeting for large expenses like a kitchen renovation or travel. Is that something different?
Kitchen renovation and travel are not investments. spend less than you earn. Basic investing 101.
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Estate planner is for wills and inheritance planning.
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There may be few estate planner session live conference, attend few of them, Listen to their proposal and choose the best.
This person provides very good details various options for low to high-end estates, from 2M - 50M or more sizes, but charges expensive $3000 minimum. Covers extensive course.
You can attend his free seminar to learn what is basic needed.
You can attend some other few seminars too to choose the best within your expected range.
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Can stop finding then. Just join this forum and post his questions.
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I paid few thousand dollars for setting up a living trust.
Estate planning is very broad. From living trust to tax avoidance transfer of wealth, usually involve setting up a LLC.
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For this, you do not need financial planner, just read this book (hardcover $12 or used $1.44+shipping). Even though old, it gives good idea.
If you want to have some summary, I have the first chapter alone as pdf which is more than enough to start your own plan.
First Chapter - Answers to Your Most Important Money Questions
Additionally, if you want to read various real life use cases, just visit the reddit blog (you need to choose as lot of garbage are there) Reddit - Dive into anything
The truth is you are the best judge!
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I’d love to, but when I asked what his questions are, he seemed to think that the FInancial planner would ask them. So I guess that’s my starting point. Trying to figure out what questions even to ask.
Also, thought about going to Bogleheads forum. They seem to excel in the retirement analysis - how much do you need to save each year etc.
Actually, here’s part of the question:
We have the ability to pay extra on our mortgage (AND we are refinancing again at 2.875 or so). How much, if at all, should we pay down the mortgage? $1.4M left on it, and we purchased in 2018, so tax deduction is only on $750K of the mortgage.
He’s thinking that we shouldn’t pay down much at all and try to invest it. He’s 45 and I’m 50 next month. I don’t feel comfortable having a $8K/m housing bill from ages 65-80. I feel like you should have the monster payed off. (Then it would just be $2K/m because of the property tax.)
Would you really stay there when retired? I think as low as interest rates are it makes sense to pay a mortgage and invest the cash. Even just SPY index is going to average 8% which makes it way better than paying down the mortgage.
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I don’t know if we’d stay here when retired. It’s a two-story house. And he thought we might move to where the kids move to and I would not encourage them to stay here if they get married and have kids. But if this house were anywhere else, we’d probably stay long term and just install a chair lift.
I do think we’d stay here until retirement.
Like Marques said, Paying down mortgage is not a great option if you are comfortable to invest wisely.
You can invest through IRA too (not Roth at this age) and you can take tax benefit also. Instead of paying down mortgage, you contribute more in IRA or 401k or both and get tax advantage.
Assume, both of you have active service until age 65 for earning purpose, then 7 years half-earning like semi-retirements.
Just refinance lowest rate for 30 year fixed and invest in QQQ (appx 10% YOY) or VOO (Appx 8% YOY) whichever you are fine.
Long back, I subscribed to Kiplinger and they published 18 pages about retirement planning, pay off mortgage and check list etc. I just cut those 18 pages from my soft copy and shared the link. Since tax rates are changed…last 4 or 5 years, there may be slight change required, but it will give you a guidance. Check list is also there.
Anyone can download from this link (It is from 2016 year Kiplinger).
Retirement_Planning_readout_for_realestateforums
The subscription is very cheap $12 per year (12 issues, but you can download last 5 years Kiplinger magazine). I cancelled long back, still they are sending printed copy to my home.
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I would actually step back and examine you two’s priorities. There are no right or wrong answers. It has to do with what you want from your life. It sounds corny but it’s true.
I read this great book last month. I am recommending it to everyone I know.
The Psychology of Money: Timeless lessons on wealth, greed, and happiness
https://www.amazon.com/dp/0857197681/ref=cm_sw_r_cp_api_glc_fabc_6yKaGb9QYD0FC
So my husband said “renovation, travel, retirement and paying for college for the kids.” I’d say that travel is very low priority for me, but he has the urge to get out and explore. I am not that person. Renovation and retirement are definitely priorities for me. The sooner we renovate the kitchen, the sooner we get to enjoy it, the sooner we get it out of the way (and off my brain), and also I think it’ll turn out to save me time if we knock down a wall just serving dinner and cleaning up after it (imagine saving 3 minutes a meal, 2 meals a day, 365 a year x20 years = 730 hours.
Thanks! I just ordered it. Will give it a read.