[USER]

Hi, I’m 59, $380k in IRA, $15k in ETF’s, $82k in HYS. Will need approximately $40k of HYS for car in near future.

$50k in 401k. Make approximately $150k year and would like to retire in 5years or less. I’m debt free.

Right now all but my 401k is with Benjamin Edward’s Financial. I pay 1% plus fund fees. I am not satisfied with my returns. Alsomy broker doesn’t seem interested in educating me on my funds.

I heard about Empower, I thought through the Choose FI podcast. I have spoken with an associate a few times. Has anyone ever used Empower?

If so, your experience? It seems most on here are self managing. I live a relatively simple life, no children. Not looking to leave a legacy.

My current job is very demanding and I don’t have a lot of time to devote to micromanaging my funds. Right now I am in information overload and putting myself into procrastination mode.

Any advice on where to start?

I’ve gotten some book recommendations just this evening .

Thank you

[Christopher]

Empower is a mixed bag – it depends on your employer if the plan is great or awful. I left mine there when I retired (my employer has since moved it all to Fidelity though) without issue.

For IRAs, I’d just open them at Fidelity and buy ETFs and be done with it.

You can transfer current assets there to eliminate the current fees.

[Dave]

Your ability to retire within five years is highly dependent on what your planned expenses are at that time — something not mentioned in this post.

Based on the numbers you provided, retiring within five years will require some combination of more diligent saving, lower expenses, and/or robust Social Security income.

[Kent]

You’ve got something like $487k saved.
To be on track for retirement you’d want to have something closer to $1.5 million invested at this point.

I don’t think retiring in 5 years seems practical, unless you start saving vastly more and spend a lot less.

[Kellie]

I’m 58 and approximately the same overall positions. I moved ALL my IRA’s from Edward Jones to Fidelity 3 months ago. Fidelity is great.

I felt the same way… I just wanted to learn, and so my broker wasn’t helping me do that.

So, I took it upon myself moved everything. I do not regret at all.

[Rick]

You need to shovel money into your investments in a big way.
Catchup contributions amounts are nice boost to what you can put in, especially the new age 60-64 (I think) extra big catchup option.

So, you have great ways to save. You now need to save and invest in a big huge way.

A lot can happen in 5 years when you shovel lots of money into investments.

People of this group share 5 year big wins quite often, and have since this group started so it’s not just a recent bull market thing.

Regarding the advisor part, yes yo can do it yourself for accumulation.

But if you think you will do it in decumulation too…..start reading and learning and absorbing content on decumulation now and for the next five years.

That phase is often 5x to 10x more complex. Not to scare you as it is very doable solo but also don’t think you will learn it all the month before you start decumulating.

[Kent]

Buying new cars and renovating your home is only putting you further and further from retirement.

You need to cut expenses dramatically and increase your savings ASAP.

[Irina]

Start with firing your financial “advisor”. Over 30 years, that 1% fee will cost u 28% of your returns.

Move everything to Vanguard, Fidelity, or Charles Schwab.

Invest the funds in a low cost index fund, a target fund is a good starting point if you don’t want to spend too much time tinkering with it.

Funds in the HYS should remain liquid.

[Author]

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