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Under: Investing & Retirement
Am I too old for LearnVest?
  • 2deuces
    While I know that many of the issues on budgeting, frugal living, etc are universal, the focus seems to be to the fairly young. As an almost-sixty retiree, will LV financial planners be able to address my needs at this stage of my life? This is ironic, of course, because when I was twenty-something, financial planners were not interested my age group, then. Thank you LV for helping people see the advantages in saving while young. I am convinced that LearnVest is and will be a great force in helping many, many people make sense and take control over their financial lives. If you were now celebrating LV's twentieth or thirtieth anniversary, millions would be much happier and the economy would be in much better shape.
  • Admin
    LV
    Hi 2deuces,

    Thank you for your kind words. And no, you're not too old for LearnVest! We can help with budgeting and planning at every age. Better late than never, for sure.

    Our financial planner Stephany Kirkpatrick is hoping to hear from you. :)
  • 2deuces
    You're welcome. I'm trying to decide what plan I should use. While I would not mind some help in budgeting, (we have always below our means and that seems to take care of it) my main concern is how to manage my nest egg to last another 30+ years. The Complete Financial Plan is possibly right, but I want to know if it more oriented to some trying to buid up their retirement fund vs someone wanting to stretch their out. Thanks.
  • SMK
    My name is Stephany and I am a Financial Planner with LearnVest. I thought I would chime in and help answer this question.

    A Complete Financial Plan would help you understand whether you are on track with your current retirement savings and whether you would need to save more for retirement given the lifestyle you are hoping for. A LearnVest planner can also walk you through how your budgeting needs may change once retired, so that you can understand what your real cost of living will be. Of course, a planner will work with you to balance all of these considerations with the other goals that many of our members are also working toward, such as paying down debt/mortgage, saving money for college tuition for children, etc.

    What a LearnVest planner can't help you with is what specific investments you should choose to help grow your retirement savings and/or what investments to consider to generate income in retirement once the time comes. That is more along the lines of an investment strategy, something that is not covered in a Core or Complete Financial Plan.

    I hope this helps!
    ~Stephany
  • 2deuces
    Thank you Stephany, It seems the complete Financial Plan will help me with my investment, saving and budgetary needs now that I am in retirement as well as it would someone at the other end of the investment timeline.
  • Kbg351
    My husband and I are quite well fixed ..we both have substantil l pensions,he has ss,and we have substantial , investments in Roths, and pension funds..as yet untouched..I earn an additional 20-.000+ a year part time ,have not started ss,our mortgage will be done in 3 years .we have no debt... Yet he won't spend for vacations.and constantly worries....about even small splurges..doesn't buy presents I have to force him to spend on HIS grandchildren..he says ..we're on the edge of disaster.and it's the largest source of difficulty in our marriage.weve gone to financial advisors and our accountants all say we're in great shape..better thn most..yet I spend my time trying to ignore his constant harping about money..and not being aggravated.and I work extra hours in my part time job..at the expense of not have enuf "free time" in my retirement..I would like to enjoy what I've worked for.. Not be in constant stress ..he.s 67.....I'm 64
  • monkeyfurball
    kbg351, not sure if you need financial advice, social worker advice or a vacation. Try all 3 maybe.
  • retired nurse
    I am 66 years old, and just retired from a career in nursing. I will continue to work part time to supplement a modest pension, along with my ss income. My husband is also collecting ss,and his health is poor. We have a condo valued at $115,000 (no mortgage), and a house valued at $200,000 (130,000 mortgage at 6.5% APR). I only have $10,000 in an IRA. Total household income is $4200/month. Obviously, I have not planned well, and I am terrified of sitting in front of a Suze Ormond type telling me that "all is lost" and there is nothing to be done to help keep me from eating cat food to avoid starvation in my dotage. Any ideas for me ??
  • jdmrosa
    @retired nurse, any financial planner worth their salt wouldn't tell you that "all is lost!"

    Can you refinance the mortgage on your house to take advantage of the current lower interest rates? Do you need both the house and the condo, or could you sell one (and either drop your house payment or sock away the gain from the sale)?

    Your monthly income doesn't seem uncomfortably low, but with your husband's health issues I'm not sure how much of that goes to medical expenses. Are there any other monthly expenses you can trim so that you can put away some of your income to savings? It seems wise that you would continue to work part-time if you are healthy and able to continue to help build savings.
  • SheCanCooke
    Just like you, I have several issues regarding money management. I'm 35 years old and I only have a decade and half to save up for my retirement. I hope it's not too late.

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