Quote:
Originally Posted by Enoch Root
And that is valid - there is certainly some reason for skepticism, and there are certainly some advisors who put their own interests first (though I think a big part of the disconnect is that advisors work mostly with people who have significant savings, so that can skew their view of the landscape).
The flip side is that there are also a lot of people providing 'advice' who shouldn't be. The reason there is an entire industry serving this need is because there IS a need. And it is a lot more complex than simple rules of thumb. It is also very important to get good advice, to do it right. and to err on the upside. Because the alternative, not having enough, is a pretty awful way to spend your retirement years.
When you've gone through the exercise with hundreds of families, you see trends, you see mistakes, and you learn where many misconceptions lie. One of the first things you notice is that the vast majority of people under-estimate their requirements. That isn't self-serving, that's a fact.
So while I understand your skepticism, I find all the free, non-professional advice to be a much bigger problem.
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This post is completely accurate. I also think that on the internet there are a million opinions from people who are completely not qualified, unregulated and talk a good game. The thing is, people who are actually regulated and registered to provide this advice for a living are basically unable to do so. Its completely backwards to what makes sense, but it's the way the world works.