I need an honest fiduciary to advise me on whether to receive a lump sum payout from my state pension instead of the automatic 3% annual COLA. This advice should be provided using hard data spreadsheets, etc. Fidelity and I had a meeting, but following that, they did not respond right away. mostly because the consultation was free. To demonstrate me the many possibilities for my retirement, I actually just need one meeting, during which I can give him the numbers. I recently turned 53 and began receiving a pension from the State.
6 Likes
Nothing comes free these days. I recommend finding a tax professional who charges by the hour, starting with a CPA.
4 Likes
A lot of CPAs have prior expertise with financial planning. I would rather not speak with a CFA who is trying to sell me something about something similar. This is a tax-related query. 
3 Likes
You need to choose a financial advisor who is also a fiduciary, like you just stated. Just be advised that you will be billed for their time.
2 Likes
Fee-only financial advisor who does not handle investments. or a fee-only financial advisor you believe will provide you with the results you need. More than just whether or not to take a lump amount is at stake. Your whole retirement plan will have to be taken into account. Social Security, spousal benefits, survivor benefits, retirement age, costs, spending patterns, inheritance, and so on and so forth.
1 Like
Pay cash. If it is free they are salesmen.
1 Like