Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous][quote=Anonymous]OP, did you inherit or did your husband?  It matters, because inheritance is not marital property unless commingled.  So, if this is your husband's money, you probably don't want to be making a lot of plans with it.  Your husband needs to consider his own under funded retirement before anything else.  I'm also confused that you live in DC in a $150K house, where would you find such a thing in this area?[/quote]

I'm quite surprised by this.  I understand the rules about inheritance, but I'm not "making plans" in isolation!  We're married.  We make major financial decisions together.  That said, it is me, not my husband who takes care of our finances on a day to day basis, I pay the bills, I do the taxes, I do the research about major expenses or investments.  I also currently bring in about 80 percent of our income.  We are joint owners on all of our accounts.  Likewise, it is "our" retirement even if the balances of the accounts are not even.

I said that we have about $150k remaining on our mortgage, not that we live in a house worth that much.

Anyway, thank you to the PP who outlined what a financial advisor would do.  Can anyone tell me how they typically charge?  Is it by the hour?  Or a flat fee?  If a flat fee, what range are we looking at?

Also, can anyone shed light on whether it might make sense to make this year's IRA contribution into a Roth rather than our traditional IRA?  Our tax burden (for various reasons) will be fairly low for 2012 so the tax benefits of funding a traditional IRA might be fairly low.  I need do some research on this before April 2013.[/quote]

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