Is a retirement planning certification worthwhile at age 60?

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gasdoc
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Is a retirement planning certification worthwhile at age 60?

Post by gasdoc »

I will be turning 60 this year, and am slowly winding down a medical career. I am not sure what I want to do in my "second act." I have always been interested in finance and retirement planning, and am wondering if that may be my "purpose," or my "service to others" in retirement. I have about two more years of some sort of minimal practice before retirement and am wondering if I should take some formal coursework in retirement planning. The purpose would be both personal fulfillment and being able to provide service to others, perhaps for a fee, perhaps not. We are planning to relocate to a large retirement community for retirement, and I would probably have a good potential market. Thoughts?

Gasdoc
Cruise
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Re: Is a retirement planning certification worthwhile at age 60?

Post by Cruise »

It is great that you are brainstorming your retirement options well before you plan on pulling the plug on your career. Thoughts:

1. Not sure that a retirement community is the best locale to open up a retirement planning business. After all, people are already retired there.

2. Not sure whether you ran your own practice/owned your own business, or had others managing it and you just did the professional work. Do you really want to manage a business in your retirement?

3. What are the opportunity costs for pursing this endeavor? What would you have to give up?

Good luck in your decision.
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gasdoc
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Re: Is a retirement planning certification worthwhile at age 60?

Post by gasdoc »

Cruise wrote: Sat Aug 22, 2020 1:23 pm It is great that you are brainstorming your retirement options well before you plan on pulling the plug on your career. Thoughts:

1. Not sure that a retirement community is the best locale to open up a retirement planning business. After all, people are already retired there.

2. Not sure whether you ran your own practice/owned your own business, or had others managing it and you just did the professional work. Do you really want to manage a business in your retirement?

3. What are the opportunity costs for pursing this endeavor? What would you have to give up?

Good luck in your decision.
Thanks, Cruise.
1. The Villages, in Florida, has lots of folks in early and middle retirement, many with side jobs, etc. I have been to financial planning clubs there, and many people are still educating themselves on the various topics, and probably amenable to finding a local pro since they have recently relocated.

2. I have practiced in modes ranging from running my own group practice to most recently, acting as an independent contractor.

3. The opportunity cost would only be that I would not be able to do something else that interests me- but I have to find something to do part time to keep my interest. If our plan of relocating to Florida is carried out, working part time as an anesthesiologist is probably not what I would pursue- though it is possible.

Thanks,
Gasdoc.
Cruise
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Re: Is a retirement planning certification worthwhile at age 60?

Post by Cruise »

Looks like you have the skill set and a business/life plan. Got to do something to keep busy, off the streets, and out of trouble :)

Some words of wisdom passed down to me by some very insightful retirees:

1. Never schedule more than one chore a day. (You want to make sure you have something to do each day).

2. Whenever you have an urge to do something, lie down and the feeling will pass...
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gasdoc
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Re: Is a retirement planning certification worthwhile at age 60?

Post by gasdoc »

Anyone in the financial planning services that may be able to lend a thought? Thanks.

gasdoc
yog
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Re: Is a retirement planning certification worthwhile at age 60?

Post by yog »

gasdoc wrote: Sat Aug 22, 2020 7:32 pm Anyone in the financial planning services that may be able to lend a thought? Thanks.

gasdoc
Not a current pro, but was in the financial services business for a time many years ago. Much of the landscape has changed, but after retirement briefly thought about getting back in as a Registered Investment Advisor or Certified Financial Planner. Ultimately the hassle costs for running a business where we live just wasn't worth it to me since it was more of a hobby.

There is a newer Financial Paraplanner Qualified Professional (FPQP) designation from Kaplan that may be of interest to you. It appears designed for those new to financial services, professionals from other industries, or even individuals just wanting to learn. It looked like the online course was $1300, a 75 question exam requiring 70% to pass, and 16 CEs & $95 every two years. Here's the link:
https://www.kaplanfinancial.com/resourc ... at-is-FPQP

Here's another recent report from Kitces.com on the more general subject of financial planning that targets professionals:
https://www.kitces.com/kitces-report-ho ... -planning/

And finally, while you didn't mention it specifically, here's a bonus link to the AARP Foundation Tax-Aide volunteer program:
https://www.aarp.org/money/taxes/aarp_taxaide/
helloeveryone
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Re: Is a retirement planning certification worthwhile at age 60?

Post by helloeveryone »

gasdoc wrote: Sat Aug 22, 2020 1:11 pm I will be turning 60 this year, and am slowly winding down a medical career. I am not sure what I want to do in my "second act." I have always been interested in finance and retirement planning, and am wondering if that may be my "purpose," or my "service to others" in retirement. I have about two more years of some sort of minimal practice before retirement and am wondering if I should take some formal coursework in retirement planning. The purpose would be both personal fulfillment and being able to provide service to others, perhaps for a fee, perhaps not. We are planning to relocate to a large retirement community for retirement, and I would probably have a good potential market. Thoughts?

Gasdoc
Not an answer to your question but a couple other ideas...

maybe teach airway management to first responders

if there is a medical school in the community get a part time gig as instructor teaching students or residents
brad.clarkston
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Re: Is a retirement planning certification worthwhile at age 60?

Post by brad.clarkston »

Creating a financial blog for Dr.'s seems to be a big trend at the moment ;)
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gasdoc
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Re: Is a retirement planning certification worthwhile at age 60?

Post by gasdoc »

yog wrote: Sat Aug 22, 2020 9:17 pm
gasdoc wrote: Sat Aug 22, 2020 7:32 pm Anyone in the financial planning services that may be able to lend a thought? Thanks.

gasdoc
Not a current pro, but was in the financial services business for a time many years ago. Much of the landscape has changed, but after retirement briefly thought about getting back in as a Registered Investment Advisor or Certified Financial Planner. Ultimately the hassle costs for running a business where we live just wasn't worth it to me since it was more of a hobby.

There is a newer Financial Paraplanner Qualified Professional (FPQP) designation from Kaplan that may be of interest to you. It appears designed for those new to financial services, professionals from other industries, or even individuals just wanting to learn. It looked like the online course was $1300, a 75 question exam requiring 70% to pass, and 16 CEs & $95 every two years. Here's the link:
https://www.kaplanfinancial.com/resourc ... at-is-FPQP

Here's another recent report from Kitces.com on the more general subject of financial planning that targets professionals:
https://www.kitces.com/kitces-report-ho ... -planning/

And finally, while you didn't mention it specifically, here's a bonus link to the AARP Foundation Tax-Aide volunteer program:
https://www.aarp.org/money/taxes/aarp_taxaide/
Interesting stuff, yog. Thanks! I was not aware of the paraplanner certification.

gasdoc
catdoctor
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Re: Is a retirement planning certification worthwhile at age 60?

Post by catdoctor »

Not an answer to your question, but you may want to check out https://www.whitecoatinvestor.com/ .
yog
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Re: Is a retirement planning certification worthwhile at age 60?

Post by yog »

gasdoc wrote: Sat Aug 22, 2020 10:05 pm
yog wrote: Sat Aug 22, 2020 9:17 pm
gasdoc wrote: Sat Aug 22, 2020 7:32 pm Anyone in the financial planning services that may be able to lend a thought? Thanks.

gasdoc
Not a current pro, but was in the financial services business for a time many years ago. Much of the landscape has changed, but after retirement briefly thought about getting back in as a Registered Investment Advisor or Certified Financial Planner. Ultimately the hassle costs for running a business where we live just wasn't worth it to me since it was more of a hobby.

There is a newer Financial Paraplanner Qualified Professional (FPQP) designation from Kaplan that may be of interest to you. It appears designed for those new to financial services, professionals from other industries, or even individuals just wanting to learn. It looked like the online course was $1300, a 75 question exam requiring 70% to pass, and 16 CEs & $95 every two years. Here's the link:
https://www.kaplanfinancial.com/resourc ... at-is-FPQP

Here's another recent report from Kitces.com on the more general subject of financial planning that targets professionals:
https://www.kitces.com/kitces-report-ho ... -planning/

And finally, while you didn't mention it specifically, here's a bonus link to the AARP Foundation Tax-Aide volunteer program:
https://www.aarp.org/money/taxes/aarp_taxaide/
Interesting stuff, yog. Thanks! I was not aware of the paraplanner certification.

gasdoc
Glad to help - if that's the vein you are interested in, then I'd also recommend getting a subscription to one of the online fee-based retirement planning software tools. You could try it out for your own plan, just to get a flavor for what's involved. None of them are technically perfect, but MaxiFi Planner is one that I've used with a reasonable amount of success. It is tax aware, handles Social Security optimization, and also has a few different twists than the more basic planning tools. The most helpful technique for me was a base plan with many alternates that can be easily compared.

On the free side, Fidelity's retirement planning software is one many have access to as well, either through a workplace retirement plan or through their brokerage accounts. I'd imagine Vanguard has something similar, but I don't have experience with them.

There are also a number of different retirement planning tool resources and spreadsheets here on the wiki as well. I'm not an expert on all of them, as they either didn't handle our longer horizon or our particular tax strategies as well as some of the others I've used.
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gasdoc
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Re: Is a retirement planning certification worthwhile at age 60?

Post by gasdoc »

yog wrote: Sat Aug 22, 2020 10:39 pm
gasdoc wrote: Sat Aug 22, 2020 10:05 pm
yog wrote: Sat Aug 22, 2020 9:17 pm
gasdoc wrote: Sat Aug 22, 2020 7:32 pm Anyone in the financial planning services that may be able to lend a thought? Thanks.

gasdoc
Not a current pro, but was in the financial services business for a time many years ago. Much of the landscape has changed, but after retirement briefly thought about getting back in as a Registered Investment Advisor or Certified Financial Planner. Ultimately the hassle costs for running a business where we live just wasn't worth it to me since it was more of a hobby.

There is a newer Financial Paraplanner Qualified Professional (FPQP) designation from Kaplan that may be of interest to you. It appears designed for those new to financial services, professionals from other industries, or even individuals just wanting to learn. It looked like the online course was $1300, a 75 question exam requiring 70% to pass, and 16 CEs & $95 every two years. Here's the link:
https://www.kaplanfinancial.com/resourc ... at-is-FPQP

Here's another recent report from Kitces.com on the more general subject of financial planning that targets professionals:
https://www.kitces.com/kitces-report-ho ... -planning/

And finally, while you didn't mention it specifically, here's a bonus link to the AARP Foundation Tax-Aide volunteer program:
https://www.aarp.org/money/taxes/aarp_taxaide/
Interesting stuff, yog. Thanks! I was not aware of the paraplanner certification.

gasdoc
Glad to help - if that's the vein you are interested in, then I'd also recommend getting a subscription to one of the online fee-based retirement planning software tools. You could try it out for your own plan, just to get a flavor for what's involved. None of them are technically perfect, but MaxiFi Planner is one that I've used with a reasonable amount of success. It is tax aware, handles Social Security optimization, and also has a few different twists than the more basic planning tools. The most helpful technique for me was a base plan with many alternates that can be easily compared.

On the free side, Fidelity's retirement planning software is one many have access to as well, either through a workplace retirement plan or through their brokerage accounts. I'd imagine Vanguard has something similar, but I don't have experience with them.

There are also a number of different retirement planning tool resources and spreadsheets here on the wiki as well. I'm not an expert on all of them, as they either didn't handle our longer horizon or our particular tax strategies as well as some of the others I've used.
Thanks, again, Yog. I may toss the Paraplanner idea around in my head for awhile and speak with a local planner in my town for advice as well. I am not real interested in working at one of the standard firms, but I am not sure how you go about getting real experience any other way. I need to find a mentor.

gasdoc
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