First meeting with Financial advisor
So we had our first meeting with an advisor to go over retirement strategies and I am having a hard time wrapping my head around this. So in a nutshell we will have 2.8 to 3 million at the beginning of a retirement and are modeling for 30 years, dying in early 90's which is realistic (for one of us) So retiring and not collecting SS initially, waiting for FRA.
Income starting at 170K the first year and increasing for inflation along the way with income about 280K at the end. He said we should die with a 90% chance of having about 4.6 million left over for our kids.
This is using Morgan Stanleys conservative estimates, does this math math?
Thanks all
Edit to add:
OK, for all the financial advisor haters here ... He only "manages" our brokerage account which is a small portion of everything, it started at 150K in 2020 and is now up to 280 ish so it seems to be doing ok.
Everything else is spread out, Roths at Fidelity and Charles schaub, then other accounts from employer at Vanguard some will be taxed, and some in Roths honestly its a lot to figure out (for us). Also it is modeled at a 1% adviser fee, but the more we have with them the less the fee it realistically will be closer to .5 or .6% if we parked everything there. I certainly could see myself making mistakes that would cost us more than that...