Navigating Retirement: Expert Advice on Pensions, Mortgages, Investments, and Roth IRAs

A 47-year-old individual with a $5,000-per-month pension, $180,000 mortgage, and $419,000 in savings is seeking advice on whether to hire a financial adviser. While some aspects of their financial situation can be managed independently, the complexity of optimizing pension timing, aligning investment portfolios, and considering various scenarios may warrant professional guidance. A fee-only fiduciary adviser, such as a certified financial planner, is recommended for personalized answers and comprehensive financial planning. Actively managed investments are unlikely to outperform the market, so low-cost, diversified index funds are suggested. Life insurance may not be necessary if no one relies on their income, and REITs can be a diversification option. Delaying the pension benefit until IRS retirement age is advised, and with a moderate-to-aggressive risk tolerance, directing some savings towards market investments is suggested.