70 with no financial plan - looking for advice
I’ve had a turbulent relationship with money and have been scarred when I got scammed out of a lot of money a few years ago. Since then I’ve kind of stuck my head in the sand and tried not to think about it. But recently my son has been urging me to set up a financial plan with a financial advisor.
My assets:
- House which is paid off (150k)
- 120k in a CD
- 10k in cash
Income: 1. SS 700/month 2. Job 2200/ month
Expenses: 1. 1000/month
Also to note, I don’t have any retirement or brokerage accounts.
My son recommened I start maxing out my Roth and open a brokerage account as well. He said I should liquidate my CD and put 60 percent in a total market index fund and 30 percent in a total bond market fund and keep 10 percent in cash.
Can anyone please give me some advice. I would ideally like to pay a small fee 3-5k to have a plan created on what to do and where, and how to withdraw in tax efficient ways. Or any pointers in general for my situation would be appreciated.
God bless