(Preface: I posted a version this somewhere else, but not getting much response. Also, I'll do almost anything to interrupt the thread here that has swallowed its own tail....)I'm set to retire this coming June. In anticipation of this, the folks at TIAA-CREF (where my 403b money resides) invited me in for a financial checkup.They offer this service gratis, but they also let you know that you can engage them to manage your money for you ... for, in my case, 0.55% per annum.Their computer took in all my personal info, objectives, etc., etc., and spit out the results for me. The computer's advice is that I pay somebody 0.55% of my money to put 89% of it into five muni funds, 6% in a short-term bond fund, and 5% in a stock fund.I'm supposed to pay someone $5K/year to do that? Really?Has the computer looked at what is happening, or is likely to happen, to munis? Or to bonds in general? Do the "advisors" ever conclude that their computerized advice may be silly, or worse?
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