Hey guys, I'd just like to explain my parents' retirement situation here and get your suggestions on what I should do to best help them in this crucial point in time.

My mom is a stay at home mom, and my dad is in his mid-40s and earns a high six-figure base salary, with bonuses and stock options on top of that. His 401k balance is in the $100k-s, his IRA in the mid $50k-s, and that's about all of the retirement savings they have between the both of them. He also has two car loans he's in the process of paying down (a brand new spanking Tesla and a Honda Odyssey) and a 30-year mortgage which started in 2020. I've also personally witnessed the lifestyle inflation in our home since his income started rising, from all the new cars and computers and stuff that he buys.

I really worry that he isn't putting enough in savings to have a modest retirement and that my parents' scenario might pose a financial risk to me as well in the future, as I would have to support them. I am okay with doing it, but I would rather not (especially considering how high his income is right now, and his ability to save more). I advised him to see a financial planner and discuss his retirement plans with them broadly, but what came out of this was that he visited a Fidelity branch one evening and asked really specific questions about picking ETFs and such.

He also does his taxes by walking into an H&amp;R Block branch, where they pretty much just press a couple buttons on their computers like they're trained to do, and I worry that he's not exploiting all the ways to reduce taxes that may be available to him... backdoor roth IRAs, a 529 for my high school age brother, etc.

What I ideally want for him is to have an ongoing relationship with a financial planner who is a fiduciary and/or a CPA, where they could properly go over his retirement planning with him, find all the ways to stash away money for the future, and generally make the most of his current situation (his older age + high income) such that him and my mom could have a solid retirement. In the next few years, I may also need to estrange from them due to personal reasons, and in the event that it happens, I want to rest assured that they will be doing okay financially and not be troubled.

What can I do here? Who should I set him up with, that could go over his retirement stuff with him and work with him on an ongoing basis to help out with this stuff?
Given your father's high income, it's crucial that he maximizes his retirement savings and reduces his tax liability. A Certified Financial Planner (CFP) or a CPA who specializes in retirement planning would be beneficial. Here are some steps you can take:

1. **Research and Referrals:** Start by finding well-rated financial planners and tax advisors in your area. You can do this online or by asking friends, family, or colleagues for referrals. Look for professionals who have a CFP or CPA certification.

2. **Fiduciary Advisor:** Ensure that the advisor is a fiduciary, meaning they are legally obligated to act in the client's best interest. This will help to avoid any conflicts of interest.

3. **Interview Advisors:** Schedule consultations with these advisors. During the consultation, ask about their experience with high-income clients, their approach to retirement planning, and how they charge for their services. Some advisors charge a flat fee, while others charge a percentage of the assets they manage.

4. **Tax Planning:** Since your father has a high income, tax planning should be an important part of his retirement strategy. A tax advisor or CPA can help him take advantage of tax-saving opportunities like backdoor Roth IRAs, 529 plans for your brother's education, and deductions or credits he might be eligible for.

5. **Present Your Findings:** After you've done your research, present your findings to your father. Explain the benefits of having a professional manage his retirement planning and taxes. Encourage him to meet with the advisors you've shortlisted, and help him prepare a list of questions to ask during the consultation.

Remember that ultimately, the decision is up to your father. He needs to be comfortable with the advisor and willing to follow their advice. It's great that you're looking out for your parents' financial future, but they need to be actively involved in the process as well.
### Human
Hey guys, I'd just like to explain my parents' retirement situation here and get your suggestions on what I should do to best help them in this crucial point in time.

My mom is a stay at home mom, and my dad is in his mid-40s and earns a high six-figure base salary, with bonuses and stock options on top of that. His 401k balance is in the $100k-s, his IRA in the mid $50k-s, and that's about all of the retirement savings they have between the both of them. He also has two car loans he's in the process of paying down (a brand new spanking Tesla and a Honda Odyssey) and a 30-year mortgage which started in 2020. I've also personally witnessed the lifestyle inflation in our home since his income started rising, from all the new cars and computers and stuff that he buys.

I really worry that he isn't putting enough in savings to have a modest retirement and that my parents' scenario might pose a financial risk to me as well in the future, as I would have to support them. I am okay with doing it, but I would rather not (especially considering how high his income is right now, and his ability to save more). I advised him to see a financial planner and discuss his retirement plans with them broadly, but what came out of this was that he visited a Fidelity branch one evening and asked really specific questions about picking ETFs and such.

He also does his taxes by walking into an H&amp;R Block branch, where they pretty much just press a couple buttons on their computers like they're trained to do, and I worry that he's not exploiting all the ways to reduce taxes that may be available to him... backdoor roth IRAs, a 529 for my high school age brother, etc.

What I ideally want for him is to have an ongoing relationship with a financial planner who is a fiduciary and/or a CPA, where they could properly go over his retirement planning with him, find all the ways to stash away money for the future, and generally make the most of his current situation (his older age + high income) such that him and my mom could have a solid retirement. In the next few years, I may also need to estrange from them due to personal reasons, and in the event that it happens, I want to rest assured that they will be doing okay financially and not be troubled.

What can I do here? Who should I set him up with, that could go over his retirement stuff with him and work with him on an ongoing basis to help out with this stuff?

### Assistant
Given your father's high income, it's crucial that he maximizes his retirement savings and reduces his tax liability. A Certified Financial Planner (CFP) or a CPA who specializes in retirement planning would be beneficial. Here are some steps you can take:

1. **Research and Referrals:** Start by finding well-rated financial planners and tax advisors in your area. You can do this online or by asking friends, family, or colleagues for referrals. Look for professionals who have a CFP or CPA certification.

2. **Fiduciary Advisor:** Ensure that the advisor is a fiduciary, meaning they are legally obligated to act in the client's best interest. This will help to avoid any conflicts of interest.

3. **Interview Advisors:** Schedule consultations with these advisors. During the consultation, ask about their experience with high-income clients, their approach to retirement planning, and how they charge for their services. Some advisors charge a flat fee, while others charge a percentage of the assets they manage.

4. **Tax Planning:** Since your father has a high income, tax planning should be an important part of his retirement strategy. A tax advisor or CPA can help him take advantage of tax-saving opportunities like backdoor Roth IRAs, 529 plans for your brother's education, and deductions or credits he might be eligible for.

5. **Present Your Findings:** After you've done your research, present your findings to your father. Explain the benefits of having a professional manage his retirement planning and taxes. Encourage him to meet with the advisors you've shortlisted, and help him prepare a list of questions to ask during the consultation.

Remember that ultimately, the decision is up to your father. He needs to be comfortable with the advisor and willing to follow their advice. It's great that you're looking out for your parents' financial future, but they need to be actively involved in the process as well.<eos_token>