Retired at 55 with $1.8 million… Am I crazy to pay Schwab $14,400 a year?
Hi everyone, I’m 55 and recently left my job retired after 31 years working in finance. I’m considering Charles Schwab Wealth Advisory and would really appreciate first-hand experiences from other early retirees.
My portfolio is approximately $1.8 million: $1 million in 401(k)/retirement accounts and $800,000 in taxable accounts.
My plan is to focus on growth for another 4–5 years, then transition toward generating retirement income. My target is around $6,000 per month after fees and taxes. I also plan to live abroad, primarily in Thailand, and Schwab has confirmed that they can continue managing my investments while I’m overseas.
The proposed advisory fee is 0.80% annually — approximately $14,400 per year on $1.8 million, before any underlying fund expenses.
If you’ve used Schwab Wealth Advisory, particularly with a $1 million–$2 million portfolio, was it worth the fee? How has performance compared with appropriate benchmarks after fees? Has the team helped you navigate the move from growth investing to sustainable retirement income? And if you retired in your 50s or now live overseas, how has the experience been?
Would you choose Schwab’s management again, or would you rather hold a simple low-cost ETF portfolio and manage it yourself?
I’m comfortable with the markets, but I want a sustainable income plan, thoughtful tax management, and peace of mind without having to constantly manage my investments. I’d appreciate both positive and negative experiences. Thanks in advance!