topic Re: Question for other Retirees in Community Chat

Question for other Retirees

SeaMaiden — Tue, 07 Nov 2017 22:37:35 GMT

Do you have your Financial retirement portfolio taken care of by advisor , or do you take care of it yourself?

My husband And I chose to use a financial planner. It is expensive, but, we felt worth it to have the help and wisdom about our investments so they grow the best they can as the years go by. I know many people manage their own investments.

Re: Question for other Retirees

deepwaterdotter — Tue, 07 Nov 2017 22:39:30 GMT

Financial advisor.

Re: Question for other Retirees

gidgetgh — Tue, 07 Nov 2017 22:44:46 GMT

We handle our investments ourselves.

Re: Question for other Retirees

Shelbelle — Tue, 07 Nov 2017 22:45:04 GMT

Ourselves.

Re: Question for other Retirees

jpie — Tue, 07 Nov 2017 23:01:07 GMT

I have a financial planner that I adore! I started when I was about 27 years old with one I got "roped" into with a drawing for baseball tickets. Although I didn't win the raffle, it was a great start to financial planning.

I no longer use my original financial planner because he did not understand my needs as I approached retirement age. So, I found my current one, and we are a great fit. He lets me spend my money when I want it, with no judgement. I am careful with my spending.

You will most likely have to pay a management fee, but there is no way I would have what I have today without his advice and (team) management. The more your accounts make, the more they make.

I have zero skills when it come to financial investments, therefore I don't mind paying an expert. Some people pay someone to clean their house, mow their lawn, rake their leaves, or do their gardening. I save money and do all of these myself. When it comes to making the best of investments, I hire a pro to do what I can't do well.

Re: Question for other Retirees

Mom2Dogs — Tue, 07 Nov 2017 23:26:52 GMT

Financial advisor....we do not think it is expensive....yearly fee is based on our portfolio.

edited to add: Our financial advisor has a team...and we meet with different members of the team several times a year....they each have ther speciaity within the organization....they answer all questions but most of all as we approach retirement, we feel very confident that we will be OK as far as money is concerned.

Re: Question for other Retirees

Graciea — Tue, 07 Nov 2017 23:32:14 GMT

I use a financial advisor. Too stressful to handle by myself.

Re: Question for other Retirees

Stray — Tue, 07 Nov 2017 23:47:57 GMT

It depends on how complicated your holdings are and how well you understand the investment opportunities and market. Some like to do their own wealth management and actually enjoy it. Others hate dealing with finance nor do they understand all opportunities and implications. My former Company offered the service and I took advantage when I was working but since retirement, I don't need a financial planner.

Re: Question for other Retirees

tansy — Tue, 07 Nov 2017 23:52:50 GMT

I am our financial person, although I occasionally run a question past my son who manages large $$$ trusts.

When you mention that it’s expensive, @SeaMaiden, that sounds like a red flag to me:/

Re: Question for other Retirees

3suwm5 — Wed, 08 Nov 2017 00:23:43 GMT

We use a financial advisor and he's done a great job for us. Based on our results so far, we don't feel the fee is too much.

Our portfolio looks much better now than before an advisor, that's good enough for me.

Re: Question for other Retirees

QueenDanceALot — Wed, 08 Nov 2017 00:34:04 GMT

On my refrigerator there is a magnet with a picture of a retro bookkeeper and it says,

"Based on my calculations, I can retire about 5 years after I die"

Re: Question for other Retirees

StylishLady — Wed, 08 Nov 2017 00:35:57 GMT

DH.

Re: Question for other Retirees

AuntG — Wed, 08 Nov 2017 00:42:00 GMT

Not retired yet, but I'll use a financial advisor and DH will handle his own portfolio.

Re: Question for other Retirees

ccassaday — Wed, 08 Nov 2017 00:55:46 GMT

My parents have one. About six months before my dad retired he withdrew most of his 401k and they invested it with the advice of the financial advisor. Funny thing is my dad had no idea what to do with all his investments after retirement. One night the local pbs station had on one of the top certified retirement and financial planners in our area. By calling they got a free consolation. So he withdrew his 401k and I believe it's in a annuity now. They get a monthly income. After he retired he also took his pension in a lump sum and invested it on their planners advice. The planner has been really good. They will set up all your annuities and such. Really important to get one that is certified in retirement planning.

Re: Question for other Retirees

ccassaday — Wed, 08 Nov 2017 00:53:37 GMT

@Mom2Dogs wrote:
Financial advisor....we do not think it is expensive....yearly fee is based on our portfolio.

edited to add: Our financial advisor has a team...and we meet with different members of the team several times a year....they each have ther speciaity within the organization....they answer all questions but most of all as we approach retirement, we feel very confident that we will be OK as far as money is concerned.

Yep. My parents just had their six month review with thiers. First thing he asked them was if they had enough money to live on or if they needed to increase it. They are very good.

Re: Question for other Retirees

SeaMaiden — Wed, 08 Nov 2017 01:02:34 GMT

@tansy wrote:
I am our financial person, although I occasionally run a question past my son who manages large $$$ trusts.

When you mention that it’s expensive, @SeaMaiden, that sounds like a red flag to me:/

@tansy It is less than 1%, and that is a fair fee based on what others charge.

Re: Question for other Retirees

Cats3000 — Wed, 08 Nov 2017 10:24:36 GMT

We're still doing it ourselves. We have index funds and a couple left-over actively managed funds.

Re: Question for other Retirees

kaydee50 — Wed, 08 Nov 2017 13:36:29 GMT

We handle our own finances. We considered a financial advisor at one time and after he reviewed my DH's portfolio, he told us that we are doing better than 99% of the people he deals with. My DH is not a "financial" person but a very smart investor and I'm not bad myself so no need to pay someone to do it. Personally, I think financial advisors should only be paid if they make money for you.

Re: Question for other Retirees

excpa — Wed, 08 Nov 2017 14:18:36 GMT

I get a pension, Social Security, a small annuity and the interest on Savings bonds. I have a zero risk tolerance, thus the savings bonds. Also, raised by depression-era parents, who instilled the value of safe savings. There really is nothing to manage at this point, so a financial manager would be useless.

Re: Question for other Retirees

hckynut — Wed, 08 Nov 2017 15:10:40 GMT

My only "investments" were of the material kind that served a "use purpose" for myself and my wife. To me, as in my addictive gambling days, an "investment" to many, was/is in what others do that had the chance to also be a loss. I gambled, but never believed in "investments" of those types.

I've lived by the "bird in the hand" saying since my first earned penny. Sure, I have seen many get rich, but I have seen as many, or more, that lost pert nears everything they worked for over years and decades. Stock in Lucent, from which I receive my pension. Never worked an hour for that company, but AT&T handed my pension to them. Many of them lost everything, including their families.

I retired young and am doing just fine living life my way, investing(?) in only things I had/have total control, and little chance of losing what I worked hard to earn. Never been wealthy and never cared or wanted wealth. Less worry about this going up, that going down, just living an enjoying the fruits of what I worked to earn.

No adviser, only a partner with my wife.

hckynut