Community Chat

[QueenDanceALot]

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"

[StylishLady]

DH.

[AuntG]

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

[ccassaday]

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.

[ccassaday]

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@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.

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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.

[SeaMaiden]

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@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:/

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

[Cats3000]

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

[kaydee50]

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.  

[excpa]

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.

[hckynut]

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