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Member |
I spent a couple of hours this morning talking with a financial adviser and decided to roll my self-managed IRA into two financial vehicles, a deferred annuity account and an investment account. That way, when I reach the point where I can start receiving my maximum Social Security distribution, I can supplement it with a guaranteed income for the rest of my life. The other account then becomes the means where I can start investing more aggressively, and take money whenever I need to. Before this conversation, I was merely looking at an IRA that I would just draw down on until it ran out of money. My mind is much more at ease. You can't truly call yourself "peaceful" unless you are capable of great violence. If you're not capable of great violence, you're not peaceful, you're harmless. NRA Benefactor/Patriot Member | ||
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paradox in a box |
Gee and I was sure you were gonna say you bought gold from Rosland Capital. These go to eleven. | |||
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Equal Opportunity Mocker |
I speak neither Mandarin nor Financialese. This creates issues, as I earn a decent living and have no idea how to invest it. Please explain using monosyllabic words what you've done to ensure your retirement. Short of buying a cheap doublewide out in the county and eating ramen noodles, I'm unsure how I could quit and not work any more from here, though it'd be swell. ________________________________________________ "You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving." -Dr. Adrian Rogers | |||
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Only the strong survive |
I hope your financial advisor knows what he is doing. I lost over 120K from being talked into investments by a financial advisor. I should have know better and can only blame myself. 41 | |||
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Better Than I Deserve! |
My father-in-law lost a bunch of money because he listened to his financial adviser. He kept moving his investments from one financial vehicle to another on the advice of his adviser. He was not aware that the fees for doing all this would equal one hundred thousand dollars over time. He now leaves his investments alone and doesn't move them around just to generate commissions for his adviser. ____________________________ NRA Benefactor Life Member GOA Life Member Arizona Citizens Defense League Life Member | |||
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| Go ahead punk, make my day |
Agreed. My father navigated the financial storm over the past 10 years very well, much better than if he had listened to some of the advisors that were trying to garner his attention. I listened to some of the shit they were spewing and was like WTF? over. One in particular was the dumbest shit I've ever heard. Advisors are like realtors, they don't care if you get financially raped, they just need 'action' to get their piece of the 'pie'. | |||
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| Thank you Very little  |
Before you invest in an annuity, check the fee and commission schedule, most of these are major commission makers for Financial advisers, and in almost every situation it's not a great idea to go into an annuity, it's rare they are a good investment vehicle unless you are the agent selling them. You need to know what type of annuity, what it's provisions are for your funds after death, some annuities when you pass that's it there is no passing on of the stream of funds, so if you live to take funds for 50 years great, but if 5 years later you pass, you may have just given the company a windfall. Google and research them, and read up on Clark Howards investment advice page, he's not a fan... Go to his page and search annuities. http://clark.com/search/?q=annuities Oh and get a couple more FA advice, compare fees, and be sure the advice he's giving you doesn't create a tax burden that you have to pay. If you haven't already, have him give you a schedule of the amount you transfer, his commissions and fees and net invested into the product before you leap. | |||
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| Dances With Tornados |
Malcolm Berko seems very sharp in financial advice. I’d contact him. | |||
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Funny Man |
If you have already committed and decide based on the feedback here or elsewhere to reconsider, there is a period spelled out within the contract that you can return the contract and get your money back. It's usually 10 days or so but check for this provision in your paperwork. ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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| Member |
I hope you checked out that annuity very close. Annuities can (and usually do) have a ton of pitfalls. | |||
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| Muzzle flash aficionado  |
I went through a similar process some years ago. Fortunately, I was just using a little money I had in excess of needs. When I retired (the second time) I took my retirement as a lump sum and invested it and my 401K fund into 2 Equity Indexed Funds. By agreeing to not convert to an Annuity for 5 years I was given a "bonus" of 10%, which was nice. (I still have not gone to an Annuity, but my nephew says I should.) I did use a Financial Advisor from one of those group meetings at a cafeteria, but only because what he had to say actually made sense to me. I have no quarrel with the outcome. flashguy Texan by choice, not accident of birth | |||
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| MEMBER |
How old are you? Might need to consider disability income if something was to happen to you, if you don't have that end covered. | |||
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Oriental Redneck |
That's easy. Save more than spend. Thank me.  Q | |||
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Member |
Let’s say one has $200k in an IRA. There are formulas where one could take a certain % out and have a low likelihood of running out, based on age & life expectancy. Yes, some discipline may be required too. http://apps.suzeorman.com/igsb...easofExpertiseID=107 I’ve always treaded carefully with the idea of annuities. | |||
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| Ammoholic |
That is true of many (perhaps most?), but like realtors, there are a few good ones out there. Where I believe one gets in trouble is when one just turns the reins over to a Financial Advisor instead of remaining involved in the process and making sure that any moves suggested actually make sense. | |||
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| Member |
I've never understood why I need layers of investment advisors. The mutual fund managers at Vanguard are already adjusting the portfolio. Having someone local do it as well makes it at best redundant and more likely counterproductive. | |||
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| Go ahead punk, make my day |
In the end its math. The numbers don't lie. Simple spreadsheets can help ensure you don't get royally fucked by a FA. One guy way trying to sell my parents some expensive term life insurance... sure, if they died in their 60s (like 1-5 years after they bought it - but they both were and remain in great health for their age), it would have been 'ok deal' for the beneficiary, but at the rate they needed to pay for it, beyond that it was a lose. Not to mention, with how much $$$ they have in IRS, retirements, 401Ks, another $100k if one of the were to die wasn't needed. Basically the guy was just trying to line his pockets. Scumbag. | |||
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Ammoholic |
Sounds like he purchased a Single Premium Deferred Annuity (SPDA). These are insurance products and do not have "fees". They are scheduled payments. You can calculate a ROR at given points, but since they are an insurance product return is based completely on how long you live and if you elect survivor benefit. He created his own safety net with guaranteed income and the ability to gamble a bit with the remainder. Jesse Sic Semper Tyrannis | |||
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eh-TEE-oh-clez |
Beware anyone that earns a commission on the products they sell. In fact, beware anyone that sells you a product. | |||
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10 November, 1775 |
I wish I had a better understanding of finances. I have my monthly retirement income from the USMC and a 4ohsomethingorother through the hospital that is managed by Lincoln Financial. I don't pay fees that I know of. After 12 years of contributing it's looking very nice. I have another account of some sort through the hospital that, while not as nice as the LF account, is not too shabby either. Hopefully, with all that, I won't be 75 eating dog food for dinner and wondering how I'm going to put a new roof on the trailer. SiGArm'd P220ST X2, 1911 Revolution, P245, P229 RTTEQ/ST .40 X2, P226ST, Mosquito Other weaponry not SIG Glocks are ugly. I don't like repeat offenders, I like dead offenders. | |||
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