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Old 03-27-2018, 02:35 PM   #18
CobraO
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Quote:
Originally Posted by KneeDeep&Sink'N View Post
My wife retired in 2009 and went with an advisor for Raymond James. I retired in 2010 and went with Fisher Investments. I was with Fisher for three years but got tired of their constant trading. Each trade was costing me $50.00. Moved mine to Raymond James. Our advisor has given us some good advice over the years and has saved us from several pitfalls. One of which is advising us that when you take money out of your IRA you pay taxes on it. However, if you take money out of an inherritance, you don't pay taxes on it. With my pension and investments and her taking monthly draws on her in herritance, she has never had to take money out of her IRA, nor have I had to tap into my self managed 457 & we do very well. This year I started buying a few stocks on my own. Mostly out of boredom and wanting something to play with. I use Motley Fool for a lot of my research. I consider it a substitution for making trips to a casino. (I never buy more than $500. worth of stock at a time and only when the DOW drops by 200 points in one day.) I bought Cirrus Logic right before the market closed today.

All advisors are not the same, even when with the same company. Her brother also uses Raymond James and he had been taking money out of his IRA for years before my wife told him he should be taking it out of his inherritance. He as not happy that his advisor never told him he could do this tax free. Our advisor has offices in Bellaire and Clear Lake. Great, down to earth guy. If you would like his info, let me know. It doesn't cost anything for a consultation.

*I will add that when I first retired, I went to Ameriprise and when I told them how much money I had, they wanted $1,500.00 to "work up" a plan. I laughed at them and left. They later contacted me and wanted me to come back and there would be no fee to work up that plan. Told them no thanks and never looked back.
What do you mean by taking money out of an inheritance? You just mean taking it out of the bank? Meaning it is money someone has left to you? Or the money you plan to leave to kin?
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