2 Cool Fishing Forum banner

Are you retired and

6K views 18 replies 17 participants last post by  fishingcacher 
#1 ·
do you use financial adviser to manage your 401K or IRA account? If yes, are you happy with the account management, performance, and fee? If not, why? Thanks for the input.
 
#6 ·
Very good info here. I like the Core-Four Portfolio, Asset Allocations. I plan to use a certified financial adviser for first year only. Just to see how she maneuver/re-balance the fund as it goes and pick her brains for some investments. YOu could just pick Core-Four Portfolio, Asset Allocations and put it in auto-pilot.
=====
 
#8 ·
Been with Edward Jones for 15 years without any worries. He and I understand that his job is to make money with my money and we have had excellent results over the years. My check comes on the 1st and my account keeps appreciating, we have no money issues except deciding who to leave it to when the time comes. I suggest you visit a number of advisors and find someone that meets your criteria.
 
#10 ·
Not in my book, you aren't wrong. Not good timing on bonds, IMO.

Retired in 77351.

Have a service that manages accounts administratively, like required distributions, taxes etc, but I make all the financial investment decisions....and am extremely happy with the results.

p.s. should add, yes I pay a fee for the services...best money I can spend cause it frees me up to go fishing and have fun.
 
#13 ·
I use Raymond James.

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.
 
#18 ·
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?
 
#17 ·
The perfect retirement position is to have accumulated enough income producing assets to be able to live off of a 3-4% return. Otherwise you are forced to be in the market and take on the risk of having to earn higher percentages in order not to run out of money.

DO NOT let the past recent years be your benchmark. Those of us old enough to have been in the market in 2008 understand that you can wake up one morning with 40-50% less in your accounts than you had before. Recovering from that is not where you want to be while in retirement and having to draw money out for income.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top