Quote:
Originally Posted by valuemkt
Please be very careful and don;t rush into anything.
No on banks. That's pretty much universal.
Finding a fee only financial planner is good advice, but might be more difficult than it sounds.
I am not a fan of annuities. Opinions differ. I just read a book by a retirement expert that explained annuities and how they are constructed - it did not change my opinion one bit -
Going to Fidelity or Vanguard is good advice. Their products do not carry what is known as a front end load, which in many cases is over 5%. I have some money in Fidelity - they do not manage my account, but the local support I receive from them has been phenomenal.
Without reaching too far, it appears you may be single, or recently single. In addition to a financial plan, or part of it, you need to shield your money from any upcoming "relationships" you might get into. That would be an estate planner. There are plenty of them here as well. Do a search for Amy Pittman to get an idea of what services they provide.
Advice to do it yourself is ill advised. If by now you have not developed expertise or confidence in this arena, you definitely need help to construct a plan to grow and protect your assets.
God Luck
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Debfrommaine,
The advice from valuemkt that I am quoting here is excellent.
Everything he has said is in your best interests.
You might want to call Fidelity and see if you can get an appointment to talk with someone in person. That would be a start.
If the money is sitting in the bank right now, don't feel like you have to make a decision right away. Leave it there, even though it is not making any interest, until you know how you want to handle investment possibilities. I strongly believe in maintaining a moat of cash around stock investments. We are never going to see the return on CDs that our parents got -- or even the 5% that some of us got several years ago. But sitting on some cash is never a mistake.
Please give consideration to every point valuemkt made in his post. (I don’t know Amy Pittman, but I especially like that valuemkt said to protect your assets -- and your privacy.)
Boomer