Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Investment Talk (https://www.talkofthevillages.com/forums/investment-talk-158/)
-   -   Advice pls (https://www.talkofthevillages.com/forums/investment-talk-158/advice-pls-314084/)

chas39 12-17-2020 12:32 PM
Quote:
Originally Posted by Rga20 (Post 1874270)
Now that I've finally retired what do I do with my 401k. Don't anticipate needing the money but don't want to lose it either. Appreciate your inputs.
Start moving some each year to savings or a regular account

shirleyjerez 12-17-2020 12:34 PM
I have an excellent Financial advisor . Dale Cebert. He will always look out for you. I have had him for 20 yrs . I have got lots of friends who use him and love him

Stu from NYC 12-17-2020 12:55 PM
Quote:
Originally Posted by retiredguy123 (Post 1874687)
While it may be a good idea to hire a "financial advisor" if you need assistance with your money, not all of them are the same. Anyone can call themselves a financial advisor, but many are actually a life insurance salesperson or stock broker in disguise. For example, I have known many people who have been advised by a life insurance salesperson to transfer all of their money into an annuity, which yields a huge commission for the "advisor", and is usually a bad investment. They didn't even realize that the annuity product they purchased was a life insurance product because the advisor told them that it was a retirement investment, and never used the word annuity or insurance. If you hire a financial advisor, you should get a signed statement from him/her that they are acting as a "fiduciary" for you. This will provide some legal protection, but you should also ask a lot of questions and get more than one opinion. You should also ask the advisor how they make money, by commission or by charging you a fee for their time.
Very true. Have to ask how they make money, best to go to someone who charges a fee for giving advise.

Carla B 12-17-2020 01:13 PM
Quote:
Originally Posted by Stu from NYC (Post 1874792)
Very true. Have to ask how they make money, best to go to someone who charges a fee for giving advise.
Can you name any around here? I'd like to know.

Joe C. 12-17-2020 01:55 PM
I'd call Blackston Financial .... they are on 466 just east of Morse Blvd, and just west of the Golf cart store.

retiredguy123 12-17-2020 01:56 PM
Quote:
Originally Posted by Carla B (Post 1874794)
Can you name any around here? I'd like to know.
I invest exclusively with Vanguard and Fidelity Investments. Vanguard has Certified Financial Planners available for consultation for free. But, you may need to have a certain amount of assets to use their free service. I would highly recommend Vanguard for any type of investing and advice. If you want to be able to meet in person with someone, Fidelity has an office at Lake Sumter. I don't think you can go wrong with either Vanguard or Fidelity for any type of investments. I prefer to use mutual funds, but, If you want to invest in individual stocks and bonds, you can set up a brokerage account and they will help you.

DAVIDW5084 12-17-2020 03:54 PM
Advise pls
 
I transferred mine to a self managed IRA, if you do a direct tranfer there is no problem with withholding taxes or effect on your income until you make a withdrawal. Any broker can transfer the funds for you so pick your own location to move your funds. Fidelity, TD Ameritrade, now part of Schwab or any of dozens of others. I would pick one with a local office so you can go in and get face to face information on what help you can get from the broker and trading, most will assign you an individual broker if you have more that $500, 000.

CoachKandSportsguy 12-17-2020 05:29 PM
Quote:
Originally Posted by retiredguy123 (Post 1874687)
While it may be a good idea to hire a "financial advisor" if you need assistance with your money, not all of them are the same. If you hire a financial advisor, you should get a signed statement from him/her that they are acting as a "fiduciary" for you. You should also ask the advisor how they make money, by commission or by charging you a fee for their time.
No disagreement! Independent CFP is the way to go. But when some one asks what do I do with a 401K? that person appears to not be knowledgeable enough such that a financial planner is necessary versus getting overwhelmed with 50 TOTV posts about what each poster has done without any information about how big, and total assets, taxable and non taxable, trusts, properties in other states, etc.

sportsguy

jagdl 12-17-2020 05:56 PM
Make an appointment with a financial advisor. We met with Samantha at Fidelity. First meeting was just to get to know her and the company. So happy we did. Talking with her is like sitting down with a friend while she talks basic steps and told us things we never thought or knew. Never go with a planner that tells you don't worry about it, they will handle it. Right now everyone is making money. Find someone you enjoy having coffee with and learn from them. It is Free.

Mikeodonnell73 12-17-2020 06:09 PM
I believe it changed to 72 even and not 72 1/2.

Mfrench 12-17-2020 08:13 PM
Talk to a financial advisor. He may advise you to invest in gold.

dadoiron 12-17-2020 09:16 PM
An IRA move may cost you money
 
Quote:
Originally Posted by Rga20 (Post 1874270)
Now that I've finally retired what do I do with my 401k. Don't anticipate needing the money but don't want to lose it either. Appreciate your inputs.
Our employer 401k had Fidelity with the best and lowest cost funds (.001) they negotiated. When I got here the Villages Fidelity talked me into converting to IRA saying it was the same. They said they are a fiduciary here. FYI they are not and their funds cost more $$$$$. Staying in your 401k may be your best move.

Check twice before you move it. You can't undo it.

petsetc 12-18-2020 08:58 AM
Rollover into an IRA at Vanguard.

Read free ebook at paulmerriman.com - Get Smart or Get Screwed

JMHO

Neils 12-18-2020 12:31 PM
Quote:
Originally Posted by Kjbatl (Post 1874605)
Be careful with the advice of everyone here on converting your 401K. That is not always the best advice depending on your specific options for investment with who your past company has managing as well as the fees. Example, i converted my 401K to an IRA and have an outside management company managing it. We left my wife's with Fidelity who was the management company of her 401k from work. There are many investment options including targeted funds like the 2020 vangard fund mentioned. The fees are a flat $6.00 per quarter. There are no advisors that are going to charge you so low, example i pay .75% and most of the companies i interviewed charged 1% to 1.5% depending on the size of your 401k. So my IRA now had to make almost .74% more that her 401k before they are even.
The other side of this is what is included for the management fee they charge. My IRA is with Personal Capital and they provide other services that were important to me like current/long term spending planning, prior tax year review as well as current planning, estate planning, etc. Think about what types of services you want to include for what you are going to pay. Interview at least 3 or 4 and not only ones here in The Villages. There are good advisors that do more over Zoom and occasional onsite meetings and that is why I went with Personal Capital. Been over a year and they seem to be doing more than what I expected.
Vanguard 2020 is a lower cost fund, but currently charges 0.13% load fee, plus whatever account charges they show you. No free lunch.

retiredguy123 12-18-2020 12:41 PM
Quote:
Originally Posted by Neils (Post 1875199)
Vanguard 2020 is a lower cost fund, but currently charges 0.13% load fee, plus whatever account charges they show you. No free lunch.
Just to clarify, the Vanguard 2020 fund is a "no load" fund, which means that there is no sales fee to purchase shares. It does have an expense ratio of 0.13 percent to manage the fund assets. This is a relatively low expense ratio as compared with similar funds. All mutual funds have a management fee built into the fund.

valuemkt 12-19-2020 07:47 AM
Serious question with a normal amount of Wise A$$ responses. Many 401Ks have very restrictive investment choices. 10 years ago you may have had a good amount of your funds in "money markets", which had a decent yield. They are now yielding close to what the banks pay .. a tad above zero. My 401Ks were both administered through Fidelity - I transferred them "IN KIND" to Fidelity IRAs. IN KIND means that your investments didnt change at all. That gives you time to decide how to set up your account for the "distribution" phase of your life. You no longer will have the ability to make up huge losses with "buying low" when the market tanks. Some people go crazy and make silly bets on stocks and investments they don;t understand. They end up going back to work at minimum wage jobs. The key, as you alluded to, is capital preservation, with at least enough growth to cover inflation. Fidelity, Vanguard and a number of other credible companies offer a wealth of options and model portfolios for this purpose. If you are totally uncomfortable with managing your fund, you can consider a financial advisor.. That opens another discussion altogether. Just remember the "Free Lunch Theorem" - There is no such thing as a Free Lunch ! Good Luck

bilcon 12-19-2020 08:26 AM
I have had my 403B with Fidelity Investments for over 30 years and converted to IRA when I retired. I like the fact that I am in charge of making decisions with my money and can change Mutual Funds as I see fit. I do spend a lot of time studying funds, market sectors, fund managers etc. It gives me something to do and I can take chances because I also have a wonderful pension. Good Luck! You got some good advice from the previous posts.

Marlene36 12-19-2020 11:39 PM
We recommend Liz at TB Financial - attend one of her free Annuity 101 "classes" at local restaurant if you don't know about the newer types of annuities available. She would also meet with you personally to make custom recommendations for you. We have been so impressed with their work for us and have met many of their other clients at their pre-COVID socials. They offer a unique r personal touch. TB Financial, Fruitland Park off 441, 352-350-1161 Tell them the Ackerman's recommended them.

l2ridehd 12-20-2020 07:32 AM
Quote:
Originally Posted by retiredguy123 (Post 1874359)
I would suggest that you set up an IRA account with Vanguard or another low cost investment company. Then, do a direct transfer of all assets from the 401K account into the IRA, and maintain a similar asset allocation. I would not feel comfortable leaving my money in a 401K plan when an IRA allows me to totally control the assets and how they are invested. And, you will probably save money on the management fees. It was one of the first things I did when I retired.
That is the best way to handle a 401K when you retire. The only way I would consider leaving it would be a Federal TSP account. Their cost and investment options are close to Vanguards. Most companies 401K plans have a somewhat limited selections of investments and higher fees. Vanguard has very low fees and a very broad selection of investments. If you contact Vanguard they will handle the transfer from your company to them for free and make sure you don’t cause a taxable event.

Eg_cruz 12-20-2020 07:45 AM
Quote:
Originally Posted by Rga20 (Post 1874270)
Now that I've finally retired what do I do with my 401k. Don't anticipate needing the money but don't want to lose it either. Appreciate your inputs.
I would look for a local Chartered Financial Advisor, review with them. The problem with 401K they limit you on what your allow to invest in and when you pull funds out they automatically withhold 20% depending on your tax bracket this may not be the right percentage. The last thing is a financial can help set up your goals where the 401k may not have a personal you can speak to on a regular basis.
Look up some seminars that have financial brokers speaking, this way you can see if the even appeal to you if so set up a personal meeting , if not move on. Worth your time

Eg_cruz 12-20-2020 07:47 AM
Quote:
Originally Posted by Marlene36 (Post 1875724)
We recommend Liz at TB Financial - attend one of her free Annuity 101 "classes" at local restaurant if you don't know about the newer types of annuities available. She would also meet with you personally to make custom recommendations for you. We have been so impressed with their work for us and have met many of their other clients at their pre-COVID socials. They offer a unique r personal touch. TB Financial, Fruitland Park off 441, 352-350-1161 Tell them the Ackerman's recommended them.
Can put everything into annuities.

retiredguy123 12-20-2020 07:53 AM
Quote:
Originally Posted by Marlene36 (Post 1875724)
We recommend Liz at TB Financial - attend one of her free Annuity 101 "classes" at local restaurant if you don't know about the newer types of annuities available. She would also meet with you personally to make custom recommendations for you. We have been so impressed with their work for us and have met many of their other clients at their pre-COVID socials. They offer a unique r personal touch. TB Financial, Fruitland Park off 441, 352-350-1161 Tell them the Ackerman's recommended them.
An annuity is always a great investment for the person who sells it to you. They make a huge commission, sometimes as much as 10 percent. But, it is almost always a bad investment for the investor. It is never a good idea to purchase an annuity with tax deferred retirement assets because these assets are already protected from current taxes. My opinion.

valuemkt 12-20-2020 09:40 AM
Put everything into Annuities ??? hhhh
 
Quote:
Originally Posted by eg_cruz@comcast.net (Post 1875753)
can put everything into annuities.
omg no !!! Run!!!

DAVES 01-14-2021 07:50 PM
Quote:
Originally Posted by JohnN (Post 1874484)
I did the same thing, that's the way to go, convert it to an IRA. Eventually you will need to make withdrawals, when you do , if you don't need the $$$, put it into a Roth IRA. That way you can keep it invested and it's tax-free from that point on - after you pay taxes on the amount you convert of course.

I regularly laugh at financial advice on what you need to retire. All you need to know is how long you will live, rate of inflation till you die, rate of return on your investments and the number can be calculated. Oh and throw in what will kill you A car crash is far less expensive then say cancer or Alzheimers or????? Oh and the tax rate till you pass.
All are unknown.

I think the option has been lessened. My mom left my sister and me her IRA as an inherited IRA. She only paid tax on what she was forced to withdraw. It is not much money. I do face a required minimum distribution. At no charge my brokerage, I think they all do sends us a letter as to how much we need to withdraw. It is not much money.
My parents didn't have much. It is a gift that keeps on giving long after you pass.

Birdbathbabe 02-02-2021 11:40 AM
Quote:
Originally Posted by retiredguy123 (Post 1874359)
I would suggest that you set up an IRA account with Vanguard or another low cost investment company. Then, do a direct transfer of all assets from the 401K account into the IRA, and maintain a similar asset allocation. I would not feel comfortable leaving my money in a 401K plan when an IRA allows me to totally control the assets and how they are invested. And, you will probably save money on the management fees. It was one of the first things I did when I retired.
Thanks

Birdbathbabe 02-02-2021 11:44 AM
Thank you

Catalina36 02-06-2021 08:31 AM
You didn't say who your plan was with? Vanguard, Fidelity, Charles Schwab, etc.
Vanguard has a very high rating and low cost. Depending on your plan and the company you worked for you may want to or your company may require you to move your 401K / IRA to another company.
First just remember when you make a move to another company it could take several days or a week to complete the move. During that period of time your account will be in limbo not effected by the market ups & downs.
I recommend you stay with Big company like Vanguard, Charles Schwab, Fidelity etc. I personally don't trust the small independent companies. Remember Bernie Madoff.
You want a financial advisor who you can talk with and someone who will return your calls. There are so many ways to invest your 401K. There are companies who will use a Robo Advisor for your account investments based on your individual preferences. I would interview several companies. When I retired I interviewed Fidelity, TD Ameritrade, Vanguard, and Charles Schwab.
Remember its your money, be smart, not all advisors look out for your best interest. You want to use a company who has Fiduciary Certified Financial Advisors who by being Certified must keep your best interest in mind.

Catalina36 02-06-2021 08:44 AM
DO NOT INVEST IN ANNUITIES!!!! Like someone said the Banker makes commission on selling you a annuity. A Banker closed out my 91 year old father's CD when it came due and sold him a annuity???? I mean really at 91 you don't need a Annuity.
ANNUITIES have small print that nobody reads until you need your money. Annuities are for the LAZY person who doesn't want to take the time out to learn simple investing. Investing is not hard just put a little effort into it. Hey it's your money, don't let someone else have control of your money!!!!


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