Advice pls

Closed Thread
Thread Tools
  #61  
Old 12-20-2020, 07:47 AM
Eg_cruz Eg_cruz is offline
Veteran member
Join Date: Mar 2016
Posts: 878
Thanks: 1,943
Thanked 1,238 Times in 446 Posts
Default

Quote:
Originally Posted by Marlene36 View Post
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.
  #62  
Old 12-20-2020, 07:53 AM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 13,953
Thanks: 2,275
Thanked 13,420 Times in 5,110 Posts
Default

Quote:
Originally Posted by Marlene36 View Post
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.
  #63  
Old 12-20-2020, 09:40 AM
valuemkt valuemkt is offline
Veteran member
Join Date: Oct 2007
Location: The Villages - Formerly Atlanta Endicott and Syracuse NY
Posts: 692
Thanks: 49
Thanked 661 Times in 214 Posts
Default Put everything into Annuities ??? hhhh

Quote:
Originally Posted by eg_cruz@comcast.net View Post
can put everything into annuities.
omg no !!! Run!!!
  #64  
Old 01-14-2021, 07:50 PM
DAVES DAVES is offline
Sage
Join Date: Feb 2014
Posts: 3,337
Thanks: 179
Thanked 1,874 Times in 948 Posts
Default

Quote:
Originally Posted by JohnN View Post
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.
  #65  
Old 02-02-2021, 11:40 AM
Birdbathbabe Birdbathbabe is offline
Junior Member
Join Date: Aug 2020
Posts: 9
Thanks: 72
Thanked 1 Time in 1 Post
Default

Quote:
Originally Posted by retiredguy123 View Post
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
  #66  
Old 02-02-2021, 11:44 AM
Birdbathbabe Birdbathbabe is offline
Junior Member
Join Date: Aug 2020
Posts: 9
Thanks: 72
Thanked 1 Time in 1 Post
Default

Thank you
  #67  
Old 02-06-2021, 08:31 AM
Catalina36 Catalina36 is offline
Senior Member
Join Date: Nov 2020
Posts: 294
Thanks: 13
Thanked 345 Times in 113 Posts
Default

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.
  #68  
Old 02-06-2021, 08:44 AM
Catalina36 Catalina36 is offline
Senior Member
Join Date: Nov 2020
Posts: 294
Thanks: 13
Thanked 345 Times in 113 Posts
Default

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!!!!
Closed Thread

Tags
needing, lose, money, advice, anticipate

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 05:09 AM.