Originally posted by robtcorl Mrs Bob and I are meeting with a financial adviser this evening.
We need some advice on the annuity she will get upon retirement in April, and to see if we have enough money stashed away to last us a few years so that I don't have to apply for a greeter job at Wally World.
Be certain you go to a registered certified planner, and one you have to pay. I have yet to see the first annuity that I would invest one dollar in. I have also yet to see the first annuity that did not make the seller a handsome profit.
Mrs Rupert took her pension in cash five years ago under a loophole provision that let her take cash over an annuity. Her pension plan then started over and in the time since has grown to be larger than what she cashed in. She will take it in cash too when she retires.
Through some paid and qualified investing advice, that pension she cashed in is now a little over double the original amount. Half was converted back to cash and half re-invested.
This is tricky stuff...and the waters are infested with sharks...very hungry sharks.
You must take ever precaution, use every bit of your search and research skills...and even then cross your fingers for good luck. One little tip...an advisor at the bank is not your friend. You need an independent advisor that makes his money from good advice...not from commissions on plans he sells.
Serious stuff....not to be taken lightly or put in the trust of someone with a vested interest in their own well being...over yours.
I am no advisor, other than what I just typed. But ....I take pride that in handling my Moms' accounts and other assets, her base wealth has tripled in the last 10 years since my Dad died. This was from sound paid advice, personal research and hard work at staying on top of changing conditions. In a sense, her money is my money....so it is in my best interest too. My Mom could go broke, of course, but at age 90 she'd have to work hard at it night and day with her simple lifestyle. I sleep better at night knowing that!
Regards!