Financial Planners

JudithJuly 26, 2002

I am just wondering how many of you used or are using a financial planner to plan your retirement. I haven't planned very well so far and didn't join the retirement plan at work until about 11 years ago. Too much of it was invested in stocks and now I have lost quite a bit as I am sure lots of others have too. I received an invatation in the mail about a retirement planning seminar which was held at a buffet type restaurant and a free meal came with it. I attended and what they said made a lot of sense but they only touched on certain issues and the deal is they are financial planners and you can sign up with them for financial planning. Have most of you done that or has anyone done that and if so, are you satisfied with the outcome? Thanks. Judith

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judithsa

I took a class at our community college on retirement strategies and I really learned a lot. After my husbnd retired last year, we decided to have one of the instructors who is a CFP handle our money. Be careful about who you choose to help you. Many people say that they are planners but they are primarily stock brokers or insurance sales people. Ask to see their own portfolio and see how they've done over the past few years. Be clear about how they collect their fees.

    Bookmark   July 26, 2002 at 10:36PM
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pinecone

You are the best person to take care of your money. You can learn. Most CFP are in insurance......

    Bookmark   September 3, 2002 at 11:42PM
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joyfulguy

Some years ago a local psychiatrist consulted me about retiring early.

Afer a consultation, my advice was that not only could he not retire early, it would keep him busy to retire at the regular age (he was in an institution and carried on private practice - which he did not want to continue after retirement).

How come? He hadn't taken any account of the ongoing erosion of the value of his underlying asset due to inflation.

I gave him several proposals - and he said not to give him all of those alternatives - just tell him what to do.

I said that no one cared as much about his money as he - no financial planner or anyone else would agree to cover half of his potential losses.

So it would be best if he learned some things about how money works.

He said that learning how money worked was too much for him.

I said that he had good mental capacity between his ears (or he couldn't have gone as far as he had in the medical field).

While the money business is complex, the issues that affect most us individual investors are not so terrible.

Looked at all at once, it does look hard - but I've told a number of people that it's a bit like a family using a loaf of bread.

Mom buys a loaf and puts a few slices on the table.

If Jimmy, having run around all afternoon and feeling ravenous, stuffs a whole slice into his mouth at once, he has a problem.

Taken a bite at a time, even an old fart like me can work his way through a whole loaf in a few days.

Don't let the money issue, looked at as a whole, intimidate you.

Learn how money works - a bite at a time.

Good wishes as you embark on that - or other interesting - adventures.

joyful guy/Ed

    Bookmark   February 11, 2003 at 6:15AM
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minnie_tx

I've made a lot of foolish mistakes regarding money over the years. One of the smartest things I did (I think) was to opt for small payments for life (on two retirement plans)rather than big sums that would run out after a period of years.

    Bookmark   February 16, 2003 at 5:06PM
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