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Old 01-10-2014, 07:43 AM   #21
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Welcome to the board. Based on what your FA told you I would guess that your expenses in retirement are projected to be a bit less than your combined social securities plus some portion of your savings -- probably somewhere around 4%. If that is the case you are indeed in pretty good shape. Learning to do it yourself is a much easier task than you may think and you don't have to accomplish it in the next few days. Take a little time to learn about index funds, safe withdrawal rates (SWR), and asset allocations. Maybe read a couple of the books you will see recommended in various FAQ's. If it turns out that your FA was correct that you will be in tricky waters if your SS stream is changed if one of you dies you should evaluate whether some sort of longevity insurance is needed - maybe an SPIA (single premium individual annuity). But the variable annuity the FA was advising sounds like nothing more than an opportunity for him to rake in a commission.
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Old 01-10-2014, 09:04 AM   #22
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Good advice posted by the others here, Jerry.

Back in 2012 I started a thread about a friend of mine who was approached by a salesman trying to sell him an annuity through his Roth IRA. You can read about here:

Should I Talk My Friend Out of Buying an Annuity?

The first bunch of replies included what I did and the advice I received from others in this forum. Later in 2012 I moved the direction of the thread to the tragic passing ofmy friend's remaining parent and a subsequent inheritance he received.

Another story I have for you, Jerry, is when I was "poached" by a pushy rep at my local Fidelity office back in 2010. He wanted to take over the management of my account for a fee, something I had no interest in. After losing 2 hours of my life I would never get back, I had mentally written a letter of complaint to Mr. Pushy's boss (the office manager) by the time I had walked back to my car (and mailed it out the next day). The office manager called me a week later and switched me back to the rep I had originally been assigned to (but had never met because my previous rep had recently left Fidelity). The office manager was not happy to learn Mr. Pushy had just "taken over" from another rep without his knowledge, either. I learned last year that Mr. Pushy has since left Fidelity.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

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Old 01-10-2014, 11:18 AM   #23
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Welcome to the group. Have you run your numbers through Firecalc? If you don't trust your advisor(for good reason), should you trust his projections?
Do more reading and educate yourself. Lastly, congratulations on figuring out what this FA was really after.
Best wishes,
MRG
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Old 01-10-2014, 12:41 PM   #24
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If I may recommend another good book about index investing, try Allan Roth's "How a Second Grader Beats Wall Street" which is, notwithstanding the silly title, an excellent and easy to read and understand explanation of index investing. And Allan's website at www.daretobedull.com has many good articles on same.
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Ordered two books last night...
Old 01-11-2014, 07:56 AM   #25
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Ordered two books last night...

Quote:
Originally Posted by Rusa View Post
If I may recommend another good book about index investing, try Allan Roth's "How a Second Grader Beats Wall Street" which is, notwithstanding the silly title, an excellent and easy to read and understand explanation of index investing. And Allan's website at www.daretobedull.com has many good articles on same.

Thanks for the advice on reading... last night I ordered Andrew Hallam's "Millionaire Teacher" and Allen Toth's "How a Second Grader Beats Wall Street".

Jerry.
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Old 01-13-2014, 12:13 PM   #26
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While you are waiting for your books, you should look at the articles in Forbes by Mel Lindauer about all the different types of annuities. He will support the posts you are getting about their "badness" with some background info.

You can find the articles on line starting here: Annuities: Good, Bad Or Ugly? - Forbes

You may also want to subscribe to the bogleheads blog. That is a group of people who believe in a do it yourself approach to investing and mostly use Vanguard funds to do it. The name comes from Jack Bogle who founded Vanguard. Their website can be found here: Bogleheads • Index page

Good luck. You worked hard to save the money you have. Its much less effort to keep it but it does take a little.


Lorne
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