Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Seminar Report #3
Old 10-06-2006, 12:27 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
Seminar Report #3

I received the invite in the mail and two complimentary VIP tickets ($89 value each.) As I was a VIP, I only took advantage of one $89 ticket.

Located @ an Italian Bistro, the meal (salad, lasagna) was served at 6PM and was over at about 6:45. Excellent dinner.

Speaker started at 6:45PM ended @ 8PM. Speaker claims to be a retirement distribution planning specialist, whatever that is. Good presentation, no pressure, no specific "products" mentioned.

Notes from presentation: “We work for our clients”. Annuities are pretty much the choice of retirees. Boomers face more challenges than their parents. 17% of people have pensions. The presenter spoke a long time about rolling over IRA, 401(k) and 403b to them so that they could manage it all as one account. Good explanation of RMD. IRA inheritance and problems for kids if not done properly. Covered provisions of new Pension Protection Act 2006 and how it affects us. Can exchange 401(k) directly to Roth but must pay tax. New law is 907 pages long. Their company knows how to adapt new law to their clients already. Asset allocation and diversification is very important. Typical W/D rate for retirees is 5-7%. An EIA can lock in guaranteed income for life as well as get market returns. Presenter had a number of "real cases" that he had personally encountered (so he said) and explained how a financial plan could have helped them avoid pitfalls. Was against trusts as “they create more problems than they resolve”.

Attendees were encouraged to complete an “evaluation sheet” and turn in when they left. Would receive a CD of a previous presentation if sheet was turned in tonight. I did not complete form thus giving up my receipt of the CD.

I thought that it was unusual that the complete meal was served prior to the presentation. No one did so, but after eating one could just get up and take off. Presentation of about 1:15 was about right IMHO.

__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Seminar Report #3
Old 10-06-2006, 12:48 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Seminar Report #3

Quote:
Originally Posted by mickeyd
An EIA can lock in guaranteed income for life as well as get market returns. Presenter had a number of "real cases" that he had personally encountered (so he said) and explained how a financial plan could have helped them avoid pitfalls.
Um, pitfalls like having been dumb enough to buy an EIA?
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Seminar Report #3
Old 10-06-2006, 10:07 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Seminar Report #3

All I can say is.............WOW!!!!!!! :P :P :P

Which insurance company was behind the EIA, Western Substandard Mountain Reserve Life??

Let me guess, they do "investments and planning", er..........I mean:

Annuities and life insurance..................

At least you got fed...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Seminar Report #3
Old 10-07-2006, 08:02 AM   #4
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Seminar Report #3

Quote:
Originally Posted by mickeyd
I Covered provisions of new Pension Protection Act 2006 and how it affects us. Can exchange 401(k) directly to Roth but must pay tax. New law is 907 pages long. Their company knows how to adapt new law to their clients already.
I keep hearing about how the new pension law is 907 pages long. Given what the law provides, it sounds like 7 pages of meat and 900 pages of cya. Anyway, it is mostly about defined benefit plans. Expect more employers to terminate those plans given that the new pension law provides no incentives to keep them and doesn't prevent termination.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Seminar Report #3
Old 10-07-2006, 06:13 PM   #5
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Re: Seminar Report #3

Quote:
Originally Posted by Martha
Expect more employers to terminate those plans given that the new pension law provides no incentives to keep them and doesn't prevent termination.
That's what I thought when I heard the politicos thumping their chests about how the evil companies have to clean up their defined benefit plans. Of course, the original problem was caused by the politicos passing a law keeping DB pensions from becoming "overfunded" and creating a lure for a hostile takeover. Somehow, when the economy tanks and earnings fall, a company is supposed to magically infuse cash into their DB pension plan when the market goes down. I'll be amazed if any DB plans survive the next 5 years.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Equity Indexed Annuities
Old 10-07-2006, 08:13 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,925
Equity Indexed Annuities

some interesting articles from SEC and NASD about EIAs , the most common product pushed at these seminars

http://www.sec.gov/investor/pubs/equityidxannuity.htm

http://www.nasd.com/InvestorInformat...oice/index.htm
__________________
kaneohe is offline   Reply With Quote
Re: Seminar Report #3
Old 10-08-2006, 01:24 PM   #7
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: Seminar Report #3

We received an invitation to a 8-5p financial conference. The VIP ticket is valued at $149 each. The guest speaker will be Jean Chatzky, a columnist from Money magazine. They will also give out a free book, Smart Women Finish Rich by David Bach. We will not attend this seminar since we will going to a wedding.
__________________

__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
accident report not admissable in new york mathjak107 Other topics 13 06-01-2007 01:00 PM
Seminar Report #4 mickeyd FIRE and Money 1 10-21-2006 01:13 PM
Seminar Report #2 mickeyd FIRE and Money 10 10-01-2006 02:02 PM
Seminar Report #1 mickeyd FIRE and Money 25 09-25-2006 01:35 PM
Report from PIMCO seminar wildcat FIRE and Money 11 09-20-2005 08:06 AM

 

 
All times are GMT -6. The time now is 10:44 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.