Another federal annuity study

[Nords]

I wonder what my military pension is worth?

I can't figure out the value of an EIA, let alone whether it's correctly priced, but I can answer that question!

“Present value” estimate of a military pension | Military Retirement & Financial Independence

 

[BLS53]

What makes you think either one?

Just from people I know, and what I read. Also, although I can't cite the specific articles, I have read that the fastest growing age group filing bankruptcy is people over 55. Which says to me there's many older folks carrying a lot of consumer debt.

 

[BellBarbara]

BellBarbara,

A fee only planner may be appropriate if you can get him to one. The best thing is to try to get him to read some of the better financial planning books. There's a book list here. Also, the Bogleheads Forum has suggestions. William Bernstein's latest book, The Investor's Manifesto, is a fairly easy read and it tears into many alternative products.

I was once subject to insider trading rules. There is no SEC requirement to move all your assets to a specific firm. I suspect your husband's firm looks upon their employees as sources of revenue.

No I have talked to others in the financial products industry that worked for other brokerages, they confirm they had to do the same. We pay no fees of any type and can own any funds we want, it just has to be in an account they can monitor. I am not saying it is an SEC requirement, but that it is common practice.

My company has a ESPP and ESOP managed by e*trade and I have to send them the statements each month showing there is no account activity beyond these two programs.

He will never read books or forums, bnot his style. I think I will look for a for fee FP to help me out here. I will agree to see a rep from his company, but only under the condition that he agrees to get a second opinion.

 

[2B]

No I have talked to others in the financial products industry that worked for other brokerages, they confirm they had to do the same. We pay no fees of any type and can own any funds we want, it just has to be in an account they can monitor. I am not saying it is an SEC requirement, but that it is common practice.

My company has a ESPP and ESOP managed by e*trade and I have to send them the statements each month showing there is no account activity beyond these two programs.

He will never read books or forums, bnot his style. I think I will look for a for fee FP to help me out here. I will agree to see a rep from his company, but only under the condition that he agrees to get a second opinion.

It may be "common practice" in the industry but I suspect they want to monitor the personal wealth of their employees. They certainly seem ready to "help" you with your assets.

When you are governed by the SEC rules for "insiders," it is necessary to inform any brokerage firm you or your spouse have an account with of your situation. They will not execute trades that violate your restriction.

In your situation, should your DH find out that XYZ is about to make a surprise bid to acquire ABC you could either make the trade in an account you've kept hidden from the firm (not smart) or do what is normally done and agree to split the profits with your good ol' Uncle Bernie (not smart either but less likely to get caught).

I think you have a good plan on the "second opinion" approach. I recommend you find someone that is index fund oriented. Avoid the ones that chase the "hot" mutual funds. You seem to "get it" so I hope you do enough reading to design and manage your own assets.

You have also reinforced my belief that most insurance companies are scum.

 

[ziggy29]

Just from people I know, and what I read. Also, although I can't cite the specific articles, I have read that the fastest growing age group filing bankruptcy is people over 55. Which says to me there's many older folks carrying a lot of consumer debt.

And thanks to age discrimination, these are the folks more likely to be laid off, less likely to be able to find another j*b and not yet able to generate much (if any) passive retirement income. This economy and retirement insecurity situation is, I suspect, creating a pocket of poverty in the 50-64 age group, more or less -- too old for the job market, too young for retirement income.