Advise from CFP's

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..... and swearing like a sailor.......

I'm here to vouch for the other services that they are just as good at that as any sailor and there is some serious creativity ala Carlin with regard to timing, words and delivery.....

 

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To me, the refrain "Never hire anyone else to manage your money can no one else will care as much as you as you" can be twisted slightly to say "Never hire anyone else to repair your automobile because no one else will care as much as you".



How may posters here do 100% of their own automobile maintenance? How many do any of their own automobile maintenance, or home maintenance, or boat maintenance, etc.



Just like licensed Auto Mechanics and Licensed home Improvement contractors, you need to do your homework when hiring a licensed financial advisor to work for you. There are good ones and there are crooks.



Many of us today will be retiring without pensions but want something that acts like a pension. Guaranteed monthly check for life with no work or analysis required by us. Even those persons who enjoy and thrive on self-performing such tasks at age 55-60 may be fooling them selves if they assume they will be just as competent at ages 75-80 and beyond.



An Annuity can provide that guaranteed income steam for life with no added effort. However; you MUST do your research to know what you are really buying! There is commonly a 5 to 7 year waiting period after purchase during which you cannot cancel the policy without incurring a loss of your principal. Do not buy one if you think you can cancel it later when you change your mind!



Some have exorbitant fees. some may not have a guarantee. Some terminate with a life insurance policy. Some are single life, meaning your spouse will receive nothing after your death. Managing money yourself, rather than buying an Annuity, can yield higher returns - for the knowledgeable investors.



In my mind they are not horrible but need to be approached cautiously. I own an annuity because I desire the simple life-long income, but I also have considerable other savings that are managed for grown not life-long income.

This analogy is really misleading. Auto mechanics is a real skill. Do it right and the car gets repaired. Do it wrong and there are many ways that it can be unsafe or unserviceable. And it cannot be learned by reading one simple book. Sane money management can literally be learned in an afternoon. The only real challenge is emotional, not intellectual. Plus, you likely will not deliberately steal from yourself, but your FA may very well steal from you.

But hey, como quiere!

Ha