Hi all,
I'm new posting although I've been reading for almost a year.
I've got a question. I'm retired and my husband retired at age 63 six months ago. We love retirement and life has been good. About five years ago we put all our money with a financial advisor with whom we have been very happy with.
When we retired our net worth was about 1.4 million dollars not counting our home. 400,000 of that was in my husband's 401K. When he retired he realized he had made more more in the 401K than the retirement account with the advisor the last year so decided to keep the money there for the next year and see what did the best. Also, the fees for the 401K are very very low but you cannot make withdrawals, it's all or nothing when you leave.
Well, six months into retirement we got a call for a meeting with our financial advisor. We like him and felt we have gotten good advice but we knew when we got a call four months earlier than usual that he would want to know why we haven't rolled the 401K over to our account with him. The meeting went as usual for the first 15 minutes and then he told us if we didn't put my husband's 401K into an account with his company he would no longer be our financial advisor. We could stay with the company which in Wealth Enhancement Group which is based out of Minneapolis but we would have to have another advisor whom I believe he assumes is not of his caliber.
I believe this is financial blackmail and my first instinct is to leave but we have really liked the ease of someone looking over our finances and doing a decent job of it. We like him and have felt comfortable dealing with him.
Are we just lazy and should we take care of things ourselves? The money we are getting from our investments is now our main source of income. My husband has a small pension but the advisor has given us a 97% chance of success in retirement and that is if we live to be really old.
Any opinions would be welcome.
I'm new posting although I've been reading for almost a year.
I've got a question. I'm retired and my husband retired at age 63 six months ago. We love retirement and life has been good. About five years ago we put all our money with a financial advisor with whom we have been very happy with.
When we retired our net worth was about 1.4 million dollars not counting our home. 400,000 of that was in my husband's 401K. When he retired he realized he had made more more in the 401K than the retirement account with the advisor the last year so decided to keep the money there for the next year and see what did the best. Also, the fees for the 401K are very very low but you cannot make withdrawals, it's all or nothing when you leave.
Well, six months into retirement we got a call for a meeting with our financial advisor. We like him and felt we have gotten good advice but we knew when we got a call four months earlier than usual that he would want to know why we haven't rolled the 401K over to our account with him. The meeting went as usual for the first 15 minutes and then he told us if we didn't put my husband's 401K into an account with his company he would no longer be our financial advisor. We could stay with the company which in Wealth Enhancement Group which is based out of Minneapolis but we would have to have another advisor whom I believe he assumes is not of his caliber.
I believe this is financial blackmail and my first instinct is to leave but we have really liked the ease of someone looking over our finances and doing a decent job of it. We like him and have felt comfortable dealing with him.
Are we just lazy and should we take care of things ourselves? The money we are getting from our investments is now our main source of income. My husband has a small pension but the advisor has given us a 97% chance of success in retirement and that is if we live to be really old.
Any opinions would be welcome.