I am new to this and need to make quick SMART decisions! I did not expect to be making these decisions for years. I need guidance on not only how to safely invest but also where??? Who do you use that you are happy with? Where do I avoid? This is my forever. I am in St. Mary's.
Investing Retirement Pension
- Thread starter grandma
- Start date
Tilted
..
This isn't a direct answer to your question, but depending on your circumstances there is some very general advice I would offer.
Is the perceived need to make quick decisions created by something tragic happening? Something that deeply affects you emotionally? You don't have to answer that if you don't want to, obviously. But if the answer is yes, my advice would be: Don't make decisions with long-term implications, especially the kind that are hard to reverse, when you are intensely emotional, e.g. in grief. In such situations, people should make only those decisions which are absolutely necessary in the short term - to provide for the short term. Important and long-term decisions can be made later, when the person is in a better place to think clearly and take into consideration all of the things that should be taken into consideration.
Is the perceived need to make quick decisions created by something tragic happening? Something that deeply affects you emotionally? You don't have to answer that if you don't want to, obviously. But if the answer is yes, my advice would be: Don't make decisions with long-term implications, especially the kind that are hard to reverse, when you are intensely emotional, e.g. in grief. In such situations, people should make only those decisions which are absolutely necessary in the short term - to provide for the short term. Important and long-term decisions can be made later, when the person is in a better place to think clearly and take into consideration all of the things that should be taken into consideration.
It is not an emotional situation. More of a offer to retire now, allowing the company to downsize, with a lump sum now that is much better than the eventual monthly annuity, if its handled smartly. I am confident accepting the offer is smart, but unsure where and how to invest.
Tilted
..
Understood, and I'm glad to hear that.
Blister
Well-Known Member
If you "really have to" move the money quickly go with someone nationally known, with good overall ratings. Just make sure you do a rollover to an IRA type account, so you don't get hit with penalties. USAA, Fidelity, T.Rowe Price, etc. If you feel the need for a local investment adviser, park the money safely, and low risk, and then take your time to research before taking on a personal money manager.
Agee
Well-Known Member
Edward Jones has local offices- any input? If I initially put the money with a company at low risk and after having a month to get educated and informed decide to move it to another institution, are there penalities? I am scheduling appts for next week with institutions- What questions do I need to ask so I am comparing apples to apples? Any sites/books that I should read to get myself better informed?
Agee
Well-Known Member
Check the Edward Jones website, do a general search on retirement investing, wealth of knowledge online...
PeoplesElbow
Well-Known Member
I would say it depends on how knowledgeable you are of finances. Personally I would never use a financial adviser because no matter how good they are nobody cares as much about your money as you do.
How old are you? You will be taxed on a lump sum payout, stick as much into an IRA account as possible to lessen your tax burden on it.
I really like Capital One investing, depending on your age, risk tolerenance etc I would put it into an ETF such as Broad Market (symbol VTI) or a dividend fund such as DVY.
If you are set on a mutual fund I put my moms money into this one, it has a real solid performance record. https://www.franklintempleton.com/r...jsf?fundNumber=109&fromppss=true&sort=fundAsc
The most important thing is to remember is that it is your money and ultimately your responsibility so you need to do your homework and not pass it off on someone else. IF you are looking for someone to just tell you what to do, do yourself a favor and just stick it in a bank CD.
How old are you? You will be taxed on a lump sum payout, stick as much into an IRA account as possible to lessen your tax burden on it.
I really like Capital One investing, depending on your age, risk tolerenance etc I would put it into an ETF such as Broad Market (symbol VTI) or a dividend fund such as DVY.
If you are set on a mutual fund I put my moms money into this one, it has a real solid performance record. https://www.franklintempleton.com/r...jsf?fundNumber=109&fromppss=true&sort=fundAsc
The most important thing is to remember is that it is your money and ultimately your responsibility so you need to do your homework and not pass it off on someone else. IF you are looking for someone to just tell you what to do, do yourself a favor and just stick it in a bank CD.
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