401, ira etc

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  • 401, ira etc

    So I’m getting close to the age of retirement.
    my investments haven’t done horrible.
    I am no genius in these matters.

    id say if all goes well (IE I don’t lose my gig) less then 7 years I’ll be ready.

    generally in a normal world, I would imagine at some point soon I’d pull out of more higher risk items.

    im not sure what is generally recommended (assume I want out at 62) as the time to do that shift. And what’s the proposed “safest” bet to move your fund into?

    my second concern/question (and I know we don’t have a crystal ball) but I personally think we are going to have a 2007 again but worse. The mounting debt, moves to give monies/homes/loans to those who can’t afford it, other changes in the country, China threatening Taiwan, Iran etc. Just when is the question

    i just can’t see this ride lasting.

    thoughts? Input?

  • #2
    My finger is on the sell button.

    Im 49, not as close to retirement, but I don’t want to lose my meager savings.

    absolutely now doubt that this will pop at some point.

    Comment


    • #3
      And now I hear Xiden just declared Russia a national threat and booted people

      Comment


      • #4
        TyreTyme is the guy to ask, hopefully he chimes in.
        Engine Sales and Service
        Ph +1 954.463.1515
        Fx +1
        954.463.4904
        Toll Free: 800.622.6747

        [email protected]
        www.parkeryacht.com

        Comment


        • #5
          Thanks.

          not looking for EXACT advice that may or may not doom any financial future I have. ....just general knowledge and discussion items that I’m sure I could google but wanted to hear more personal experiences. Someone who actually retired or is like me or nearer.

          I have an advisor provided by my company (from the institution that manages my 401), and I’ve talked with them about 6 MOs ago.
          They did do a shift which was financially beneficial, but at that time we talked mainly about when I retire, and where I need to be. i liked the guy, but some things he said just kinda, I dunno ...made my spider sense tingle!? I can’t put it into words. But now with all the crap going down ....I’m remeeting with him but want to come in with some more knowledge and questions.

          I believe if it’s good to get a second opinion from a Doc on personal health matters, why not financial ?

          Comment


          • #6
            Originally posted by Ol Mucky View Post
            Thanks.

            not looking for EXACT advice that may or may not doom any financial future I have. ....just general knowledge and discussion items that I’m sure I could google but wanted to hear more personal experiences. Someone who actually retired or is like me or nearer.

            I have an advisor provided by my company (from the institution that manages my 401), and I’ve talked with them about 6 MOs ago.
            They did do a shift which was financially beneficial, but at that time we talked mainly about when I retire, and where I need to be. i liked the guy, but some things he said just kinda, I dunno ...made my spider sense tingle!? I can’t put it into words. But now with all the crap going down ....I’m remeeting with him but want to come in with some more knowledge and questions.

            I believe if it’s good to get a second opinion from a Doc on personal health matters, why not financial ?
            Sound plan, just don't get confused.
            I like GMC, other folks like F.O.R.D.
            Reach out to Joey, he's got Sound Advice.

            Engine Sales and Service
            Ph +1 954.463.1515
            Fx +1
            954.463.4904
            Toll Free: 800.622.6747

            [email protected]
            www.parkeryacht.com

            Comment


            • #7
              All I can say is I never go w/ company-sponsored plan advisors, nor those based on commission sales. I start w/ fee-for-service with a fin advisor, but they don't all my portfolio. They have to earn it ... and my trust. I also then go out for competing 'quotes' for service, every year to start and every 2-years after that - even with my current advisor. Knowing this, my current FA has made it sweeter and sweeter for me, less transaction fees et al and he and I talk regularly. The more I have invested w/ him, the more the fees have dropped and my portfolio is outperforming the general indexes.

              In any good FA relationship - they should be calling YOU more than you are calling them. I'd accept no less than 4 contacts per year - by phone - and I get updates/brief calls every 2-months or more! Plus an in-depth annual 'sit down' meeting that lasts hours.

              Some caveats - you just can't 'hand off' YOUR future! So you need to make your financial 'knowledge' grow and grow too, which will be a gradual process. IMHO you need a FA working for you who has the explicit fiduciary responsibility for YOUR welfare, i.e., acting in YOUR best interest, as their prime motivation.

              Certified Financial Planners (CFPs) are also generally fiduciaries, but make sure your CFP is acting as a ‘fiduciary’ before engaging in business with them. Financial advisors who work for brokerages generally are not a fiduciary. They are still held to a 'suitability standard', but it is a lesser legal standard of care. These non-fiduciary advisors must offer investment advice and product recommendations that are suitable for you. This means that the financial products generally fit your needs, but may have higher fees or offer a bigger commission to that advisor.


              Life is too short for an ugly boat!

              Comment


              • #8
                A 2030 targeted retirement mutual funds might be worth considering. I retired two years ago and a large portion of my nest egg is in a target retirement fund. Though it doesn't have amazing returns, it has done well enough that the account has grown to more than it was two years ago, even after two years of distributions.

                Comment


                • #9
                  Another option, if you have a pension, sometimes you can take a buyout. Based on what my pension will give me versus the buy out, and comparing that to how my portfolio has performed, I can do from 3X to 5X better managing that money on my own.

                  Plus ... bonus ... then I don’t have to worry about survivor benefit percentages.
                  Life is too short for an ugly boat!

                  Comment


                  • #10
                    Full disclosure, this should in no way be interpreted as investment advice...With regard to your allocation question, the rule of thumb is 100-age in equities, that’s at least a starting point for you. If you care to discuss the other, shoot me a message..
                    Alabaster, AL
                    Mobile, AL
                    2003 Pro Line 22 Bay, Yamaha SX200TXRC

                    Comment


                    • #11
                      Originally posted by DaleH View Post
                      All I can say is I never go w/ company-sponsored plan advisors, nor those based on commission sales. I start w/ fee-for-service with a fin advisor, but they don't all my portfolio. They have to earn it ... and my trust. I also then go out for competing 'quotes' for service, every year to start and every 2-years after that - even with my current advisor. Knowing this, my current FA has made it sweeter and sweeter for me, less transaction fees et al and he and I talk regularly. The more I have invested w/ him, the more the fees have dropped and my portfolio is outperforming the general indexes.

                      In any good FA relationship - they should be calling YOU more than you are calling them. I'd accept no less than 4 contacts per year - by phone - and I get updates/brief calls every 2-months or more! Plus an in-depth annual 'sit down' meeting that lasts hours.

                      Some caveats - you just can't 'hand off' YOUR future! So you need to make your financial 'knowledge' grow and grow too, which will be a gradual process. IMHO you need a FA working for you who has the explicit fiduciary responsibility for YOUR welfare, i.e., acting in YOUR best interest, as their prime motivation.

                      Certified Financial Planners (CFPs) are also generally fiduciaries, but make sure your CFP is acting as a ‘fiduciary’ before engaging in business with them. Financial advisors who work for brokerages generally are not a fiduciary. They are still held to a 'suitability standard', but it is a lesser legal standard of care. These non-fiduciary advisors must offer investment advice and product recommendations that are suitable for you. This means that the financial products generally fit your needs, but may have higher fees or offer a bigger commission to that advisor.

                      FYI the suitability standard is no more..:went away with Reg BI last year.
                      Alabaster, AL
                      Mobile, AL
                      2003 Pro Line 22 Bay, Yamaha SX200TXRC

                      Comment


                      • #12
                        I’ll give you my .02 soon as I get a chance
                        Thinking 34’ Fountain TE w/ trip 300’s
                        Or Possibly 33’ or 36’ Frontrunner
                        Got to get with Prop next week

                        Fairhope & Orange Beach, AL

                        Comment


                        • #13
                          My situation is a little different but I’ll give you the 35,000 foot altitude view.
                          We sold our company to a PE Group out of Boca Raton in ‘07 at the height of the real estate boom, made a good lick.
                          Stayed on while they raped us, bk’d us, and the sold us to Pep Boys in ‘10.
                          I was the only Corp guy Pep asked to stay on since I was over our 100 retail stores.
                          After a year and a half of their BS I told them what I thought and hit the door at 51 years of age, now I’m 60.
                          My wife has worked over 25 years part time at Springhill Memorial Hospital and still enjoys it so that covers our health insurance.

                          My investments have been mostly very conservative.
                          For the past 5 years I have floor planned a boat or two with a buddy who has a shop and we split profit on said boats. It also gives me a boat to order and use which we sell as a demo, therefore I have no depreciation since I pay invoice.
                          I keep about 1/3 in cash at bank. It doesn’t make anything but doesn’t lose anything either.
                          Keep about 1/3 in real estate investments and don’t win on all of them but the pluses outweigh the minuses
                          The other 1/3 is now in very conservative 401k (both mine and my wife’s), boat floor plans, other misc dabbling.

                          We have an annual budget and so far we’ve been blessed to maintain our original principle amount from when I retired.
                          My wife is 63 and eligible to start drawing SS but still enjoys the interaction of her job.
                          I will start drawing when eligible and figure one of ours will cover monthly health insurance.
                          Eventually we will start whittling away at original principle amount, but hey, that’s what it’s for.

                          As a side note I’ve always been a payoff debt as soon as possible.
                          Think I paid off the last house I financed at 39 or 40, as that was always my first goal.
                          Other commercial real estate investments took a little longer.
                          We put every penny towards investments until we were early 40’s and by the grace of God it paid off.
                          With that said, we did without a lot until when we were young.

                          I’m sure everyone’s situation is different but since Ole asked me to chime in, I did.
                          Thinking 34’ Fountain TE w/ trip 300’s
                          Or Possibly 33’ or 36’ Frontrunner
                          Got to get with Prop next week

                          Fairhope & Orange Beach, AL

                          Comment


                          • #14
                            MAGA 😀
                            Microsoft
                            Apple
                            Google
                            Amazon

                            With all the money printing I'm of the opinion that a larger % of retirement funds need to be in equities just to maintain equivalent purchasing power.

                            Comment


                            • #15
                              Originally posted by Coastboater View Post
                              MAGA 😀
                              Microsoft
                              Apple
                              Google
                              Amazon

                              With all the money printing I'm of the opinion that a larger % of retirement funds need to be in equities just to maintain equivalent purchasing power.
                              Absolutely!! If you’re trying to keep up with inflation
                              Thinking 34’ Fountain TE w/ trip 300’s
                              Or Possibly 33’ or 36’ Frontrunner
                              Got to get with Prop next week

                              Fairhope & Orange Beach, AL

                              Comment

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