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Angel1955  
#1 Posted : Thursday, March 29, 2012 9:51:53 AM(UTC)
Angel1955

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My TSP was just rolled over to a recommended financial planner - and I have received my MRD check from the US Treasury - I still have difficulty in understanding him but then again stocks are not my thing - I had considered leaving money in TSP G fund - and he told me that my money would only last 10 years - he wants to put half of money into annuity, at first 7 years - now a 10 year commitment- the rest invested in stock - I guess his constant comparison of the G fund and it didn't make money last year bugs me - unprofessional, or maybe the truth - - I have to go into his office - trying to get daughter to go with me. How does one change financial advisor??
crs1  
#2 Posted : Thursday, March 29, 2012 12:25:16 PM(UTC)
crs1

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Angel1955 wrote:
My TSP was just rolled over to a recommended financial planner - and I have received my MRD check from the US Treasury - I still have difficulty in understanding him but then again stocks are not my thing - I had considered leaving money in TSP G fund - and he told me that my money would only last 10 years - he wants to put half of money into annuity, at first 7 years - now a 10 year commitment- the rest invested in stock - I guess his constant comparison of the G fund and it didn't make money last year bugs me - unprofessional, or maybe the truth - - I have to go into his office - trying to get daughter to go with me. How does one change financial advisor??
 
I don't, at all, like the sound of what you are doing. You have already executed the TSP rollover and closed out the account?? I would not have done anything until I understood exactly what this FA is doing (to you).
 
Assuming you have already rolled over your TSP, are you executing an indirect rollover or a direct rollover? That is, is the money in your hands with tax withheld (indirect rollover)? Or was it sent directly to another account chosen by the FA (direct rollover)?
RW2  
#3 Posted : Thursday, March 29, 2012 10:39:57 PM(UTC)
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FWIW  If you don't understand what your FA is recommending be very cautious. Get a relative or someone else to review your FA's proposals before proceeding with the purchase of any products or investments. I would be very reluctant to purchase any product I did not understand, especially if it is front loaded with fees.
Angel1955  
#4 Posted : Friday, March 30, 2012 2:44:47 AM(UTC)
Angel1955

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TSP said the check was made out to the FA with FBO my name.
crs1  
#5 Posted : Friday, March 30, 2012 7:41:54 AM(UTC)
crs1

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Angel1955 wrote:
TSP said the check was made out to the FA with FBO my name.
 
Well, sounds like this FA already has your money. If he has not yet made the investment and you are able to wrestle it away from him, what would the vehicle be for doing that? I don't know.
 
Good luck on this. If he has not yet made the investment, I would be full of questions. Is this a deferred variable annuity (an insurance product) (not annuitized) he is talking about? Sounds like it to me. You better look at the fees associated with that. They can be quite expensive (sales commission, administrative fees, fees for each benefit, etc..) with penalties for early withdrawal. Such an annuity is also invested in mutual funds. What expenses lie there and what is the risk? But mostly, I believe I saw you are over 70 years of age. I would not want to tie up my money for 7 - 10 years if I were in that position. You may face a large surrender fee if you decide you want out. Ask what he is doing until you understand to enable a decision.
 
Where is the remaining half of your money going? Into a TIRA outside of the annuity? If so, into what funds with what loads and expense ratio? Depending on what you find out with that annuity, you may be better off investing the entire amount in a TIRA.
 
The bottom line is this FA will put you into a certain % of equity and will charge you a good sum for all of this I'm guessing. You could have left the money in TSP with rock bottom expenses, all in a Life Cycle fund, L Income for example. Your only decision then would have been how much for a monthly withdrawal, adjusted once/year. I suspect you will have a fair amount of additional decisions to make with your current path, but I don't know the details.
 
As I said, good luck on this. Ask many questions and figure out your best path from here. It is your money after all.


crs12012-03-30 17:02:33
The HalfBreed  
#6 Posted : Friday, March 30, 2012 10:54:54 AM(UTC)
The HalfBreed

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I'm sure he's (your Financial Advisor) is above board, however, many make their money from the things they sell to you. For him to make statements about the G Fund like that makes my "Woo-Woo Hairs" on the back of my neck stand up and shiver.

RW2 and CRS1 are in your corner...I'd tread wisely. I met a F.A. who asked for info at one of our retirement seminars. I made an appt. then promptly cancelled it 2 weeks prior to our meet.

There's only one person that cares about me.....and that's me. Being retired, you have much time to learn about finances. It's not easy, nor a 1 week course. Maybe a college course for 3 months would help you. ( ??? )


RETIRED 12/19/2012 !!! Good Bye Tension !!! Hello Pension !!!
Not retiring yet  
#7 Posted : Wednesday, May 09, 2012 11:09:58 AM(UTC)
Not retiring yet

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MRD amount might be OK.  But, if you really want to, you should be able to return the $$ to TSP.  Will change the amount of your MRD, but, will also allow to change every year. Why a 10 year annuity? you could do well with a 7 yr annuity at your age.  AND  who is the beneficiary of any funds remaining in TSP or the annuity?   Change financial advisor?   Pick another one,  they can help you transfer the $$    And the G fund is only one of 2 or 3 that actually made $$ last year.  The other 2 are like 2030 and 2040 funds.  You don't need your money to last that long.   Good luck Angel, and get your daughter to begin helping by going with you.  But, you do need a good financial advisor.    
Angel1955  
#8 Posted : Thursday, May 10, 2012 9:56:50 AM(UTC)
Angel1955

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Well folks - I did take my 6'5 math teacher with me - if nothing else a sounding board - - it is not an easy decision to do trust me - the safest is an annuity = which I have never liked the idea of an insurance company making money off of my money - well they do anyway - as I sat down and he asked me questions he was working away on the computer - I went to 2 very prominent financial people in area - and job - and asked them who they would go to - so it wasn't like walking blind -- guess what folks - I just got my first annuity check - mailed to the advisor and then they deposited it to my credit union = hold onto your hats now - $87.00 after fed and state taxes - - I was told that I could only go so high with an annuity - - I have one friend who took all of her money out of TSP and bought a condominium in Ocean City - - and this is suppose to help me with my retirement - wowie - -
Angel1955  
#9 Posted : Thursday, May 10, 2012 9:57:16 AM(UTC)
Angel1955

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should have said son who is a math teacher
stofed  
#10 Posted : Thursday, May 17, 2012 3:46:22 PM(UTC)
stofed

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Why don't you learn to manage your own money instead of leaving it in the hand's of others?  

More Litigation = Less Corruption
oktoots  
#11 Posted : Saturday, May 19, 2012 11:29:05 AM(UTC)
oktoots

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Welcome back moron.

multiple identities to 0%
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