Retirement thoughts Past Present Future

[California]

Fidelity hiring a Psych major to do financial work did not give me a lot of confidence in their company.

Fidelity advised us we had reached the level where they recommend professional investment advice. We went in for an appointment. The session was a failure.

He wouldn't consider in his analysis the balances in our employer's 457 (IRA) accounts outside of Fidelity. Said he wasn't authorized. I said then the interview was over. We walked.

That was the only time we have encountered less than excellent customer service, in 30 years with Fidelity.

I had gotten better advice years earlier, when we were poor and just starting out, in a community college night school Adult Education class on retirement planning.

 

[bigtiller]

The old saying:

Never do business with family and friends

There's a reason for that.

Agreed...A family member did state & federal income taxes for side income for several decades. All family members paid full price, no discounts for love. I thought it was a great idea and adopted it when I started garden tilling.

 

[MossRoad]

Agreed...A family member did state & federal income taxes for side income for several decades. All family members paid full price, no discounts for love. I thought it was a great idea and adopted it when I started garden tilling.

I'll do stuff for free for family members and friends. I won't take payment. Why? Because I'd be expected to be a "professional".

 

[MossRoad]

I used to do a lot of computer troubleshooting and repair, both hardware and software, for family and friends. I'd take a 6 pack of good root beer in trade. Never charged for that labor. They'd pay cost for parts.

Same thing with my tractor. I'll loan it out with operator and won't take payment. They'll pay for gas, and take us to dinner or a night out in return.

It comes back to us when we need help with things. Works out pretty good.

 

[Gale Hawkins]

Fidelity advised us we had reached the level where they recommend professional investment advice. We went in for an appointment. The session was a failure.

He wouldn't consider in his analysis the balances in our employer's 457 (IRA) accounts outside of Fidelity. Said he wasn't authorized. I said then the interview was over. We walked.

That was the only time we have encountered less than excellent customer service, in 30 years with Fidelity.

I had gotten better advice years earlier, when we were poor and just starting out, in a community college night school Adult Education class on retirement planning.

Advisors these days are under a lot regs as we get old to keep us "safe".

My Simple IRA manager retired but since I got the Leaf in 2019 I had told him to put some Tesla shares in my IRA because as soon as I got the Leaf I knew I was going for a Tesla when the kids get out of college. He said it was too risky for my sub $200K account.

About 5 years ago I went to Max payroll IRA deduction yet the balance stayed around the same balance so I called TD Ameritrade about self managing my account


They said no problem because it was initially set-up as a Self Directed Simple IRA account and the retired guy had noted I would be taking over. Of course they verified my info and had me confirm my balance. Since recently getting my Tesla I read on how to buy and sell in my IRA account and my 25 year old son was helping learning the technology.

There were about 10 different kinds of investments in my account so for practice every few days I would close a couple and watch my cash balance increase. At 72 doing this kind of stuff really made me nervous but I really wanted Tesla to cover my purchase price and taxes due to the IRS.

I averaged down and was able to get 1200 shares before depleting my account balance

Tin roofs in KY are getting very hot and as luck would have it at noon today I met my financial objective and pressed the hot tin roof eject button.

I have a lot of studying to do before risking retirement funds again in this environment.

Owning the best selling car in the world today helped me realize I wasn't likely to lose 100% of my retirement account and more like I did in a margin call 40 years with corn and soybeans

Best of luck getting the investment advice you seek. Make sure she or he is not a gambler.

 

[NoTrespassing]

Pretty big news imo...

MSN

 

[Gale Hawkins]

Pretty big news imo...

MSN

Been trying to get my head around this one for the past few years. My Jan 2023 UT 400 side by side purchased from Tractor Supply Company locally thinking it was made in China. I raised the hood and it was Made in Vietnam in early 2022. I did read 400,000 people of China have moved to Vietnam to keep working with the same company doing the same job.

 

[MossRoad]

Advisors these days are under a lot regs as we get old to keep us "safe".

My Simple IRA manager retired but since I got the Leaf in 2019 I had told him to put some Tesla shares in my IRA because as soon as I got the Leaf I knew I was going for a Tesla when the kids get out of college. He said it was too risky for my sub $200K account.

About 5 years ago I went to Max payroll IRA deduction yet the balance stayed around the same balance so I called TD Ameritrade about self managing my account


They said no problem because it was initially set-up as a Self Directed Simple IRA account and the retired guy had noted I would be taking over. Of course they verified my info and had me confirm my balance. Since recently getting my Tesla I read on how to buy and sell in my IRA account and my 25 year old son was helping learning the technology.

There were about 10 different kinds of investments in my account so for practice every few days I would close a couple and watch my cash balance increase. At 72 doing this kind of stuff really made me nervous but I really wanted Tesla to cover my purchase price and taxes due to the IRS.

I averaged down and was able to get 1200 shares before depleting my account balance

Tin roofs in KY are getting very hot and as luck would have it at noon today I met my financial objective and pressed the hot tin roof eject button.

I have a lot of studying to do before risking retirement funds again in this environment.

Owning the best selling car in the world today helped me realize I wasn't likely to lose 100% of my retirement account and more like I did in a margin call 40 years with corn and soybeans

Best of luck getting the investment advice you seek. Make sure she or he is not a gambler.

Ahhh, day trading with the IRA account....

ERP!

(not for me, if you don't get the hint )

 

[MossRoad]

Pretty big news imo...

MSN

Ha! They're going to have to increase domestic spending on consumption to keep themselves employed! Nothing like working for the company store.

You load sixteen tons, and what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

 

[Gale Hawkins]

Ahhh, day trading with the IRA account....

ERP!

(not for me, if you don't get the hint )

Day trading seems like a sucker's game personally. One of Dad's friends was heavy into farming and some times trading tractors 1-3 times a year.

40 years ago I learned corn and soybeans day trading was a way to rack up some big gains but early morning margin calls could take it back and more even faster..