IGX

I'm 70. I made a shitpile for while and invested (pretty) well. Own my own house and rental house, (and a cabin) and my vehicles. No debts.

So I have enough money to live for the rest of my life.

Where do I put money now? I've been lucky or good, and most of my $$$ is in stocks. Doing great now. But I need wealth preservation. How do I do that safely. Bonds seem to suck.

IGx seems to be the place to get sober financial advice.

Go google this. All they tell you is how much you need for retirement and to make it. Now one tells you what to do when you're there.

seeahill wrote:Where do I put money now? I've been lucky or good, and most of my $$$ is in stocks. Doing great now. But I need wealth preservation. How do I do that safely. Bonds seem to suck.

Is most of the money in a tax advantaged accounts or not? If a good portion isn't, make sure your accountant is involved and that he/she knows the cost basis of your holdings.

I would consider a "barbell" strategy, ala Nassim Taleb (actually, my version of his strategy) - Some very safe, low risk and some "risky."

Low risk would be sending a packet of cash for me to hold for you. Or, an annuity. An annuity would provide a predictable basic income.
Risky would be a broad index fund in the stock market. This has the greatest upside.

Caveat: some annuities/most annuities carry high sales commissions and are ripoffs. You would have to shop smart.


This is roughly my retirement plan.

johno wrote:Caveat: some annuities/most annuities carry high sales commissions and are ripoffs. You would have to shop smart.

Johno is right. Annuities can be fantastic (especially if you don't need to live on the money, and want to take a high risk/low downside strategy for the benefit of your heirs). The commissions are fantastic and often hidden (which is the downside for the investor). B share annuities are not the way to go if you are investing bigger dollars.

Long Term Care insurance and a life cycle fund can be a good way to go. Consider a trust for the property.

Not one of you is bullish on Hooker and Blow futures?

Lame.

Listen to Turd. You should be thinking about keeping your money safe, not becoming a burden, and avoiding taxes for you and your heirs.

Schlegel wrote:Not one of you is bullish on Hooker and Blow futures?

Lame.

You're already old. Are you planning on living long or living well?

If the latter, invest heavily in recreational substances and barely legal eastern european call girls.

Put it all on red. Or black. Whichever.

Seahill. I am an independent financial adviser.

If you paypal me your money, I'll ensure it is invested with returns beyond your wildest dreams.

PM me for more info.

Two words. Thai Hookers.

First, congratulations.
I'd go to a reputable bank, and ask to see their wealth management section. Then talk to them about your options. There's a basic playbook that most of these guys follow, and most will give you similar advice.
I will say this:
Whatever you do, make sure you understand it before signing anything. Not just kinda understand. I mean understand well enough to explain it to a fourth grade kid exactly where your money is and how you access it.

davidc wrote:First, congratulations.
I'd go to a reputable bank, and ask to see their wealth management section. Then talk to them about your options. There's a basic playbook that most of these guys follow, and most will give you similar advice.
I will say this:
Whatever you do, make sure you understand it before signing anything. Not just kinda understand. I mean understand well enough to explain it to a fourth grade kid exactly where your money is and how you access it.

Excellent advice, and you might consider getting a second opinion from a geezer specialist. My brother (a geezer) is a CPA in FL and continually deals with retired geezers who really don't know what to expect and don't have nearly as much money as they think they do.

For example, you're 70 and have enough money to live the rest of your life.......but how long do you think that is? If you croak in a cabin fire at 71, you certainly do. If you pass at 99 after 6 years pouring money into an extended care facility following your big stroke, you might not.

seeahill wrote:I'm 70. I made a shitpile for while and invested (pretty) well. Own my own house and rental house, (and a cabin) and my vehicles. No debts.

So I have enough money to live for the rest of my life.

Where do I put money now? I've been lucky or good, and most of my $$$ is in stocks. Doing great now. But I need wealth preservation. How do I do that safely. Bonds seem to suck.

IGx seems to be the place to get sober financial advice.

If I was in your shoes I would contact Larry Weber, a Merrill Lynch employee. He is a retired Marine and has been in the field
about a dozen years. Of course I know him and his character.

No, I do not use him myself because I am as poor as a church mouse.

Most people I know are too poor to worry about this but I do know one person with serious money - his advice to me was to hire an independent financial adviser who does not sell anything and pay him his fee for advice. Then go to someone who does sell financial products and follow that advice. He says the ones who sell have such a vested interest in making money that they usually put you into things that are not always in "your" best interest, but in their own.

Thanks all. There is actually some good advice here. Good stuff.

Don't do anything until you investigate DRIP's.

seeahill wrote:I'm 70. I made a shitpile for while and invested (pretty) well. Own my own house and rental house, (and a cabin) and my vehicles. No debts.

So I have enough money to live for the rest of my life.

Where do I put money now? I've been lucky or good, and most of my $$$ is in stocks. Doing great now. But I need wealth preservation. How do I do that safely. Bonds seem to suck.

IGx seems to be the place to get sober financial advice.

You live in the biggest meth hub outside Council Bluffs, IA. Open a check cashing shop. Trailer trash will gladly write you a check for $120 to get $100. Blacks will too but that is n/a in your neck of the woods.