RSKY
Veteran Member
- Joined
- Oct 5, 2003
- Messages
- 2,453
- Tractor
- Kioti CK20S
Jesse, I just hung up with the lady from Fidelity. She has it set up to call me every three months and we talk about my portfolio. I feel that I am getting good advice from the company. People whom I worked with who pulled their money out and gave it to a local 'financial advisor' to manage are, for the most part, not very happy with the results.
Don't remember if you told your age but I retired a few days before I turned 57. I had a small 401K with another company that I drew out completely by the time I was 59 1/2. When I turned 59 1/2, on advice from Fidelity, I rolled my other bigger 401K over to an IRA. With the 401K you could set things up for a monthly payment which you can never change, or take it all out, that was my only options. With the IRA I get a monthly payment that I can change when I start drawing SS and I can take out any amount I want to any time I want to. I just have to pay taxes on it when I take it out.
The lady whom I talk to is very knowledgeable on what is going on. She does not tell me what to do but points out things that I would not know. For example, she said I was over invested in the biotech sector and under in the tech sector. Now the biotech funds are going gangbusters right now but they are very focused on one part of the economy and it "could be dangerous to your goals" to overinvest in that sector.
What I am trying to say is to be very careful about taking a large sum of money and giving it to somebody to invest for you when they will probably put it in the same funds it was in before and take a cut of the income. The lady who calls me is paid a salary and is not on commission. She goes to meetings with FUND MANAGERS and hears first hand what they are saying about the economy and the different sectors. Not trying to tell you what to do but I am very satisfied with the service I am getting from them and I felt I should mention it to you.
RSKY
Don't remember if you told your age but I retired a few days before I turned 57. I had a small 401K with another company that I drew out completely by the time I was 59 1/2. When I turned 59 1/2, on advice from Fidelity, I rolled my other bigger 401K over to an IRA. With the 401K you could set things up for a monthly payment which you can never change, or take it all out, that was my only options. With the IRA I get a monthly payment that I can change when I start drawing SS and I can take out any amount I want to any time I want to. I just have to pay taxes on it when I take it out.
The lady whom I talk to is very knowledgeable on what is going on. She does not tell me what to do but points out things that I would not know. For example, she said I was over invested in the biotech sector and under in the tech sector. Now the biotech funds are going gangbusters right now but they are very focused on one part of the economy and it "could be dangerous to your goals" to overinvest in that sector.
What I am trying to say is to be very careful about taking a large sum of money and giving it to somebody to invest for you when they will probably put it in the same funds it was in before and take a cut of the income. The lady who calls me is paid a salary and is not on commission. She goes to meetings with FUND MANAGERS and hears first hand what they are saying about the economy and the different sectors. Not trying to tell you what to do but I am very satisfied with the service I am getting from them and I felt I should mention it to you.
RSKY
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