Getting shafted

[houstoncutter]

Just thought I would pass this story on to some of you nearing retirement. I took some of the money that I had in A SEP retirement account and placed it with the folks at "Safe Money" with Ken Morait....His show is heard on stations on Saturdays and Sundays....The whole speil is that they will invest your money and get you safe return of 4% on your money> At present, before the mess in Greece, and having had my money 1 1/2 years, they have lost 3% if you count their 1and 1/4 % fee. You have been warned, and they have been fired!

Looking at annuities, any suggestions on companies that any of you have used

 

[Brute 23]

This is going to sound like a smart butt question...... Why would you give some one your money for them to make you only 4%? Since 08 the S&P and DJ has done over 10% for sure and since the start of the stock market it has averaged more like 11%. I don't know how they lost money the last 5yrs unless they were heavy in Gold, which a lot of funds were.

That stuff is all scams... even Edward Jones and all these other investment places. They constantly have lawsuits for pushing certain funds. No need for any of those people.

Every person should have a Fidelity, ETrade, or some thing similar, account they are in charge of. If you know nothing about the stock market dump what ever you have in Index Funds... S&P 500 and DJ will return you over 10% on average.

There is nothing more to investing than that. Most stocks and mutual funds don't even out do "the market" (the S&P and DJ).

There... I just made you 10% on your money for FREE. Good luck :tiphat: Contact Fidelity and they can walk you through setting up and account. They are super nice and very helpful.

 

[bbirder]

This is going to sound like a smart butt question...... Why would you give some one your money for them to make you only 4%? Since 08 the S&P and DJ has done over 10% for sure and since the start of the stock market it has averaged more like 11%. I don't know how they lost money the last 5yrs unless they were heavy in Gold, which a lot of funds were.

That stuff is all scams... even Edward Jones and all these other investment places. They constantly have lawsuits for pushing certain funds. No need for any of those people.

Every person should have a Fidelity, ETrade, or some thing similar, account they are in charge of. If you know nothing about the stock market dump what ever you have in Index Funds... S&P 500 and DJ will return you over 10% on average.

There is nothing more to investing than that. Most stocks and mutual funds don't even out do "the market" (the S&P and DJ).

There... I just made you 10% on your money for FREE. Good luck :tiphat: Contact Fidelity and they can walk you through setting up and account. They are super nice and very helpful.

+1

Also, if you are looking at annuities, here is a question to ask the salesman. They are salesmen and not financial advisors. Ask them how much of your investment will draw the guaranteed percentage they quote. I say this because annuities have a heavy commission which comes right off the front end, leaving less of your investment working at that percentage. Most have heavy penalties for withdrawal until that commission is paid back to the company. Of course, they will not volunteer this info. :2cents:

 

[1982vett]

This is going to sound like a smart butt question...... Why would you give some one your money for them to make you only 4%? Since 08 the S&P and DJ has done over 10% for sure and since the start of the stock market it has averaged more like 11%. I don't know how they lost money the last 5yrs unless they were heavy in Gold, which a lot of funds were.

That stuff is all scams... even Edward Jones and all these other investment places. They constantly have lawsuits for pushing certain funds. No need for any of those people.

Every person should have a Fidelity, ETrade, or some thing similar, account they are in charge of. If you know nothing about the stock market dump what ever you have in Index Funds... S&P 500 and DJ will return you over 10% on average.

There is nothing more to investing than that. Most stocks and mutual funds don't even out do "the market" (the S&P and DJ).

There... I just made you 10% on your money for FREE. Good luck :tiphat: Contact Fidelity and they can walk you through setting up and account. They are super nice and very helpful.

The vanguard group would be my suggestion.

 

[backhoeboogie]

Fidelity's TRP INST LGCAP GRWTH has done very well for me. It is a large cap growth fund. 31% of my 401K portfolio is in there.

Their PYR INX LFC 2025 is set for someone my age. It is a blended fund. Around 25% of my portfolio is in there.

Their SPTN EXT MKT ADV is a small cap growth that has been favorable. I have around 20% of my 401K in there.

The rest of my 401K is in bond investment. It is not gaining much of anything but it is safe.

My entire IRA accounts at the banks are in CDs and only earning around 3%. Essentially they are losing money but that's okay if you understood my conservative plan.

The wife has her 401K in annuities at the same bank. So we are somewhat at risk but with the CDs, we are safe in the long haul.

I have been okay with Fidelity and the way they handle things. They leave me the heck alone. I hate brokers calling me.

 

[Bigfoot]

I think I post this everytime the subject of money comes up. My brother has never invested in anything but an unmanaged S and P 500 account. Never checks it, till his statement comes in the mail. I spend atleast a portion of everyday fretting with investments, and he has made more than I have.

 

[backhoeboogie]

I think I post this everytime the subject of money comes up. My brother has never invested in anything but an unmanaged S and P 500 account. Never checks it, till his statement comes in the mail. I spend atleast a portion of everyday fretting with investments, and he has made more than I have.

Friend bought company stock at $17 a share. Sold it when it got to $50. By the time the transaction occurred it was $53. That stock went to $117 before it split.

Your brother may be wiser than you think.

 

[Brute 23]

I think I post this everytime the subject of money comes up. My brother has never invested in anything but an unmanaged S and P 500 account. Never checks it, till his statement comes in the mail. I spend atleast a portion of everyday fretting with investments, and he has made more than I have.

Friend bought company stock at $17 a share. Sold it when it got to $50. By the time the transaction occurred it was $53. That stock went to $117 before it split.

Your brother may be wiser than you think.

I do the same thing with my 401K at work and a college fund for my son. Every thing dumped in the S&P 500.

I have a SEP and ROTH that I have played around with a little and the S&P beats me hands down every time.

 

[Bigfoot]

I wish land was the only thing I had ever invested in.

 

[houstoncutter]

This is going to sound like a smart butt question...... Why would you give some one your money for them to make you only 4%? Since 08 the S&P and DJ has done over 10% for sure and since the start of the stock market it has averaged more like 11%. I don't know how they lost money the last 5yrs unless they were heavy in Gold, which a lot of funds were.

That stuff is all scams... even Edward Jones and all these other investment places. They constantly have lawsuits for pushing certain funds. No need for any of those people.

Every person should have a Fidelity, ETrade, or some thing similar, account they are in charge of. If you know nothing about the stock market dump what ever you have in Index Funds... S&P 500 and DJ will return you over 10% on average.

There is nothing more to investing than that. Most stocks and mutual funds don't even out do "the market" (the S&P and DJ).

There... I just made you 10% on your money for FREE. Good luck :tiphat: Contact Fidelity and they can walk you through setting up and account. They are super nice and very helpful.

Brute you may be right, but their are other things to consider. The S&P can be up 30% one year and down 40 the next. If you have time you can recoup some of these losses. I don't have the time anymore. Most all of my sep ira money was in mutual funds that was not loaded . I did fair over the last 40 years handling it myself. I do know with most mutual funds in the past their was about a 3 to 5 day wait to get something sold, if you wanted to get out of something. Maybe its less these days so that maybe you could time the market and get the type of returns you are talking about. You do know that the S&P average adjusted for inflation from 1/1/2000 to 12/31/2014 was 3.72%. That number will probably get worse when all the mess in the markets now gets figured in. I was looking for the 4% return average, because if I took that amount out I would never run out of money.

Thanks to everyone that responded, I will be checking out everything yall have recommended. I was pissed at these Money Matter crooks because managing money is what they are payed to do

 

[Brute 23]

This is going to sound like a smart butt question...... Why would you give some one your money for them to make you only 4%? Since 08 the S&P and DJ has done over 10% for sure and since the start of the stock market it has averaged more like 11%. I don't know how they lost money the last 5yrs unless they were heavy in Gold, which a lot of funds were.

That stuff is all scams... even Edward Jones and all these other investment places. They constantly have lawsuits for pushing certain funds. No need for any of those people.

Every person should have a Fidelity, ETrade, or some thing similar, account they are in charge of. If you know nothing about the stock market dump what ever you have in Index Funds... S&P 500 and DJ will return you over 10% on average.

There is nothing more to investing than that. Most stocks and mutual funds don't even out do "the market" (the S&P and DJ).

There... I just made you 10% on your money for FREE. Good luck :tiphat: Contact Fidelity and they can walk you through setting up and account. They are super nice and very helpful.

Brute you may be right, but their are other things to consider. The S&P can be up 30% one year and down 40 the next. If you have time you can recoup some of these losses. I don't have the time anymore. Most all of my sep ira money was in mutual funds that was not loaded . I did fair over the last 40 years handling it myself. I do know with most mutual funds in the past their was about a 3 to 5 day wait to get something sold, if you wanted to get out of something. Maybe its less these days so that maybe you could time the market and get the type of returns you are talking about. You do know that the S&P average adjusted for inflation from 1/1/2000 to 12/31/2014 was 3.72%. That number will probably get worse when all the mess in the markets now gets figured in. I was looking for the 4% return average, because if I took that amount out I would never run out of money.

Thanks to everyone that responded, I will be checking out everything yall have recommended. I was be nice at these Money Matter crooks because managing money is what they are payed to do

Why don't you have time? I hear this all the time where people close to retirement age want to move their money in to overly conservative investments... why? When you reach the age where you can start drawing from that account... lets say the S&P500 is down 30%. You are only going to lose 30% on the small amount of money you took out that year. Its not like you take the total sum out all in one shot. You may draw on that money for 20yrs. Some will come out in highs... some will come out in lows. Id rather have my stock pile making 10% even if it swings a little than a steady 4%... which its not even a steady %4 as you saw. You can pull a little money out and take a loss on it when your other money will recoup at %10 or better.

Now, me personally, I might would do like some of the guys above and maybe move a year... maybe two years, of what you would draw in to some thing like a money market, cd, what ever type of super conservative account you want, inside you retirement account. You have essentially locked in the money you would take out for a couple years. You don't have to worry about that money fluctuating but the larger sum is still in the market. If it were to take a dive you have a year or two for it to recover.

Ill be honest with you... I don't know what S&P average adjusted for inflation means. Im just calculating what I have put in vs what is in the account and its over 10% a year. I guess if inflation is 4% and you adjust from 10 and take away 4 you would get 6. That's still better than being -%3 and adjusting for 4% and being -7%.

Your right though... we are at two different stages in the game... although trying to reach the same end. There may be some thing more to it than Im seeing. There is probably more than one way to skin this cat. :tiphat: