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Financial investing for a senior citizen

By Terry Savage on June 08, 2021 | Financial Planning / Retirement

Due to a tough divorce a few years ago, I don’t have a lot to retire on. Basically $100,000, which I am not yet taking. I’ve been able to exist on social security and a small pension. I am turning 70. Believe it or not just got engaged, so day to day not an issue. My question is : The $100,000 is invested with a financial firm for years. I think due to my age it really doesn’t grow. It goes up and down slightly but stays the same. My Dad just passed away and I will have about $500,000. About $300,000 is with Raymond James (a different investment company) My dad has done well with these folks, they handle other family members investments. The question is do I stick with them and where do I put the other $200,000. The $500,000 was only my portion of my dad’s legacy the rest going to other siblings who are happy with their financial firms. They are younger than me so not in the same position. Not sure where to go. Please give me some unbiased advice. I do need to live the rest of my life and would love to be able to give my kids something.

Terry Says

Well, first, congratulations on your engagement. I hope it leads to a long and happy life together. YOu didn’t ask, but there’s a lot to discuss before you tie the knot or move in together. May I suggest going on Amazon to get a copy of my book The New Love Deal, written with my two dear friends — one a divorce attorney and the other a retired divorce court judge! We have some important ideas for discussions and plans to be made and financial aspects to be considered right now!

Well, that’s not what you asked about, but I couldn’t resist! It’s difficult to give good advice without knowing our entire financial situation. And whether these are good advisors for you depends on the individual — far more than the firm. My suggestion is that you set up a free appointment with a FIDUCIARY, FEE-ONLY financial advisor. And the best way to find one is to go through Wealthramp.com — a sort of matchmaker for trusted financial planners. All have been carefully chosen to be fiduciaries — putting your interests first.

In the meantime, put the money in a money market account in your bank. Read that book. Then set up a meeting–and perhaps a second, including your husband to be. You are no longer planning just for yourself, and you should have full disclosure of assets and debt — and perhaps a prenup. It’s wise to get these things sorted out in advance. A fiduciary financial advisor can help you both through this process.
(And if you don’t trust each other enough to give FULL disclosure, I suggest NOT getting married!)

You can learn more about Wealthramp by going to the little box top right of my website that ways: “Find a Financial Planner”. Or go directly to Wealthramp.com.

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