Personal Investment & Financial Planning Q`s/retirement


  I'm 62 and plan to retire at 65.  I have a bunch of IRA money and cash savings.  Our whole savings is $345,000 which is everything we have.  Our bank financial consultants sat down with us and said we should put it all in an index annuity and cash savings in fixed annuity because it is all earning practically nothing in the bank.  The one is 5 years and the other is 7 years.  Looking at Great American and Security Benefit plans that he suggested have a lot of penalties and fees.  So now we are totally at a loss.  Should we keep everything in the bank earning nothing or risk fees or is there something else that can provide safety and better interest?  We are kind of unsure whether the bank counselor is looking out for our interest of their interest.  Is there some independent experts who we can trust are looking out for our interest.

Hi Don

You do have to evaluate penalties and fees vs the chance to make more money. It can make sense; btw usually it does not make sense to do all of ANYTHING so when the bank says put all your funds into annuities it might tip you off.

They are the insurance agent making the commission. The only other thing they can offer you is a load (commission) mutual fund so either way you will get a cursory plan with a commissioned product. Plus I usually see people come in who bought a product but set it up wrong

It sounds like you rightfully want someone with less of an axe to grind, and do bear in mind everybody makes money somehow. You do want to get value from someone who simply fills out an application and gets paid.

Tax, social security planning, income planning and estate planning should be tied into the ideas behind "just put it all in these annuities which will do it all for you"

Google me if you want to go into detail beyond this forum, or find a local fee planner as opposed to a place that only sells product

Good luck, and good job thinking this through


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Bruce Julien


I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.


I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.

BA in Accounting, University of Maryland 1990

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