Author Topic: Helping My Parents Optimize  (Read 2311 times)

oldtoyota

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Helping My Parents Optimize
« on: November 09, 2013, 03:06:16 PM »
I was helping my parents organize their finances and noticed that at least one IRA of theirs is "managed" by a financial planner they don't even really know. So, this financial planner--with a fancy address in the city, mind you--is charging my parents to do pretty much nothing.

Since I am all for cutting out the middleman--especially if the middleman provides no value--then I would like to suggest that they move this account over to Vanguard. Doing so would also decrease any hidden expense ratios. I floated the idea with them, and they did not say no. I think they are open to at least hearing my opinion on this topic.

However, I do not know how to invest for people who are already retired. I am just starting my research and figure, of course, that the Vanguard website is a good place to start. However, is there anything else I should take into consideration?


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oldtoyota

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Re: Helping My Parents Optimize
« Reply #2 on: November 09, 2013, 07:22:11 PM »
Thanks!

SunshineGirl

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Re: Helping My Parents Optimize
« Reply #3 on: November 10, 2013, 12:06:18 PM »
Wellington and Wellesly (sp) might work well for them.

SunshineGirl

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Re: Helping My Parents Optimize
« Reply #4 on: November 10, 2013, 12:08:15 PM »
And also, you may want to give them specific things they could do with the money they WOULDN'T be paying for the completely unnecessary fees they are paying. "That's a nice dinner out" or "That's a plane ticket to NYC." etc., so they can visualize better uses for the money.

oldtoyota

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Re: Helping My Parents Optimize
« Reply #5 on: November 10, 2013, 07:24:30 PM »
Thank you! I find moving from my scenario to their scenario to be quite the change and appreciate your help. =-)