Have you been “sold” an investment?
If you are retired and you invest, have you been “sold?”
Most folks that I run across who are retired have invested monies after meeting with a “salesman”. They were “sold” their investment; kind of like being sold a car. These folks met with an “advisor” whom is usually an annuity or mutual fund sales person, and made a decision (usually a quick one) to invest in a particular product or investment. The “sale” took place during a meeting or two of determining a risk tolerance (usually a few general questions), and a presentation of why this particular product or investment is the “greatest” thing, and the best option for the retiree. Most of these retired folks still own the same product or group of products and investments today. There has been very little tweaking or adjusting – Very little modification – Very little reviewing and altering course.
They went through a sales process and were “sold.”
This is not the way someone who is done working, done saving (for the most part), and done getting contribution matching from their employer, should go about handling their life savings.
The “proper” process should be slow, personal, professional, and pressure free. No retired person should EVER feel rushed or pressured into making a decision regarding their money. This is all they have. It has to last. Mistakes cannot be made.
If you have been “sold” investments in the past, you need to get a second opinion from a real professional who puts YOUR interests first… not theirs or the company they represent’s interest!
You owe it to yourself and your family!
Until next time,
Wayne K. Maslyk Jr., President of Great Lakes Benefits & Wealth Management, is a Certified Financial Planner(TM). He specializes in helping retirees and pre-retirees with retirement, estate, and tax planning.