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I am worried about my retired grandmother.I hope she wont have financial hardship. She has the vast majority of her retirement in one oil company that my grandfather worked for.She has a financial advisor and my family helps her with the stock and money because she does not know how the stock market works.I am worried that the oil company will cut her pension and/or dividends.
My grandfather while he was alive wanted to have only one stock to be loyal to his former employer after he retired.I told my grandmother and my dad that she needed to diversify to no avail.
I am shocked her financial planner and my family did not get her to get more than one stock. We are more than willing as a family to help her if she has financial trouble.I am worried she will because the price of West Texas Intermediate is so low.She already lost more than half her nest egg and she is in her 80's.I am also worried she may get the virus.Thanks in advance every body.
Change her advisor. If she couldn't afford for her money to be at risk he dropped the ball.
Thanks i tried.....it was a financial advisor who is not a fiduciary.....she's basically a salesperson.I doubt she will listen to me.I tried to tell her that the planner did not have her best interest at heart but she did not believe me.
If your grandmother is receiving a defined benefit pension as a survivor beneficiary of your grandfather, then there is little (if any) risk that they can simply reduce her pension. Generally, if a pension plan is voluntarily terminated, payouts will continue because the plan is a separately funded entity from the company and her benefits are vested. I do expect oil company dividends to be reduced.
Thanks i tried.....it was a financial advisor who is not a fiduciary.....she's basically a salesperson.I doubt she will listen to me.I tried to tell her that the planner did not have her best interest at heart but she did not believe me.
Then she can sell her home and move into a trailer/manufactured home. Or if destitute then most states have county homes for the poor. Get her on the waiting list for the county home.
Of course, if some were thinking of some sort of inheritance - forget that and plan your own lives accordingly.
As stated in another post. All should view this PBS video:
If your grandmother is receiving a defined benefit pension as a survivor beneficiary of your grandfather, then there is little (if any) risk that they can simply reduce her pension. Generally, if a pension plan is voluntarily terminated, payouts will continue because the plan is a separately funded entity from the company and her benefits are vested. I do expect oil company dividends to be reduced.
Then she can sell her home and move into a trailer/manufactured home. Or if destitute then most states have county homes for the poor. Get her on the waiting list for the county home.
'county homes for the poor'? Are you writing from the U.S. or what country? What 'county homes for the poor' are you referring to?
Perhaps you mean government subsidized apartments or Section 8 vouchers or being on Medicaid?
Or if one is a veteran of the Armed Forces, veteran retirement homes or veteran nursing homes? (which do have some requirements)
Then she can sell her home and move into a trailer/manufactured home. Or if destitute then most states have county homes for the poor. Get her on the waiting list for the county home.
Of course, if some were thinking of some sort of inheritance - forget that and plan your own lives accordingly.
As stated in another post. All should view this PBS video:
The only good news is she is in her 80's, which is better than being 68, or 75, if you know what I mean.
Again, I'm sorry.
Thank you.
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