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We want 'easy' in retired life. Part will be annuitized and part will be with an RIA (registered investment advisor). Will receive monthly checks. No newsletters to follow, no rebalancing, etc...
My wife worked in the financial services business and had several securities licenses. So even though she never worked in trading, she has a background and has always been involved in our investing. The majority of our $ is in individual stocks and whenever we sell a position in her IRAs, she decides what to buy with the proceeds. I do the screening and give her the Value Line info on 10-12 different companies and she directs what to buy, so it keeps her interested in what is happening.
As far as the mutual funds we have, we discuss what we are looking to accomplish with the different ones we have. So I have confidence that she would be OK if something happens to me. She would just have to spend more time doing the legwork.
That being said, I am very gradually edging us out of individual stocks and more into mutual funds as we age
i think a big mistake many seniors make is having most of their investment plan in individual stocks as they age and having a spouse who has to inherit that mess with no knowledge or interest .having to deal with funds is nothing like having to deal with individual issues for that spouse
i think a big mistake many seniors make is having most of their investment plan in individual stocks as they age and having a spouse who has to inherit that mess with no knowledge or interest .having to deal with funds is nothing like having to deal with individual issues for that spouse
Yeah, my older sister is like that. I handle her IRA and have her almost completely into mutual funds. She has no interest or knowledge about her IRA investments. As long as the check arrives each year for her RMD, she is happy.
For many of us manage our own portfolios. If your spouse is not involved at all with the investments, what would happen if you became sick or worse die?
Those of retirement age where one spouse is in charge of it all, could the other take over if you were not able to?
I handle all our investments. My husband is older and not able to do it.
I was thinking about our situation tonight and thought I could hear from others how they would manage this for themselves.
We could all be hit with a brick on the head someday, how do you set up something to allow your investments to continue to provide for your spouse or significant other?
Have someone you really trust with power of attorney. If you have a child who is really smart and trustworthy, that is the ideal situation. Then hire someone to watch/guide that person.
My wife and I have considerable assets. Hopefully, we have a long, long time before we need such help, but my sister-in-law is the executor of the estate and our trustee for the kids. If our plane spirals into the Atlantic in late April on our trip to Africa, she would mete out our estate to our three kids in doses large enough for them to keep attending school. Then when our daughter reaches her mid-thirties, she will assume the duties of executor and trustee. She's smart, honest, and hardworking, so I feel that, between the two of them, our holdings would be in good hands.
Have someone you really trust with power of attorney. If you have a child who is really smart and trustworthy, that is the ideal situation. Then hire someone to watch/guide that person.
My wife and I have considerable assets. Hopefully, we have a long, long time before we need such help, but my sister-in-law is the executor of the estate and our trustee for the kids. If our plane spirals into the Atlantic in late April on our trip to Africa, she would mete out our estate to our three kids in doses large enough for them to keep attending school. Then when our daughter reaches her mid-thirties, she will assume the duties of executor and trustee. She's smart, honest, and hardworking, so I feel that, between the two of them, our holdings would be in good hands.
I would never ask our adult child to manage our assets.
Lizap, I agree with you.
Love both our kids but they are so very different. Both wonderful caring people but live very different lives.
I would trust my daughter to handle our affairs but I know it would create conflict with our son. I wouldn't want to burden her with that, not fair. Plus, knowing her personality, he would aggravate her enough that she might just say, 'here you go, have it all!'
We don't have a large portfolio and which aging needs increasing, who knows what would be left by the time we are gone.
My main concern is that I know my husband would not be able to handle what I have set up. If I die tomorrow,not sure what would happen. I think the kids might step in or suggest Fidelity handle it since our investments are there.
Someone would need to direct how to proceed. I suppose I could talk to someone at Fidelity to find out how much it would cost to hand it over to them when I'm gone.
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