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Advice for SIL

Doc

Doc

Bottoms Up
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My brother recently passed. My Sister in Law is now having to make decisions on how to handle his retirement funds (he had not yet retired when he passed) and life insurance monies. She considered paying off their house but has been advised against doing that right away. She is at a loss as she has never had to deal with this kind of stuff or this amount of money.

What advise would you give someone in this type of situation?
 
Why would you not pay off the mortgage? How old is SIL? Does she work? Is the retirement fund in a tax sheltered account? If so, would there be penalties if $ were withdrawn? Lotsa questions ....
 
Definitely agree with setting the financial planner.

My worry with the retirement fund is getting them out without a penalty. It can be complicated.
 
She took early retirement a year ago. She is 58. Because of her age and interest tax breaks is why I guessed they suggested not paying off the house right now.

I will be with her meeting with a financial planner and (at a different appointment) a representative for the retirement plan from where my brother worked. However, I trust very few and didn't want to go in completely blind to these meetings, thus I'm asking some of you for your thoughts on this.

Getting funds out without a penalty is a big one for sure. One of my concerns ..but where can you put money, earn a return and still be able to take it out without penalty?
 
Real estate investment trusts, MSB, just to name some there are some decent returns out there. Some are sheltered while paying dividends by paying out in excess of earnings which creates a return on capital.
 
I would be looking at a Long term dividend investment where my initial investment is secured by a good "BLUE CHIP Stock". I would run from REIT's At 58 she does not want to buy and sell stock , but invest in stocks that she can live comfortably on the return without ever touching her initial investment . She needs peace of mind and security .NO HIGH RISK STUFF !!! That way she does not need to worry about daily rise or fall in stock prices . The bad part is getting paid off ( Buying the stock back ) if the company decides to . A damn good Investment broker is where I would head . They should be able to give her a general idea of her invested income return based on a average of past years .
They will not do this for free and she should ask questions . She needs to calculate her needs ($$$$$) to maintain the lifestyle she wants before she sees anybody.

I want my broker calling me , not me calling him . He keeps me up to date on prospective options I should be looking at . I want "hands on" all the time.

Disclosure: I did not stay at a motel 6 last night nor did I get ahead in life by sucking the Government hind tit . I worked hard for my money and listened to respected people who taught me one thing !!!

If it sounds to good to be true ,,,,,,It is . ​
 
Where or how does on find a 'damn good investment broker'?
 
Doc said:
Where or how does on find a 'damn good investment broker'?
Click to expand...

That's a damned good question!!!! :clap:

I went through two before I settled on the one I've used for the past 12 years. The best way is to ask around, find out who is being used by whom, go talk to them and listen to their suggestions and recommendations and decide which one meets your needs and whose philosophy agrees with what your SIL needs.
 
EastTexFrank said:
That's a damned good question!!!! :clap:

I went through two before I settled on the one I've used for the past 12 years. The best way is to ask around, find out who is being used by whom, go talk to them and listen to their suggestions and recommendations and decide which one meets your needs and whose philosophy agrees with what your SIL needs.
Click to expand...


I agree 100% .
Sit down and discuss what you want . There are 3 types of investing , Low Risk , med risk and high risk . As the reurn on investment gets higher , so does the risk . At 58 she should only be looking at low risk options . She does not have the advantage of starting over if things go to crap .
That is why I only deal with proven Blue Chips with a good cash reserve and a 20 year track record of paying off .
I won't get rich quick , But my investment is about as safe as it gets .


It cost nothing to sit down and get their sales pitch of what they can do . Flat out ask them what they are invested in for the long term . Remember LOW RISK is what you want .
 
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