What type of service do I need for finances?

JeanneL362584 · ‎06-16-2020

My husband passed away at 65 & was receiving disability. I am 60 & currently working per diem (no guaranteed hours). I am looking to have someone go over my monthly bills, see what my usual check amount is for & see what is advised for when I should take survivor benefits. Also when I could comfortably retire or if I can at all. What I should be doing with CDs that mature in this time of very low interest rates. Our joint investments are all no risk & I am not willing to take risk with my money. My understanding of financial planners is that they ultimately want you to invest in stock & they will be charge a fee & it will be an ongoing relationship. My husband had all this down pat, never wanted annuities. He had a vision & I want to continue that but I'm not sure who I could sit down with to help me. The family friend he said I could always go to does not want to help me with this unfortunately. Do I need a financial planner or something else? My banker wants to sell me annuities & I don't feel they would be looking out for my best interests.

sktn77a · ‎06-27-2020

Get the services of a Registered Financial Advisor who specializes in retirement. Ask him if he is a fiduciary (he is legally obliged to say he is or is not). You want someone who is paid by the hour and have a 1-2 hour initial consultation. This will give you a pretty good idea of what you need to do. Annuities are high commission insurance policies that are usually sold by insurance salesmen - a clear conflict of interest there.

fffred · ‎06-16-2020

Hello JeanneL,

I am sorry for your loss. So sad that it comes now, as you and your husband were possibly looking forward to retirement together.

By the way, there is a sub-forum, here at the AARP community, for grief and loss. You might find some comforting thoughts in the posts there.

I will reply to your message in your other thread. Your situation captures my interest strongly and I want to provide some comments. I would really hate for you to be subjected to pressure from salespeople, etc, at this sensitive time. I think you are correct to look for comments and directions from others before setting foot into any office looking for help.

@JeanneL362584 wrote:
My husband passed away at 65 & was receiving disability. I am 60 & currently working per diem (no guaranteed hours). I am looking to have someone go over my monthly bills, see what my usual check amount is for & see what is advised for when I should take survivor benefits. Also when I could comfortably retire or if I can at all. What I should be doing with CDs that mature in this time of very low interest rates. Our joint investments are all no risk & I am not willing to take risk with my money. My understanding of financial planners is that they ultimately want you to invest in stock & they will be charge a fee & it will be an ongoing relationship. My husband had all this down pat, never wanted annuities. He had a vision & I want to continue that but I'm not sure who I could sit down with to help me. The family friend he said I could always go to does not want to help me with this unfortunately. Do I need a financial planner or something else? My banker wants to sell me annuities & I don't feel they would be looking out for my best interests.