Discussions

I need advice on investing money, I am 64 and want to retire soon. I have money invested with a company in Brandon and to date I have no real good idea of what I have. They meet with me, show me a plan for down the road but I would like to retire soon. The statements I get every month are so hard to read I don't understand them, I really have no idea what I have. I said I want to start taking my interest to live on cause I am shott and run on a very tight budget. All they said was no you don't want to do that. I am very nervous of them with my money, what can I do.?

in the Corral Centre is our financial advisor. She is very knowledgeable and there is never any pressure. Consultation is free. 204-729-3400, ext 7505

that you have, and do some "interviews" with different Financial planners.  
 
Find someone you can trust, and talk to easily about it all.

Definitely take your info to other planners. Ask as many questions as you can. Make sure you know what your fees are going to be. That is a pretty poor planner if you are unsure of what you have. Being that close to retirement you should have your investment more secure. I am still a ways away and are investing aggressively. As I get closer to retirement my investment company will move me to safer levels such as GIC's and savings bonds. Nothing that would be risky to the point where I could loose 20 or 30 grand overnight.

Communication seems to be the problem here. I would look into a different planner too. There could be a valid reason not to take out the interest, possibly not enough to generate enough income for you with interest alone to live off but regardless ,if so that should be communicated, it does seem strange. When I meet my planner , I get an update whether I ask for it or not, it is just normal. You are close enough to retirement that they should have all the answers for you.

Thanks to everyone who answered my questions. I have gotten some good ideas. I had a gut feeling that things did not seem quite right with this company, and you have all anwsered my concerns.

I was in the same situation as you are some 13 years ago. My investments were with a private company who charged me 2-300.00 per quarter to administer my investment account. I to received statements on a regular basis which were impossible to understand. Like you I received much advice from friends as to where to go for information. I took all my information and saw the investment advisor at my Credit Union. I was so impressed that I moved all my investments to the Credit Union. The Credit Union does not charge me an administration fee to look after my investments (a saving of over $1000.00 per year) There quarterly statements are easy to understand and I can tell you exactly whats in my account at any given time. I have made a substancial amount of money over the last 13 years, due to advice received from my investment advisor, that I wish I had moved my accounts some 10 years sooner. The credit unions and banks do not charge an administration fee for looking after your investment port folio. Take your information and make an appointment with the Investment advisor at your bank or credit union.

There are a few things missed or misleading above. The credit union and bank do not work for free. There is a management fee on all investments which is how the bank/credit union or advisor gets paid. you are also able to have fee for service advisors. To say that the bank or cc did not charge him anything is downright wrong. He has not asked what his management fee is and does not see it on his statements but it is there. Statements can be confusing and options are endless. You have way too many options and the average person does not understand their investments without spending time either with an advisor or researching on their own.  
 
In reading through your post. You can absolutely access your investment now. Depending on what retirement lifestyle you want taking money now means less money down the road unless the markets are strong. You need to know what you will need in retirement or what type of lifestyle you can afford in retirement. Is it realistic? if vacation means going to Regina for a weekend it is much different than going to AZ for the winter. You will need to have a budget to start with. Even a rough budget. Your investment nest egg will dictate what is realistic. Once you establish that then you can look at what the ramifications are if you take money now. how will this affect your retirement expectations. It is then up to you to make the decision as to whether or not you access those funds today. Every investment advisor will have a management fee and will have the tools to help. If we are in an up market people don't pay as much attention to it. In a down market or a flat market people just see the returns. Your investment will be based on a risk tolerance questionnaire. The advisor will put together a portfolio based on that paper and getting to know you. They maybe influenced by the bricks and mortar they represent and not always in your interest but realistically that you will never know. It still meets your investment tolerance. the product the advisor puts you into will have various management fees. the more risky the higher the management fee potential. Also ask the question: if I decide to move my investment or die over the next .... years what would be the penalty for having to redeem the money? That too is a cost. if you want guarantees on the investments it will be a segregated fund and that means a potential higher management fee. In a negative investment it can be a cheap cost. In a positive growth investment it can be expensive. The more money you have with one firm the lower the management fee. Spreading your investment to various institutions could actually cost you more. I think I have rambled enough. Best advise will always be from someone who represents you and not the bricks and mortar. I recommend you take this question to various institution/ advisors and they should be able to help you for free or to spend the time helping you for free. Feel free getting the bank or CC to do this for free without obligation. See an independent advisor for the same. If you feel comfy with getting the answer for free then consider talking to them about product and investment options. A second opinion on investments sometimes just opens the door for another option of investment products. Get help with the retirement budget and then move on to an investment opinion. The latter will be the most frustrating or rewarding.

Grab a copy of Money written by Tony Robbins.  
It will be a huge eye opener for investing and where your money is going.

When seeking advice from a financial planner, or interviewing others, make sure they have their PFP or even better, their CFP. This proves they have the knowledge to help you and are not just salespeople. Institutions offer financial planning to higher net worth individuals, but brokers generally accept anyone if they are taking on clients. Hope that helps.

Sent you a pm on driving.