Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Tutomu One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19026  
Subject: 82 year old needs advice Date: 7/28/2002 4:02 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hi board members!

Need some feedback from this board for my 82 year old uncle who came to me for advice.

His question: How should I be investing my retirement savings?

Background
Age: 82
Cash: $580,000
Home: $275,000 (no mortgage)
Needs to generate $1,000 a month

Right now he has an investmenet account with a financial services/broker/investment bank etc. His present account is 50/50 cash and sercurities. He seems to be in good health, but believes that he may only have 3 or 4 years left. The current market situation makes him very nervous. He continually updates his losses daily (by hand). He has lost less than 5% of portfolio in the recent downturn, which he calculates into his the hourly wage he made 18 years. Even a twenty dollar loss on day makes him sick to his stomach.

My advice to him was: Hire an independent advisor and or tax accountant who will probably tell him to sell his stocks for some fixed income securities and enjoy your remaining days.

I haven't been able to find much advice for 82 year olds at the Fool, but I suggested that since his outlook is less than 5 years he might want to consider getting out of stocks.

What would you do? Thanks.

Tom

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement