UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: lotomoney Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 169  
Subject: Where to start Date: 8/12/1999 12:33 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Briefly---Both retired early(Wife 52-self 53).No debt.

How--had a business that generated fantastic income with almost no overhead.

Result---large amt. of money to invest and DO NOT want to stay in Mutuals or use "fp experts"

Needs---$5000-$8000 per month

Problem-all funds are in Mutual Funds.We have transferred all funds to Money Market until we get it togeather in how to use other investment avenues.Exit fees will be high but we are willing to bite the bullet.

Our thinking---place some in dividend paying investments and use that revenue for ongoing needs.
Invest the rest for long term growth.We live in Ontario so have to consider tax consequences.The first problem we have is trying to figure out how to change our current situation.We are considering using Canada Trust where we would open self-directed RRSP'S,using the current RRSP money(wife $208000.00 and self $254000.00) that is in CI Money Market.We then need to take the "Joint Open Acct"($1,500,000.00) and move it to a Canada Trust Easy Line account,where from we can proceed to place the funds for drawing monthly and investing for the long term.

Again I'm not sure if our thinking is sound

So,its back to the heading--Where to Start??

Any suggestions /thoughts from other retired folks would be appreciated.The biggest decision has been made-"we want to paddle our own canoe".Now we have to find the right stream to follow
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
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:
Macro Economics

Looking at Currency Ratios
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