Help with finance....

[EternalEnigma21]

Originally Posted by Schneed10

Funny, my dad's like that too. Since that's the case, he might be subject to some higher fees at the bank, but he'll really appreciate the customer service and he'll feel more comfortable.

When it comes to money and retirement, you're not just looking to secure the future of your money, but you're also looking to secure a little peace of mind. Nobody wants to have to worry about their cash. So if your dad trusts this bank enough to stay there for 42 years, he'll probably gain that peace of mind by dealing with them. The higher fees are probably worth it in his case.

If you know you're going to be dealing with this bank, just do your best not to let them hem you into one product or another. Get them to tell you about all the options. Ask if they can provide an IRA for him to roll his money into; and get them to explain it. Ask about annuities and get them to explain them thoroughly. Make sure you ask about the tax advantages of each investment vehicle.

A lot of the time, a bank will have a certain product (perhaps an annuity) that they make a lot of money off of, and they'll try to push it on you. Don't automatically dismiss it if they're pushing it; but get them to explain it fully, and get them to explain other options. Don't be afraid to ask tons of questions, there are no stupid questions. The stupidest thing you could do is make one of these decisions without knowing and feeling comfortable with what you're getting into.

Good luck.

On the subj. of annuities, I've earned a substantially larger amount of money than expected through them over the last several years and now you have alot more control over your money than ever.

The fees suck, but they always will, but it isn't the wost Idea for some of you younger guys who are just starting to save for retirement.

When I started you had 3 options you could invest in and now they're are a couple of hundred. You can choose a general catagory (low risk low yeild, to high risk high yeild) or go into detail and choose to have certain stocks/bonds omitted alltogether or always included in transactions if you feel comfortable having that kind of control.