Pension Plan

Discussion in 'Pfizer' started by Anonymous, Jul 31, 2014 at 12:49 PM.

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  1. Anonymous

    Anonymous Guest

    Very funny! If you have to go to a real estate site to find out where your advisor lives you probably should find a new advisor. Also, if my home was nicer than my advisors I would think something is wrong also. He handles over $400,000,000 in assets and has been doing it for a while so chances are he is doing something right. Yea-and if you do the math and multiply fees X's assets under his control - you can see he does well.
     

  2. Anonymous

    Anonymous Guest

    Hello. I was legacy Wyeth, left Pfizer last year voluntarily. I was not around long enough to accumulate a large pension (HQ grunt). I got a flyer in the mail a few weeks ago, saying that anybody no longer with the company, with a pension worth $35k or less, would be able to roll it over into some other investment or take a lump sum. I'm not sure about anybody with larger pensions, if they got something similar.
     
  3. Anonymous

    Anonymous Guest

     
  4. Anonymous

    Anonymous Guest

    Yep...individual stocks have to be bought and sold...individually!

    Every time there is a trade, there is a commission. So, for the poster who thinks that individual stocks with a professional adviser/stock picker beat a passively managed index fund...
    you are painfully misguided. Again, the advisor is already down whatever they charge plus other fees. They then have to make that up before they can even begin to grow your portfolio.

    So, I wish you success happily giving your money away to your hard working broker/stock picker/relationship manager/back slapper/portfolio churner so you'll think he's got your best interest at heart.

    Hope you enjoy sailing on your adviser's yacht. He'll have one, you won't. Trust me.

    And the comparison of a financial adviser to an electrician and plumber??? You have insulted the intelligence of tradesmen everywhere. You can learn investing and do it well. It is not complicated. I happily pay the plumber also. That's a trade he has learned. Investing is not a trade. It is knowledge you can gain from reading and study. No skill with "hands" or "tools" required.
     
  5. Anonymous

    Anonymous Guest

     
  6. Anonymous

    Anonymous Guest

    Not all advisors are as you describe...most are, there are a few, very few ethical advisors out there.
    Why would you not think a good advisor will be making money? If he's not, then he 'so not a very good one. One or two percent of a large portfolio is serious money. Why should they not live the life of a successful business man. In my mind, if my advisor was not making money I'd want to know why. Are you going to trust your money to someone who lives in a shack?
     
  7. Anonymous

    Anonymous Guest

    Is there still an option to take the lump sum?
     
  8. Anonymous

    Anonymous Guest

    Think you are talking about your 401K with Pfizer. Most companies have a minimum they allow for a previous employee for them to keep managing the 401K. If the amount does not meet that minimum, they will require the previous employee to invest it with an independent financial firm or rollover into their new companies plan. Never heard this with a pension plan.
     
  9. Anonymous

    Anonymous Guest

    To poster #46 above...

    You state that 1- 2% of a large portfolio is serious money. Totally agree. he adviser is spending it on his/her lifestyle and retirement when you should have it for yours.

    The question? Why are you so happily giving that "serious money" to someone doing what you could easily do yourself?

    I'm trying to encourage you. The financial services industry WANTS you to think you cannot manage your retirement money. Please don't believe them. Read and study...The Boglehead's Guide to Investing, any book by Daniel Solin, something by Jane Bryant Quinn, Jonathan Clements, or even The Wealthy Barber, a book made into a PBS series. You may say..."I don't have time." These are easy reads and I promise, you will know almost as much as your adviser and plenty enough to manage your retirement accounts. Use Vanguard, T. Rowe Price, or Fidelity index funds. You can do it with three funds max...Total Stock Market Index, International Index, Bond Fund Index. You just need to determine your risk aversion and allocation and the timeline when you will need the money. Please keep this 1-2% you are giving away for yourself, your children, or your grandchildren.

    Your family, unless you are totally on the outs with them, are better choices than your financial adviser. But, he or she will continue to take it, knowing full well that you could easily do what they are doing with "managing your money."

    Easily one of the greatest shell games we believe and I once did also. Cannot tell you how much better I feel having control of my money, knowing that no one cares as much as I do about it, and not paying for something that I can do myself.
     
  10. Anonymous

    Anonymous Guest

    I'll join in on the comments from #46 also.

    Realize that your adviser makes money, even if he's losing your money. He is paid 1-2% of the value of the portfolio, even if it declines in value.

    So, if the market tanks, you lose money, but your advisor still makes money...just a smaller 1-2%. Pretty good gig.

    Couldn't do it. Too much conscience.
     
  11. Anonymous

    Anonymous Guest

    Two previous posts are full of truth. I fully agree and also used to believe the same about not knowing enough to manage my "investments."

    When I saw my "adviser" in public and he couldn't call my name, his days were over. He was a great "good to see you" kind of talker, seemed to care while you were in his office, but turned out to be as plastic as the interior of a cheap car.

    Wish I had realized this years earlier.
     
  12. Anonymous

    Anonymous Guest

    Same experience....and in a small town! After a "consultation" I asked the all important question "Whose retirement are you more concerned with, mine or yours?" After a moment of silence and some stuttering, we parted company. At the time, 62 yrs old, 1.5 million in savings, 401K, etc. and by his estimation I would need to keep working until I was 72!

    So long! Fast forward, 65, retired, 1.75 million, and never saw another advisor,and never will!. All 401K mutual funds, personal funds with Vanguard, Fidelity, and continue to do very nicely without much risk.

    Not to say there aren't some good, but beware...I was lucky and got away from him within 6mos before he could do any damage and also paid him a fraction of his fee. That, or we would discuss everything in front of a judge.
     
  13. Anonymous

    Anonymous Guest

    Just like lawyers! Win or lose, they get paid!
     
  14. Anonymous

    Anonymous Guest

    nope pension.......i get the same letter. The above poster was dead on
     
  15. Anonymous

    Anonymous Guest

    Did any severed Pformer reps receive their packets of info for pension payoff yet? I haven't...
     
  16. Anonymous

    Anonymous Guest

    www.pfizer.retirementelection.com

    Set up your account as a new user and your options will come up.

    If your lump sum payout is under $35,000 you can roll it over to a traditional IRA

    Take it and run!!!!!!!
     
  17. Anonymous

    Anonymous Guest

    Only if your account has less than $35K. Seems a bit unfair.
     
  18. Anonymous

    Anonymous Guest

    This is so great! I feel like Hank McKinnell taking off with a golden parachute!
     
  19. Anonymous

    Anonymous Guest

    Totally on board with the posters who are self managing their investments/savings. Interviewed several advisers recently who wanted to charge a high fee on top of fees for investments that would supposedly lower the volatility of my portfolio. No way to test this out until the next big downturn, but in the meantime paying out big $$ for something I can do on my own did not make sense. Went the Life Strategy/Target Retirement direction and SWAN (sleep well at night). Hope you all do well regardless of how you get there.

    PS Beware Fidelity trying to get you to roll over your 401K - they make a nice commission and you lose some benefits of keeping your money where it is.

    I believe there are good honest advisers out there - but know that they charge a lot of $$ for something you can handle with a some time educating yourself.
     
  20. Anonymous

    Anonymous Guest

    Older post but good advice for anyone in the position to retire or rollover pension to IRA. After yesterday some of us have to think about these things.