Retirement planning dinners

[Guest]

When I got into my mid-50s, I suddenly got all of these invitations to these large dinners in which financial planners talk about their investment strategies, ostensibly to help get me into retirement. I've been to a few. At the last dinner, I helped one of the attendees when he started choking on his food. Asking his wife, I found out he's 82. I looked around the large room, and it seemed as if I was, indeed, one of the youngest attendees. Isn't 82 too late to be thinking about a retirement strategy? I wonder how they pick people they invite to these dinners. Do you guys get invited? Any of you younger people get invited? I would think that the best time to be thinking about a retirement strategy would be in your 20s or maybe 30s. Living in my small rent-controlled apartment in Santa Monica, I stashed away the then maximally-allowed $2000/year in my IRA during my first year of residency in the late 1980s, when I earned $18,000 per year. I've been with my financial advisers for many years. Why are these guys only reaching out to those approaching retirement age? Those who helped me long ago are reaping the benefits now...

[+ deej]

They may be there just for the free meal.

 

AARP members receive those invitations several times/week. I go a couple times/year and ignore the sales pitch just because it's a good meal at a restaurant I may not have tried or might not be in my regular rotation.

[+ tassojunior]

Best financial planning is to make a lot of money.

[LaffingBear]

I get those invites regularly

 

Never underestimate the allure of free food for some seniors

[+ bashful]

Early 60s here. I constantly get those invites for dinner. I've thought of attending, just for the free dinner, but then I equate it to the many invites I also get for an extremely low price for five nights in Maui, only to read the fine print at the bottom of the invitation that says its for the purpose of time share sales. Don't want to deal with the hard sell.

[+ Funguy]

When I got into my mid-50s, I suddenly got all of these invitations to these large dinners in which financial planners talk about their investment strategies, ostensibly to help get me into retirement. I've been to a few. At the last dinner, I helped one of the attendees when he started choking on his food. Asking his wife, I found out he's 82. I looked around the large room, and it seemed as if I was, indeed, one of the youngest attendees. Isn't 82 too late to be thinking about a retirement strategy? I wonder how they pick people they invite to these dinners. Do you guys get invited? Any of you younger people get invited? I would think that the best time to be thinking about a retirement strategy would be in your 20s or maybe 30s. Living in my small rent-controlled apartment in Santa Monica, I stashed away the then maximally-allowed $2000/year in my IRA during my first year of residency in the late 1980s, when I earned $18,000 per year. I've been with my financial advisers for many years. Why are these guys only reaching out to those approaching retirement age? Those who helped me long ago are reaping the benefits now...

 

I remember those olden days - intern $13,000 per year; 18,000 as a resident; $18/hr moonlighting in the ER (where I was lucky enough to catch measles!)

[instudiocity]

Best financial planning is to make a lot of money.

Oh, I disagree, making a lot of money isn’t the key, saving it IS!

[instudiocity]

When I got into my mid-50s, I suddenly got all of these invitations to these large dinners in which financial planners talk about their investment strategies, ostensibly to help get me into retirement. I've been to a few. At the last dinner, I helped one of the attendees when he started choking on his food. Asking his wife, I found out he's 82. I looked around the large room, and it seemed as if I was, indeed, one of the youngest attendees. Isn't 82 too late to be thinking about a retirement strategy? I wonder how they pick people they invite to these dinners. Do you guys get invited? Any of you younger people get invited?

These retirement plan hucksters are buying lists of high net worth individuals and inviting them to dinner.

 

What high net worth individual DOESNT HAVE their retirement planned?

 

but the hucksters don’t want to start with 20 somethings or 30 somethings because most of them have no money.

Wasn’t it Willie Sutton reputed to have answered the question, “Why do you only rob banks?” Sutton replied, “Cuz that’s where the money is!”

 

High net worth individuals won’t listen to a sales pitch but they will eat dinner for free.

[Guest]

...

 

High net worth individuals won’t listen to a sales pitch but they will eat dinner for free.

 

Several weeks ago, there was a dude doing a sales pitch trying to get me to buy the life insurance policies of people he didn't expect to live too long. He didn't want to say what his percentage of the take was. I guess it had to be enough to pay for free dinners for a bunch of older people. I'll stick with those who helped me when I was saving along. You're right, saving is the secret. Well, I guess it helped not having kids. And, as one of my financial advisers told me "I can see you're not a man who likes to spend his money on flashy cars and clothes, but rather to enjoy himself on nice vacations."

[JayCeeKy]

I get an invite about once a month usually to Ruth's Chris Steakhouse. Ignore it. Stick with your investment plan.

[rvwnsd]

I'm named after my father and started getting the invitations when I was in my late 40's (47 to be exact) shortly after my late dad's mail was being forwarded to my address. They were usually addressed to him or to Mr and Mrs.

 

Talk about getting a late start on retirement saving.

[+ Topseed]

Want a retirement tactic?

 

Here’s one for free:

 

Know your current savings rate. Now double it.

 

And next year double it again.

[+ SundayZip]

Calling these events "retirement planning dinners" is inaccurate. They're an opportunity for the host to sell you some product for which they get a commission or percentage. Go for the food but don't get duped into a product that is not in your best interest. I went to one where the host wanted me to move a portion of my assets into a manged account, meaning he'd get a percentage of the account balance regardless of how well it performed. The food was okay but not worth going back a second time.

[+ sam.fitzpatrick]

The reasons the audience is targeted to those of us around 50 and older are pretty basic:

 

1. For the most part, the younger generations often are not likely to be ready to think about retirement

2. Depending on the firm the financial planner works for, there is often a minimum portfolio size clients must bring to open an account and younger folks often do not meet that threshold

3. For those of us that have retirement plans in place, many of us want reassurance that what our current planner is telling us is the right thing or can we make more money?

4. As folks are nearing retirement from long-term employment, many will have 401(k) or pension plans that can be rolled over into options that are not available from their employers.

[KeepItReal]

The reasons the audience is targeted to those of us around 50 and older are pretty basic:

 

1. For the most part, the younger generations often are not likely to be ready to think about retirement

2. Depending on the firm the financial planner works for, there is often a minimum portfolio size clients must bring to open an account and younger folks often do not meet that threshold

3. For those of us that have retirement plans in place, many of us want reassurance that what our current planner is telling us is the right thing or can we make more money?

4. As folks are nearing retirement from long-term employment, many will have 401(k) or pension plans that can be rolled over into options that are not available from their employers.

 

Exactly right - they hope you will bring your portfolio over to them for management so they can charge a fee on your nest egg - at that age it should be a substantial nest egg. They also look to talk you into buying an annuity so they can get a commission on that sale - they will try to sell you on the guarantees offered by an annuity but notice how they gloss over the fees and commissions.

 

When folks ask me for advice I usually say: stick with low cost index funds and when you feel you need help, speak to an adviser that is legally required to act as a fiduciary; must act in your best interest. The other advisers only have to meet the "suitability" rule, if not a fiduciary, and that is total BS.

[+ E.T.Bass]

When I got into my mid-50s, I suddenly got all of these invitations to these large dinners in which financial planners talk about their investment strategies, ostensibly to help get me into retirement. I've been to a few. At the last dinner, I helped one of the attendees when he started choking on his food. Asking his wife, I found out he's 82. I looked around the large room, and it seemed as if I was, indeed, one of the youngest attendees. Isn't 82 too late to be thinking about a retirement strategy? I wonder how they pick people they invite to these dinners. Do you guys get invited? Any of you younger people get invited? I would think that the best time to be thinking about a retirement strategy would be in your 20s or maybe 30s. Living in my small rent-controlled apartment in Santa Monica, I stashed away the then maximally-allowed $2000/year in my IRA during my first year of residency in the late 1980s, when I earned $18,000 per year. I've been with my financial advisers for many years. Why are these guys only reaching out to those approaching retirement age? Those who helped me long ago are reaping the benefits now...

Do these presentations cover how to save for retirement or how to transition to retirement? I also have followed my financial advisor guidance since the beginning. Has worked.

[Rudynate]

I get them all the time. Never responded to one..

[robberbaron4u]

In my distant youth, I was asked to accompany a very successful "old-timey" stock and bond financier to a lunch at an Ivy League school; he had been invited to speak on investment strategy, that is, plainly out, "How to Get Rich Like Me". Having finished his lunch, the old gentleman rose to an attentive audience to speak: "Buy low, sell high, boys." That was "it"; he sat down: "Where's my dessert?"

[+ Charlie]

I get these invitations regularly, even though I have been retired for seventeen years, so it's a little too late to start "planning" now.

 

My spouse has had the same investment manager for thirty-five years, and the retirement account has more money in it now than it did when my spouse retired back in the last century; we are praying that he doesn't die before we do.

[instudiocity]

I get these invitations regularly, even though I have been retired for seventeen years, so it's a little too late to start "planning" now.

 

My spouse has had the same investment manager for thirty-five years, and the retirement account has more money in it now than it did when my spouse retired back in the last century; we are praying that he doesn't die before we do.

Aren't you the beneficiary to his retirement account? Signed spousal permission is required to name any other beneficiary.

[instudiocity]

Saving and investing is so simple most people out think it:

1. Never buy any investment you don't understand. Never buy from investment counselor who isn't a teacher only a pusher. The teacher wants you to succeed, the pusher wants him to succeed.
   
2. No one ever gets hurt on the roller-coaster unless they jump off. Ride the market - it will go down - 12 years of the last 80? I think is the current stat.
   
3. Learn to live on 1/2 of what you earn, NO MATTER HOW MUCH YOU EARN, Taxes and Savings will take the other half automatically.
   
4. Live like no one else, so that in the future, you can live and give like no one else. Larry Burkett before Dave Ramsey.
   
5. The rule of compounding works the same for everyone, you spend more than you make by borrowing, you'll make the banks rich. You save more than you spend you make yourself rich.
   

Somebody hear owes ME a steak dinner.

[+ Charlie]

Aren't you the beneficiary to his retirement account? Signed spousal permission is required to name any other beneficiary.

Why, yes, which is why I am so fond of his financial advisor.

[instudiocity]

Why, yes, which is why I am so fond of his financial advisor.

Well, should you outlive your spouse, may you have a long and successful investing life.

[+ WilliamM]

Saving and investing is so simple most people out think it:

1. Never buy any investment you don't understand. Never buy from investment counselor who isn't a teacher only a pusher. The teacher wants you to succeed, the pusher wants him to succeed.
   
2. No one ever gets hurt on the roller-coaster unless they jump off. Ride the market - it will go down - 12 years of the last 80? I think is the current stat.
   
3. Learn to live on 1/2 of what you earn, NO MATTER HOW MUCH YOU EARN, Taxes and Savings will take the other half automatically.
   
4. Live like no one else, so that in the future, you can live and give like no one else. Larry Burkett before Dave Ramsey.
   
5. The rule of compounding works the same for everyone, you spend more than you make by borrowing, you'll make the banks rich. You save more than you spend you make yourself rich.
   

Somebody hear owes ME a steak dinner.

 

One can not figure in potential financial benefits like: inherited wealth, military benefits or an old-fashioned pension programs.

 

However, VA assistance is relatively secure, or was until Donald Trump won the 2016 election. I don't trust anyone who "loves" veterans, and it includes Tulsi Gabbard as well as President Trump.