We all rely on advice — from friends, family and, at times, complete strangers. Sometimes you get good advice and other times you get advice that is not in your best interest. But if you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest.
You probably wouldn’t take investment advice from someone whose business card said Retirement Wizard, but it is not always so simple to spot a fake credential. You may find it harder to tell the difference between a Certified Advisor for Senior Investing and a Retirement Income Planning Specialist.
We heard through the grapevine about a boomer couple upset because their son, who graduated from a prestigious college and professional school without loans, was marrying a young lawyer with tens of thousands in educational debt. The parents feared that paying off this financial burden would delay the couple in buying a house and starting a family. Wisely, they chose to say nothing.
I’m a fan of the so-called “ robo-advisers.” These are online wealth management services that provide automated software-based portfolio management advice without the use of human advisers. Two of the larger robo-advisers are Betterment and Wealthfront. In addition, Schwab recently launched its version, branded Intelligent Portfolios, and Vanguard has a product called Personal Advisor Services.
Washingtonpost.com hosted a live online chat with their personal finance columnist Michelle Singletary yesterday, and she discussed topics from budgeting to retirement planning to simply how to discuss money with a loved one. She even touted what a great resource AARP.org is for retirement planning tools.
This headline from the Wall Street Journal caught my eye this morning: " What Should You Do With Your Money in 2010?" Wouldn't it be nice if you could have a heart to heart with six different financial advisors and see what they had to say about investing next year? Since that is probably not feasible for most of us, a Dow Jones reporter did the hard work for us! Check out the article for answers from six different advisors on what to expect next year in the financial world - including advice traditional and Roth IRAs, insurance and tax changes.
The New York Times has a great piece on its Web site all about seniors and technology. The article was particularly fun for me to read because I still remember when my grandmother - who turns 74 next month! - had a PC before my family even had one, and who has recently mastered the art of text messaging from her cell phone, even if it's the one with "big buttons."
There's a very disturbing story in the Chicago Tribune today about patients in nursing homes across Illinois who have received, wrongly, "powerful psychotropic drugs" without any condition that would give cause for a need for such drugs.
Search AARP Blogs