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Source- Mailed Invitation
Dinner- Stoney River Legendary Steaks, Franklin, TN
Sponsor- Robert Scott & Associates
Subject- What will 2013 mean to your retirement?
Credentials- First, he's neither a CPA nor a lawyer. He's a financial advisor with a company called Global Financial Private Capital. He's not here to sell anything- he's an investment advisor and holds a Chartered Financial Consultant designation, an insurance license as well as a BA degree from the University of Kansas.
Immediate Pressure: None
Appointments: Guests were given an opportunity to schedule an appointment with him at his office. I believe, but cannot be sure, that are the meeting Mr. Scott prepared them a plan to guide them through their retirement. There was no charge whatsoever for the initial consultation. If the guest so desired, a second, more elaborate meeting would be scheduled.
Topic- This was a short presentation by Retirement Specialist Robert Scott as he discussed Financial Strategies that will help our retirement in 2013.
Need to structure reliable, consistent income in retirement that you cannot outlive.
Retirees fear outliving their $$$ more than death. Must invest your $$ ASAP.
Safe, low return
CD, Treasury Bond, Savings Bond, Fixed Annuity
Risky, high rate of return (or loss)
Stocks, real estate, junk bonds (high yield bonds), Bond funds, commodities
Equity Rate CD, ELCD, ELA
Fixed rate bad, variable are risky, indexed annuities may be safe, but LOW rate of return
Mutual funds- fees and charges- He showed us printouts- examples of investors who had mutual funds loaded with all sorts of hidden fees and charges- BEWARE!!!
IRA- when you die, inheritance taxes paid to the IRS will take a huge bite out of the funds that you wish to leave to your heirs. One way to avoid this is the Roth IRA, but it has drawbacks too, like up front payment of taxes at present rate.
You must know what's in your portfolio. Rule of 100. Take 100, minus your age, gives a number that's the % that should be exposed to market risks.
Meal: First, there was a salad of mixed greens and balsamic vinaigrette dressing. Next came medium-rare, 14 oz ribeye steak, potatoes au gratin, fresh asparagus and button mushrooms. For dessert, we had both classic New-York style cheesecake and triple-layer chocolate ganache cake. My beverage was Stoney River's special blend of coffee.
Summary: Robert Scott eschewed using a PowerPoint presentation and, instead, talked and drew on a whiteboard. It was a riveting presentation and held my attention throughout- a learning experience with no high pressure sales techniques whatsoever.