My mother asked me to come along with her to meet her financial planner as she has just retired and is about to get a 6 figure lump sum payment deposited to her. I want to ask the planner some common questions about what his plans are for the money etc. She is 59.5 yrs old and in this market what do some you feel would be common practice for this money to be invested, risk-less mutual funds, etc? Any advice is appreciated. I have little investment advice for her since I am not her age obviously and am looking to ask some good questions/options so her risk level will be low to medium. And if anyone posts any ridiculous answers like, "You just want the money for yourself, stop being greedy and let your mother decide for herself" you will be reported regardless if it has any effect or not. Thank you all for your true advice! My blessings to all in these crazy economic times!|||It is the financial planners job to tell you what kind of investments would be appropriate. What you need to work on with your mother is defining exactly what her needs will be: what does she want to do in retirement and how much will it cost? does she have any other kinds of income? etc Provide that infomation to the planner and ask for him to present a few options - if you invest it all in CDs, then your income from it will be blah blah, if you invest it in large cap stocks, then blah blah. Ask him what assumptions about growth and inflation rate he is using (you want the answer to be something like, this is the average inflation rate in this country for the last 20 or 50 years)|||Most financial planners will use some questions to determine the level of risk your mother is willing to take with her funds. Things like how long until retirement are also taken in to account. Does your mother plan to start living off this money now, or does she plan to work a few more years? These things must be considered.
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