An important question to ask before investing for retirement.

By
Real Estate Broker/Owner with Richard Weisser Realty

What is one of the most important yet rarely asked questions about saving for retirement?

This one eluded me at the time I was saving and now it's a cause of concern.

I believe that everyone pays attention to where and how their money is invested. They pay attention to management fees and the safety of their hard earned money.

And most qualified financial advisers can offer guidance and direction based on historical data and personal experience. And they can set up many vehicles for getting your contributions invested as conveniently as possible.

So what's the question I forgot to ask?

"How do I get my money out when I need it."

I am finding out that many of this investment firms are set up to TAKE your money, but getting it out requires pages of paperwork, medallion signature guarantees, and weeks of time. Say what?

Always ask about the redemption process. You might be surprised at how these vary from company to company.

 

Comments (14)

Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Tell me about it, Richard.  I know someone who has some money invested with Goldman Sachs.  When they inquired about withdrawing some funds, the reply from GS Bank was, "Who are you, what did you say your name was?"

May 26, 2016 08:32 AM
Richard Weisser

It's true Fred. I wonder how much money they make on the delays they impose on those wanting to retrieve their money!

May 26, 2016 10:56 AM
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

Wow..that does sound like a very good question to ask the financial advisor or whomever is "investing" your dollars for you.  I'm going to have to set something up with mine and ask that very question!

May 26, 2016 09:45 AM
Richard Weisser

Some are very good and make withdrawals easy. Some are not as as you might imagine I have experience with the latter!

May 26, 2016 10:58 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Very good points to touch on when choosing to invest money Richard. I do hope you are enjoying the retired life, good to see you here!

May 26, 2016 10:49 AM
Richard Weisser

I still read a lot of posts Wanda, but since I am not looking for business I don't write very often!

May 26, 2016 10:59 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Richard, it's nice to see you back!  And wow, this sounds so obvious - except that it't not!

May 26, 2016 11:19 AM
Richard Weisser

It's something you never think about until you have to think about!

May 26, 2016 11:41 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Hi Richard...As always good to see you here.

We have a great person and when we need money all we do is one sig and we have it the next day or two at most.

May 26, 2016 01:23 PM
Richard Weisser

Hi Bill...


Good to hear from you. I'm sill around, but not writing much anymore!

May 26, 2016 02:13 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Richard Weisser nice  to see you around (and hope to see Roger D. Mucci soon!).

And you are right - most investment firms want us to pay first....

 

May 26, 2016 03:27 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Hmm, you are right - this is not a question many of  us ask but getting our money when we need it is the whole point!

May 26, 2016 08:36 PM
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

Richard Weisser , I hope retirement is treating you well!  Frustrating to KNOW it's YOUR money but have to fight to get access to it! Thanks for sharing this important information.

May 26, 2016 10:04 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Excellent point Richard Weisser "I am finding out that many of this investment firms are set up to TAKE your money, but getting it out requires pages of paperwork, medallion signature guarantees, and weeks of time. Say what?" Re-Blog!

May 26, 2016 11:00 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

That's why Real Estate works so well. You can get in and get out when you want

May 26, 2016 11:20 PM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Hi Richard Weisser The real question is why would you want to use these guys in the first place? They are our competition, but with an inferior product.

Bill Roberts

May 27, 2016 12:14 AM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Richard, I remember when this happened to a friend of mine. Actually her inlaws. Her father in law had a stroke a few days after he retired, and they really needed some money to take care of him. Well, you would have thought they were committing a crime. Took a lot of effort and a bunch of crap to get him any money! 

Now, on to the real subject, how are you enjoying your retirement????? 

Jun 04, 2016 09:40 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Richard - I'm glad Praful Thakkar reblogged this since I had missed it earlier. I had never thought to ask that question--or perhaps only in passing--but we lucked out and haven't had a problem accessing any of our funds. (We have a great adviser.)+

Aug 25, 2016 02:43 AM