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Friday, May 6, 2016

Where do I start?

Don't make the same mistakes I did. When my husband passed away, I went into automatic mode and did what I needed to do to get through the ordeal. Making the funeral arrangements, the visitation time at the funeral home, the funeral service…it's all a blur.  With the help of my daughter and sister, I went to Social Security and took care of that process. I contacted the insurance companies and received checks almost immediately. I remember being very impressed with one company that sent me the beneficiary check within 2 days. I had all my ducks in a row, or so I thought. I received the insurance money from all the sources as well as my husband’s paychecks and other sources of income, stuck it in the bank and then stopped.  I looked at this large sum of money and didn’t know what to do with it, so I did nothing. I talked to people at the bank, a young man handed me a stack of paper about an inch thick and said sign here and here and here and we can invest it for you.  He could not have been more disinterested if he tried. He never asked what my goals were, did I need the money now or should it be kept for retirement.  I didn’t trust my own lack of experience to put it into something that would get me some decent interest. I spoke with a few friends, but they didn’t have any advice to offer - they were all happily married and their husbands handled their investments. I also wondered what my husband would do, we always made these decisions together and I didn’t want to make the wrong decision, so I did nothing. My fear of doing the wrong thing led me to do nothing until I realized there were actual companies and people who did nothing but invest client’s money. The best decision I made was to put my trust in a good adviser who was able to invest my money and rollover my husband’s 401(k) into my own IRA to begin investing in my own future.  I’m only sorry it took me 8 months to figure out!


Posted by: Next Chapter at 3:59 PM
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