Financial Review

Hello fellow retirees, need some advice please. I am close to 80, in good health. , on my own, living on Social Security and modest savings. Due to bad experience with financial advisors,I have been self managing my savings in Vanguard mutual funds. (Due to lack of financial knowledge, and inflation, I have lost at least two years rent of my savings)…

I desperately need a financial review/advice to assure “protection and preservation” of my savings but don’t want to put out two months rent for an “advisor”…. (Not looking for investment advice).

When I speak to the “representatives” at vanguard or bank, they sound like they graduated college last week and I’m not on the same page as them.

Any words of wisdom for a financial review that is not an arm and a leg? Thank you very much for any and all suggestions!

PA lady

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Hi PA lady,


You don’t mention anyone in your close family that might be able to do this for you. That would probably be my first stop.

Second might be the local Council On Aging / Senior Center. I know our COA runs financial seminars frequently and you might run into someone who has used a particular person in the past who they trust and would recommend.

Another option would be to look into some type of fixed income account that pays interest / dividends monthly. The rates for savings accounts is rising lately and you may look into places like Ally Bank and other institutions who pay good interest. Another place to do some research would be on Vanguard’s web site or a web site called

Be careful out there, there are many people that would just LOVE the opportunity to part you with your hard earned savings!!

I hope this helps!


They probably did. Still, it can’t hurt to listen to them, so long as you get other opinions and don’t make any rash decisions. View it as an opportunity to learn what others have to say; don’t feel guilty about saying “OK, thank you, I’ll think about it.” This is the way they attract business, it’s a cost they have built into their projections. Eventually, perhaps, you will have enough of an “education” that you will feel comfortable about actually making a decision.

It used to be, back in the early Fool days, that people would advise putting together a “pretend” portfolio; there are plenty of sites (Yahoo for one) that let you do that. Watch it for a while, or watch several for a while, ask a lot of questions here at the Fool (and perhaps elsewhere), and after 6 months or a year begin taking baby steps to managing your own.

You would not expect to go from not knowing the alphabet to reading “War & Peace” is a month, understanding your financial situation is the same. It takes time, thought, anhd judgment. Personally I have found the Fool to be valuable in that process, particularly the “free side” (here.) I would tend to stay away from paid newsletters, at least for a while, until you have a better handle on things.

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Welcome PA lady,
I second what 38Packard has suggested. Check with family first and any senior center where you can talk to people who may have an excellent advisor. Be careful…doc


Welcome PA Lady. We are glad you could join us.

For whatever its worth most of us think good quality equities are likely to recover. A diversified portfolio should be ok. The paper losses are painful to watch but not a big deal until you sell.

I infer you are most concerned about income. Fixed income sources have been hurt by low interest rates. And bond funds especially by rising interest rates. A bond portfolio where you own the bonds themselves and hold to maturity could be your best choice. Or dividend paying stocks should be ok.

I should think mutual fund companies could help with this. Most brokers have an inventory of bonds. The buyer pays no fees. They have a deal with the issuer. Charles Schwab. Edward Jones would be glad to assist.

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Thank you all for taking the time to reply!

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Are Nursing Home Expenses Deductible as a medical expense?

Unable to start new topic but see the one posted on the Tax category.