65 year old looking for investment advise
02-01-2006, 10:33 AM
#1
Banned
Thread Starter
Join Date: Oct 2005
Age: 57
Posts: 2,994
Likes: 0
Received 0 Likes
on
0 Posts
65 year old looking for investment advise
I know a 65 year old guy who asked me what's the best choice for him to invest money. He doesn't have much, he says he wants to start with $3000 and he doesn't want like a 4.25% HSBC account.
I told him that he probably needs to open an IRA just because if he tries to open a regular account, mutual funds normally require like 5K to invest in, but I don't know which one to tell him to open based on his age. Traditional or ROTH?
I told him that he probably needs to open an IRA just because if he tries to open a regular account, mutual funds normally require like 5K to invest in, but I don't know which one to tell him to open based on his age. Traditional or ROTH?
02-01-2006, 10:41 AM
#2
Suzuka Master
A good hooker! 
j/k
At that age, what is he looking for? I would say the stock market if he actually wants to risk a good return with such a small amount of money.
j/k
At that age, what is he looking for? I would say the stock market if he actually wants to risk a good return with such a small amount of money.
02-01-2006, 11:16 AM
#3
Banned
Thread Starter
Join Date: Oct 2005
Age: 57
Posts: 2,994
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Ashburner
At that age, what is he looking for? I would say the stock market if he actually wants to risk a good return with such a small amount of money.
02-01-2006, 11:46 AM
#4
Senior Moderator
iTrader: (2)
Join Date: May 2000
Location: where the weather suits my clothes
Age: 55
Posts: 27,921
Received 1,080 Likes
on
661 Posts
Yeah what's the plan for the money? When would he want to have it available?
At 65 I would assume he might need it soon. The Roth doesn't make a lot of sense unless he's looking long-term, and at 65, long-term could be next year.
I say stuff it in a coffee can and bury it in his backyard.
At 65 I would assume he might need it soon. The Roth doesn't make a lot of sense unless he's looking long-term, and at 65, long-term could be next year.
I say stuff it in a coffee can and bury it in his backyard.
Trending Topics
02-01-2006, 01:59 PM
#9
Team Owner
At 65 I would spend it an enjoy life, because at 70 your kids might have stuck you in a "home" already.
02-01-2006, 03:11 PM
#10
That's unacceptable.
Join Date: Jun 2005
Location: Baltimore
Age: 43
Posts: 265
Likes: 0
Received 0 Likes
on
0 Posts
At age 65, T. Rowe Price (www.troweprice.com) has very low minimums, is very reputable, and they have several funds to choose. I'd go with an Equity Income fund. You'd be looking at $10k + or - per year.
02-01-2006, 03:45 PM
#12
Drifting
he might consider corporate or gov't bonds, even though 10% might not be very realistic...if he's willing to lose it, he might want to divide it between bonds and funds
02-09-2006, 10:25 AM
#13
That's unacceptable.
Join Date: Jun 2005
Location: Baltimore
Age: 43
Posts: 265
Likes: 0
Received 0 Likes
on
0 Posts
I'm officially retarded. I re-read my post and meant to say that the equity income fund may give a + or - 10% return per year. The $10k part was a typo.
02-09-2006, 10:37 AM
#14
Banned
Thread Starter
Join Date: Oct 2005
Age: 57
Posts: 2,994
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ryan7645
I'm officially retarded. I re-read my post and meant to say that the equity income fund may give a + or - 10% return per year. The $10k part was a typo.
I advised him to open a HSBC account for the time being. 4.8% is not bad, considering there is no risk.
02-09-2006, 11:04 AM
#15
Banned
Join Date: Jan 2001
Location: Somewhere between here and there, yet neither.
Posts: 9,151
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ryan7645
I'm officially retarded. I re-read my post and meant to say that the equity income fund may give a + or - 10% return per year. The $10k part was a typo.
The best thing he can probably do is the mutual fund. Tell him 3k aint shit....if he wants to have something...hes gonna have to come out of pocket.
Thread
Thread Starter
Forum
Replies
Last Post
ExcelerateRep
Sponsored Sales & Group Buys
8
01-06-2016 09:59 AM
ExcelerateRep
4G TL Performance Parts & Modifications
8
12-11-2015 12:58 PM
mugen_kid
Member Cars for Sale
7
11-13-2015 10:38 PM
