Your Questions About Stocks And Bonds For Kids

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Charles asks…

My wife and i were swindled by our broker, it was our retirement savings, what do we do now?

My wife and i had over $210,000.00 in stocks and bonds, our investment broker was making horrible decisions, losing everything we had saved and charging us for the privilege. We pleaded with him to stop changing our investments but he wouldn’t stop, he said it was his job and told us to let him do his job. We finally pulled the money out of his company and moved it to a basic savings account, but by the time we had done this, our broker had lost over $130,000.00 of our money. We filed charges against him only to find out that he fled the country and hasn’t been seen or heard from since. We thought we were on our way to retirement but now we feel lost and we’re scared to let anybody else touch our money, what do we do to get on track to retire at 59 to 62 yrs old? we only have $80,000.00 left. We are 45 yrs old now, we have no credit card debt, no car payments, no kids, a $590 a month mortgage that will be paid off at age 59. I currently make $55k a yr, my wife takes care of the house. We have roughly $1000 a month that we can put away for retirement. We don’t drink, smoke or do drugs, we do not live an extravagant lifestyle but we do like to vacation once a year. Everybody keeps telling us to live below our means..we are doing that now. We don’t do anything, we don’t go out, we don’t party, we don’t buy expensive cars, nothing. We do want to “live” while we are healthy enough to do so but based on what everybody tells us, we should do nothing but sit at home, save money then use the money to pay our medical bills when were to old and sick to do anything. If that’s what we’re supposed to do…whats the point of it all? Please help. Tell us why your advice is worth listening too…are you a lifestyle coach, investment person, etc… Thanks so much for your time.

financi4 answers:

There is not alot you can do about the lost money, it is gone and your broker is out of your reach. Unlikely you are alone in this, so even if you could get a judgment against him, there is probably nothing to get. So, painful lesson learned and now you need to regroup.

I would strongly suggest that your wife get at least a part time job to start putting money back into retirement savings. Then start looking for safe investments.

Not everyone is cut out to make it in rental property investing, but that is where many people are putting their money right now. If you do not have the stuff to be a landlord, consider using a property management company.

James asks…

Where’s a cheap place to get your state taxes done for 2004 and 2006? I did them, but I money which is wrong.

There is no way I owe money to the state, as I have no kids, no dependencies, worked at a public university and don’t have anything fancy going for me, i.e. stocks or bonds, etc.. I do have a retirement account, but I think that would make me owe money to the state.
So, I’m looking for a cheap place that will confirm these numbers for me, and no, I don’t want to pay $200 to some supercuts chain store tax place to do it for me, seriously, it shouldn’t cost that much, in my case at least… perhaps for someone who has a family and has done been involved in some shady and savvy financial transactions…
Omitted some words in my initial descriptions, sorry.
“I OWE money which is wrong”.
“I DON’T think that would make me owe money to the state”

financi4 answers:

If you want to go and sit with a person, then it’s AARP volunteers. Check their website for schedules near your place.

Or you can go to IRS.gov to check for authorized e-file vendors who can do it for free provided you are within a specified income limit.

Good luck

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