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You have heard from whom that it is bad how?
This is like how I hear all the time that renting is throwing away your money and you should own your home. If I had listened to the clamour of the Beotians and taken a mortgage on a London home in 2006 I'd be in a world of pain right now.
if the dollar becomes worthless, I am in a world of hurt
You live in Europe now, and you say the VA will put the money into a Euro account in a German bank, so what do you care what happens to the dollar once you get the money?
I am seeking suggestions to bring up with my financial advisor
My suggestion is don't talk to a financial advisor. And if you do, don't put your money into any product you cannot figure out (yeah, I mean doing the math and reading the legal small print) for yourself. I suspect if you follow the second part of the advice, meeting with the advisor is a waste of time. The brainless should not be in banking -- Willem Buiter
He may have other sources of income: Social Security, pension, 401k etc that are impossible, or very expensive, to move to Euro accounts.
The financial advisor will do the following: they will ask about current income, age, assets and desired post-retirement income and will advise on a pension plan made of an initial lump sum plus periodic contributions out of income. If any money is left over they will advise on how to increase the capital. They will do a standard "so much percent into government securities, so much percent into corporate debt, so much percent into equities" and so forth with a "low/medium/high" risk-profile adjusted for age and proximity of retirement and will offer a collection of managed funds with various advertised risk/asset profiles.
In other words, a load of hogwash.
Since we haven't heard anything specific to protect against other than insolvency of the custodians of JD's assets, and suitable discussion of deposit insurance has been had... The brainless should not be in banking -- Willem Buiter
Veteran Alone $974
With this new rating I am looking at lifetime payments (as long as the US Treasury is solvent) of:
70% 80% 90% 100$% Veteran Alone $1,228 $1,427 $1,604 $2,673
Lifetime monthly payments "Schiller sprach zu Goethe, Steck in dem Arsch die Flöte! Goethe sagte zu Schiller, Mein Arsch ist kein Triller!"
There is also the possibility, because of the tax treaties, that once I receive my Niederlassung, permanent residence permit here in Germany, that my years of contributing to SSA will count for German retirement insurance. "Schiller sprach zu Goethe, Steck in dem Arsch die Flöte! Goethe sagte zu Schiller, Mein Arsch ist kein Triller!"
Your advice not to listen to any financial adivsor is sound. I can understand Goethe and Schiller and poetry. But when it comes to bureauratic and legal German, it's all Greek to me. It is hard to understand.
So I am like a child, I am like a pensioner with money to take - a fool with their money is soon parted!
I just do not wish to be a fool "Schiller sprach zu Goethe, Steck in dem Arsch die Flöte! Goethe sagte zu Schiller, Mein Arsch ist kein Triller!"
It is possible that this is not the case right now. Banks are still starved of cash, if you can believe it, to beef up their "core capital". So it is possible that certain deposit or money market accounts (even some checking accounts) pay high interest rates. In addition, right now we're experiencing deflation.
I am like a child, I am like a pensioner with money to take
Widows and orphans have no place in the financial casino. So we regulate mutual funds in order to make them "safe" for widows and orphans. But in making them "safe" we make them slow and vulnerable to nimbler market players so they are just like the proverbial widows and orphans. So the widows and orphans lose their money in the casino anyway. So, the moral of the story is: if you're not safe by yourself in the casino, don't give your money to someone else to play in the casino for you. The brainless should not be in banking -- Willem Buiter
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