Senior Investments

Some seniors are “wheelers and dealers” willing to take all kinds of chances with their investments. Others dare not go beyond a savings account or CDs. Then, those awful market slowdowns and crashes – and Ponzi schemes which seemed “too good to be true.” Any of this ring a bell?

I saw a yearly report of a reliable company of its savings program for 2010. On a balance of $22,794.50 in March, the interest was $.19 (uh uh, nineteen cents) for the month. Not too encouraging for a retiree, was it? And 2010 was a better year than some of the preceding years.

OK, Rev, you're not an expert so what are you doing with the topic of finances? I wonder that myself at times except even this senior has to live on a fixed income, balance his checkbook, and dig out that old calculator to make the math easier. And he believe it or not is not now making any investments (I have quit trying “to play the market”).

So, answering the question. Here goes. I still get advertising from financial services. You'd think they'd wise up after awhile but no. I got two in the mail today, one from a company I corresponded with years ago which specializes to some extent with a service to ministers (some 2,000 clients). His pitch was brief, to the point, and seemed reasonable. I also received a political pitch of six pages, with four petitions to sign marked in yellow, and a request for $$$.

Back to this advertisement from the second party mentioned. It was an opportunity to sign up for half price for a ridiculously high priced program “guaranteed” to make me rich (or at least richer). No, I ignored it. On the envelop no less it mentioned six name brands and how their stock fared in the last ten years. I knew it was bad but it gave me another senior moment. All six lost from 93.3% to 99.9%. Imagine having one's life's savings in one or more of these firms.

OK, Rev, you haven't answered the question yet. You're right. The answer is simply this. No, its not “man shall not live by bread alone” or anything like that. It is simply a word of caution, not advice, that the financial world is not always striving for the welfare of its clients.

I would feel badly if I never discouraged a senior from recklessly trying to make ends meet or leave an inheritance for his children. Or to “keep up with the Joneses.” Remember that ol' ditty? Nor would I dare suggest as the Good Book does that money at times can be considered “filthy lucre.”

I guess “money talks” so maybe that is why I chose this subject. Maybe?