Seniors Speak Out
Do you prefer to work with an independent agent or a captive agent?
We’ve worked with both. To tell you the truth, sometimes it comes down to the person you deal with. I admit I might like some of the bells and whistles or offerings you hear from one or the other, but at the end of the day you have to find a person you can believe in and trust.
- Mike W., 64
Houston, Texas
We may be a little biased since my brother-in-law is our agent. He’s with ING and has been able to answer any question we throw at him. Although we don’t ask too many questions. We see where our money is and how it’s grown so we don’t worry too much about it.
- Jan M., 61
Hermosa Beach, Calif.
I like independent agents. My first agent was independent and we had a great relationship together, met at church and watched each other’s kids grow up. When he retired, his son took over his business and we have a great relationship as well. - Bill D., 73 If given a choice, I prefer an independent agent. I feel like I avoid lots of red tape and have more of a one-on-one relationship with an independent agent. - Sam A., 62
Jackson, Miss.
Mobile, Ala.
What kind of life insurance coverage do you have, and do you feel it is adequate?
I have inadequate life insurance, because I threw too much money back into my business. Then I got separated a year ago, so I didn't feel the need to maintain that level - I was paying a couple hundred bucks each month. So, the money I saved after reducing my coverage got thrown into business software. As a single person, I didn't have the desire to have that extra coverage. So, I guess in 30 years I'll get some flower bonds or something."
- Steve D., 56
Logan, Utah
I have life insurance that's offered from my employer - the state - and have extra added funds to it for the sake of my children. The state's plan is already pretty good, so right now I feel like my coverage is more than adequate."
- Lynn W., 50
Denver
My father died when I was very young, leaving my mother unemployed with four kids under six. He didn't have life insurance, so that was one thing I promised would never happen to my children. If anything, I'd say I might have too much."
- Rose Z., 61
Rochester, N.Y.
There was a long time when I thought I didn't need life insurance, since I was single and didn't have any dependents. I didn't get married until much later in life, so my wife and I started discussing it then, especially since she has two children from a previous marriage. When the kids were still minors, we each took out policies. They've grown up now, but I still think my coverage is just right. If anything happens to me, my wife should be financially set."
- Ron L., 60
Pierre, S.D.
Do you prefer meeting your advisor at his office or in your own home?
For me, it works out great that our advisor comes to the house. He’s actually a family friend and we get together and go over the finances twice a year. Last time, we cooked out and had barbeque. It might be better at the office if we didn’t have a good relationship already. Like I said though, we’re old friends.”
- Virginia W.,
62 Denver, Colo.
Definitely the home. I have had some health problems lately and it makes it easier for him to come to my house. We’ve been working together for quite a few years now so it’s not awkward for him to come by a couple times a year.”
- Abe O., 78
Los Angeles, Calif.
I prefer to meet at the office. Before I retired I never liked to mix business and personal and I still don’t. My advisor and I get along fine, but I still prefer to get our work done at his office.” - Nancy R., 70 It doesn’t make any difference to me. We’ve met at the office and at my house. What’s important is that I have someone that I can trust. If I can’t trust the person, I don’t want to meet them anyway.” - Bart M., 73
Salt Lake City, Utah
Orange, Calif.
Where do you feel it is safest to keep your money, and why?
“It gets a bad rap, but I have money in annuities. I saw the TV show on annuities and agree they’re not for everybody, but I can tell you, my fixed annuities survived the market crash a lot better than some of my friends who had too much money in the stock market.”
— Sam A., 66, Memphis, Tenn.
“Right now, we have a lot of money in bonds and retirement accounts. I used to work in the financial services industry and both my gut and my head are telling me to keep more money in bonds right now.”
— Roger M., 71, Sacramento, Calif.
“In my mattress? I’m kidding. But with the way the market is these days, it doesn’t sound like that bad an idea. I have my money right now in IRAs, CDs, real estate and some insurance. I talked to my advisor recently and after going over my assets, he said to stay put, so I guess it’s pretty safe.”
— Donnie W., 62, Dallas, Texas
Do you now or have you ever had disability insurance? What are your thoughts about disability policies?
I'm living on disability right now, even though I'm still relatively young. I never thought I would need a disability policy, especially since I had an office job, so I never thought about buying it. I was in a pretty serious car accident that effectively ruined by career. If I had disability insurance, it would have saved me almost two years of struggle trying to get approved for disability through Social Security. If I could do it over, I definitely would have purchased disability insurance through my office when I had the chance."
- Anne K., 50
Highlands Ranch, Colo.
I have never had disability coverage and really never gave that any thought. I was pleased to find out that Social Security had disability coverage. I'm sure very few seniors even know about that."
- John L., 75
Littleton, Colo.
Both my wife and I have short-term disability coverage from our employers. Since we're getting older, we thought it would be a good extra safety net. I've never had to use it, but if something did happen, I'd be covered - at least for a while. Even though it doesn't cover all the expenses, it's definitely better than nothing."
- Henry Z., 62
Overland Park, Kan.
I've never carried disability insurance on any loan. Some of my life insurance policies have attached disability clauses, but to meet those requirements you'd really be in bad shape. My employer's sickness benefits weren't that good - they have now changed and if one's financial portfolio allows, I'd say it's not a necessary expense. However, if overextended, it might fit your needs."
- Arnold M., 61
Schuylkill Haven, Pa.
What would make you likely to provide referrals to your advisor when asked?
If he or she had done a good job with my finances, and was able to impress me, then I'd probably be willing to make referrals. But I have to have a relationship established with the advisor first; I want to make sure they know what they're doing."
- Rebecca L., 60
Dover, Del.
I went to an advisor a few years ago, and before the ‘free consultation' was even finished he asked me to give him the names of five friends he could call and drop my name to. Even though he explained that referrals were a big part of his business, I kind of felt like he was jumping the gun a little. He wasn't even done handling my stuff before he was thinking about new business and more money, and I find that crass. I never went back to him."
- John B., 55
Reno, Nev.
I'm happy to help a good advisor grow their business if I can, but only if they've proven themselves to me. I'm not about to let someone call my friends or family if I'm not 100 percent happy with the situation. I also don't like the idea of the advisor cold calling people I know and using my name as an introduction. It makes me uncomfortable, since I think it's a bit presumptuous. People can be very sensitive about their finances, so I'd have to know for certain that they could benefit from working with my advisor."
- Margaret M., 56
Edina, Minn.
What do you think about the fear that the wave of baby boomers becoming seniors will overwhelm Social Security and Medicare?
I don't really worry. It's my kids that should be worrying. After all, they'll be paying for my Social Security when I get to that point. But I hope the government puts a good plan in place soon, otherwise I'm afraid my kids won't benefit from any of the money they paid in."
- Rene S., 57
Dayton, Ohio
I don't know what most people think, but to me it's all just politics. I think the current administration is using this fear of Social Security running out to push their plan for privatization - and that's just not fair. Why should younger people have to deal with it on their own when their parents and grandparents will get the money they've paid in [to Social Security] when they retire?"
- Frank D., 62
Sarasota, Fla.
Let's just say I hope it doesn't happen. I hope that our legislature and policy guys will be forced to recognize the problem and do something about it before time runs out. That said, I don't think they'll just let it all go to pot - they will have to do something. What that might be, though, I don't know."
- Karl R., 50
Casper, Wyo.
I'll probably be dead by then, so I'm not too involved with that whole argument. My wife and I never had kids, so that makes it easier not to care."
- James W., 74
Salem, Mass.
What is your ideal work arrangement in retirement?
I guess it's what I'm doing now. I retired from my full-time job a couple years ago, but I was very bored. Now I work part time at a knitting store, which keeps my mind moving. And I really enjoy teaching younger people how to do my favorite hobby."
- Barb G., 71
Saint Paul, Minn.
I've been working since I was 13 years old, and I'm still working. I'm tired. My father was retired at 65, and he got to spend the rest of his life relaxing. But I think after we get our finances shored up, I should be able to leave the workforce in a couple of years. My wife is 10 years younger than I am, so she'll still be working, which will help. Then I can do as much fishing as I want, and she won't be able to tease me about it."
- Bill W., 66
Des Moines, Iowa
I would like the ideal situation: That is, where I wouldn't have to work for money, but I would be healthy enough to work if I wanted to. I definitely don't want to be 75 and working at McDonald's, but I don't want to be sitting around playing bridge all day, either."
- James B., 69
Janesville, Wis.
I hope I get to retire some day. It's not something I'm too worried about right now, because I've got plenty of good years left in me, but I hope I have enough money saved to retire comfortably and still get to travel, which is what I love the most."
- Monica W., 55
Des Moines, Iowa
What are the best and worst attributes you look for (or look to avoid) in an advisor?
For me, it’s honesty. I want a straight shooter. I have been burned in some investment opportunities over the years, so I put my top priority in an advisor as being somebody I have faith to do right by me. As you can guess, dishonesty is the worst attribute.”
- David R., 68
Memphis, Tenn.
My advisor is very, very professional and well prepared. He is also good at making a personal relationship with me and my husband. I don’t like advisors to be pushy.”
- Mary R., 74
Atlanta, Ga.
More than ever, in times like this with the economy being like it is, I want someone who knows how to keep my money safe. I don’t like slick salespeople.”
- Jon M., 61
Denver, Colo.
Did you sign up for Medicare Part D prescription drug coverage, and if so, what did you think of the process?
I signed up for the plan, but it was not easy. I wanted to get it done by the deadline, so thankfully my pharmacist walked me through the process. I hope I picked the right plan."
- Paul K., 68
Savannah, Ga.
I did not sign up for Medicare Part D since I still get health benefits from my employer. I guess I'll worry about it when I finally am able to retire, but by then, they may have an entirely different plan to learn."
- Hazel Z., 56
Stillwater, Minn.
My daughter is married to a doctor, so the two of them took care of everything for me. I didn't have to go through the hassle, which I'm very grateful for. They were worried that it would be too taxing for me, especially since my wife just died."
- John W., 81
Chicago
I know it's not good to say this, but I didn't sign up for the coverage just to avoid the whole process. I had a couple of friends who went through it, and they can only describe it as an ordeal. So, because I'm lazy, I probably missed out."
- Joanne B., 68
Garden City, N.J.
Have you ever attended or would you ever attend a seminar?
I haven’t attended one. I have friends and family who have. They have had mixed things to say about them. From what they tell me, it sounds like it has more to do with the presenter. If you can find someone who’s not too slick, then maybe I’d consider going to one. I’ve always had a sore spot for slick sales people.”
- Bill D., 58
Eagle Rock, Calif.
Oh, yes, most definitely. My wife and I have been to many seminars over the years. I used to kid her that ‘it’s steak night’ when we would have a seminar on our calendar. All kidding aside, we’ve learned a lot about our retirement plan through seminars and met our advisor through one we went to a few years back.”
- Darrell B., 64
Jackson, Miss.
Yes. I’ve attended seminars over the years. I’m pretty skeptical by nature and I’ve walked away from some seminars, but I met the advisor that my wife and I use at one a few years ago. He’s been a help to us in getting our retirement plan in order." - Thom J., 70
Boulder, Colo.
What type of sales approach does not work for you?
Anything that's a high-pressure approach. I don't want to be told that I have to buy something today. I like to take my time and look around, compare prices, and do my own research. I think that salespeople who work on a commission basis are particularly aggravating, because they're working in their own best interest, not mine. I'd rather pay a one-time fee to someone after I've had a chance to check out their business, knowing that they're really working for me."
- Eric D., 60
Cincinnati, Ohi.
About 10 years ago I went to buy a new car and was just looking around at this one dealership. Of course, a sales guy came up right away and started talking my ear off about how great this thing and that thing were. He never once asked what I was looking for, and I couldn't even get a word in edgewise. To top it all off, he literally blocked the doorway of the dealership when I went to leave, telling me he was doing me a favor by not letting me walk out on what he said was the best opportunity of my life. Can you believe that?"
- Joan R., 57
Grand Forks, N.D.
I hate it when companies send you mail that's designed to trick you into opening it. The envelope looks very official, and it will say something like, "Final notice," "Urgent" or "Confidential." Then when I open it and it�s just a mailer trying to get me to sign up for some sort of seminar or some great deal, I'm too annoyed to do anything but toss it with all the other junk mail."
- Betty C., 62
Springfield, Vt.
I once got a phone call from the most belligerent telemarketer in the world, just before the Do Not Call list came around. When I told him I wasn't interested but thanks anyway, he began raising his voice and shouting questions like, "So you think you're better than everyone else in the world and don't need this product? I've got news for you!" He just went on and on. I finally just hung up on him after my wife and I had a good laugh by putting him on speakerphone."
- Jacob V., 64
Larkspur, Colo.
What impact has the financial crisis had on your retirement investments?
I haven’t looked at the exact numbers pertaining to my accounts, but I’ve been watching the nightly news. I saw when it dropped 777 points that one day. I know it’s hit us, but I see that it’s going up and down. Also, a while back an advisor moved almost all of my investments into conservative areas. About the riskiest thing I have is some gold, but it’s done well.”
- Ned T., 80
Denver, Colo.
We talked to our advisor earlier this week. We’ve been hit pretty good. We lost about 8 percent so far in 2008. I know some people have lost a lot more than that so we could count ourselves lucky to a degree, but with a fixed income, it’s never good when you lose anything. Every little bit helps.”
- Bob J., 78
San Diego, Calif.
We’ve had a lot of money in Wachovia, so watching what’s happened there has been scary. It’s been scary all over. I’m not sure of the dollar amount we’ve lost, but right now we’re real confused about what we should do. You’d think banks would be the safest place out there, but we can’t even count on that now.” - Sally E., 72
Atlanta, Ga.
What is the next big purchase you're planning on making?
We might plan a big trip. My wife's always been after me to go to Alaska; last year we rented a condo on the Gulf shore for the month of January. We might also think about buying a car. And if we had to downsize to a new home so there'd be less yard work, we'd have to put a bit of money into our current place. But our plans are to stay here as long as we can."
- Bill D., 67
Kent, Ohio
We’ve decided to do a major home renovation — so we’re buying new appliances and granite countertops and re-tiling the bathrooms. Our house is 20 years old and paid for, and we’ve only done the basics so far. But we’ve done nothing to bring it into the 21st Century."
- Becky S., 61
Gainesville, Ga.
It will definitely be a new home. We’re downsizing. Our last child graduated from college last year and we have empty rooms to fill. We have a five-bedroom right now and are looking for more of a condo or townhouse. One with maybe one extra room for when the kids visit." - Sam P., 64 A cruise! For the last several years my husband and I have been taking a cruise a year. This year we’ve already booked our boat. We’re taking the Alaskan cruise, which we haven’t taken before. We’re sort of amateur bird watchers, so we’re looking forward to the wildlife we expect to see off the deck." - Rachel W., 65
Nashville, Tenn.
Los Angeles, Calif.
What do you do to stay active?
Probably not as much as I should be doing. I've got diabetes and have gained weight over the years. I make New Year's resolutions every year to get to the gym and generally see the early effort peter out by around February. Maybe I should make a mid-year's resolution, too.
- John W.,
68 Dallas, Texas
My wife and I walk our dogs every day for 30 minutes. I don't know how far we go distance-wise, but we make it to a cliff that overlooks the Pacific Ocean and get to watch the sunset. It's beautiful.
- Jay P., 64
Long Beach, Calif.
I'm in a golf group with a bunch of my girlfriends. We get together three times a week and play 18 holes. I'm not very good - yet - but I love to get out there and hit the ball and talk with my friends. - Josey C., 61 I love to swim. When I was younger I swam competitively and have never stopped. I get in the pool just about everyday I'm not traveling and swim laps for 30 minutes. I tried jogging, but it was too hard on the joints. Swimming is better than medicine. - Sandra E., 77
Greenville, South Carolina
Birmingham, Ala. Swim.
Have you ever referred someone to your advisor?
I have made referrals for my advisor. I have a great relationship with him. We’re friends outside of the pure working part of the relationship so it’s not a stretch for me to put in the good word about him.”
- Dan T., 60
Denver, Colo.
My advisor and I are pretty new to each other. We started working together earlier this year. I retired from the military and had not worked with an advisor before, but things are going well so far. I could see making some referrals down the road.”
- Keith L., 56
San Diego, Calif.
I believe in referrals. I was in sales before I retired and I found that the best way to keep the pipeline going was through referrals and good word of mouth. Anytime I see somebody doing a good job, I don’t mind going out of my way if need be to put that good word in for them.” - Sam J., 72
Birmingham, Ala.
With all the economic uncertainty out there, what financial product/instrument are you avoiding?
“I’m avoiding all the get-rich-quick stuff. I’m old enough to not be doing anything risky. But even if I was younger, I wouldn’t fool around, or even listen to anybody promising me the moon. No risky stuff at all. I don’t want anything being peddled on TV. I don’t want any slick guy telling me how much money I’m going to make.”
– Al T., 80, New York, N.Y.
“Anything to do with the stock market. With all the businesses failing, I don’t trust stocks right now. I’ve seen dips before, but I can’t believe how much a rollercoaster things are these days. It’s just crazy. I’ll tell you, the banks are scary too. They’re failing, so it’s scary to have money in banks. What’s not to be scared of or avoid right now. Do you know?”
– Sam R., 71, Memphis, Tenn.
What kind of marketing tends to best attract your attention?
I like to get informational things in the mail that also get my attention to make me want to open it. So if I'm interested, I like to be able to just keeping reading about something right away. A 30-second commercial might get my interest, but I can't get all the information I want, and can never remember how to find out more."
- Helen W., 79
Lamoni, Iowa
I can't say that I have a favorite marketing tactic, but I can tell you what I really don't like. I'm a big fan of the anti-spam law, and have even turned in one particularly annoying company for not taking me off its list after I asked them to. I feel pretty much the same about telemarketers. I'm also not a big fan of junk mail, and I've gotten pretty good at spotting it, despite all the alarming statements they put on envelopes designed to get you to open them. I'm not as mean as I sound; I would just rather get recommendations from people and then do my own research."
- Walt B., 68
Denver
I listen to a lot of public radio like we old folk tend to do. I love that there are no commercials, but they usually do a few quick thank-yous to their sponsors or underwriters, I guess they're called. I hear a lot of sponsorships from insurance companies and lawyers, real estate firms and landscapers. It's all servicetype stuff, but I like knowing these companies help pay for public radio and I usually remember who they are if I need a particular thing. Well, I always try to remember them first."
- James B., 76
Janesville, Wis.
If I get a really interesting-looking letter in the mail, I'll always open it. The more creative-looking, the better - it can't just be a business-type envelope. Years ago I got a really neat letter announcing a fund-raiser for a small zoo, and it was kind of like a pop-up card with different endangered animals. I thought that was really creative, and it got me to donate."
- Anonymous, 54
Casper, Wyo.
What clubs and organizations do you belong to, and how involved are you?
I belong to the AARP, but I mostly like to read their magazine and use the senior discount. Otherwise, I'm too busy to be in any clubs - unless you count golfing with the same group of guys every month."
- Frank K., 62
Oswego, N.Y.
I'm an active member of the Knights of Columbus, which is a Catholic men's group. I spend a lot time doing things for them. I'm also on the board of my subdivision's homeowners' association, and that meets once a month or so."
- Gilbert G., 51
Highlands Ranch, Colo.
I wish I had the time to do those types of things. My friends want me to join their little knitting group, but I still work full time, and I've got more than 20 grandchildren. All those kids keep me young and very busy."
- Barbara G., 72
St. Paul, Minn.
Thanks to my husband, I haven't had to work since my kids were born, and now that they're both in college, I can spend more time with my friends. And I help organize music and kids' events at the Jewish Community Center."
- Mary J., 55
Minnetonka, Minn.
How well are you financially prepared if a catastrophic event were to occur tomorrow?
If you mean if I died tomorrow, then yes. Both my wife and I have life insurance, so if something bad did happen, I know she would be taken care of."
- David C., 59
Wantagh, N.Y.
That's a scary question. I would hope so, but it would depend on a lot of things. Like if I lost a leg suddenly or something like that, I don't have disability insurance, but my life insurance policy might cover a portion of it. Otherwise, we would just hope there was someone to sue to make up the difference."
- Carole W., 62
Denver, Col.
I don't think so. We're struggling to make our mortgage and credit card payments as is, so there"s very little leftover money to plan for something catastrophic. I get a small amount of life insurance from my company, but that would barely pay for burial and funeral stuff, let alone something extra."
- Lisa B., 56
Eugene, Ore.
I'm pretty sure we'd be OK. I sold my company nine years ago and haven't had to work since then. Obviously, our savings is substantial, not to mention all the investments we have in my portfolio."
- Albert G., 60
Chicago, Ill.
