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So I was talking with my wife's uncle who has worked at a shop for nearly 40 years. He talked with me very openly about his debt and finances because he knows I'm debt free and have a few extra shekels in the bank.
Long story short he's got $750k in his 401(k) and his "financial adviser" seems to be not doing an optimal job and telling him he's got to refinance things frequently, which is always costing him a few hundred bucks.
Furthermore he was told that his $750k should be paying him $1200 per MONTH. That didn't sound even close to me. More like $1200 per week. I just wanted to ask those of you who live off a money system what my Uncle can do to earn a good amount of interest with low risk from his retirement.
He's the kind of guy to give the shirt off his back to a total stranger but doesn't have much of a clue about money. It would be a tremendous gift to him if I can give him some sound advice.
I would really appreciate any help in this area from you kind gentleman who may be able to help point this ship in the right direction.
Long story short he's got $750k in his 401(k) and his "financial adviser" seems to be not doing an optimal job and telling him he's got to refinance things frequently, which is always costing him a few hundred bucks.
Furthermore he was told that his $750k should be paying him $1200 per MONTH. That didn't sound even close to me. More like $1200 per week. I just wanted to ask those of you who live off a money system what my Uncle can do to earn a good amount of interest with low risk from his retirement.
He's the kind of guy to give the shirt off his back to a total stranger but doesn't have much of a clue about money. It would be a tremendous gift to him if I can give him some sound advice.
I would really appreciate any help in this area from you kind gentleman who may be able to help point this ship in the right direction.
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