[USER]

We have our retirement savings with a financial advisor we have had for a number of years. We came into a sum of money and my husband wants to keep this money separate without letting our financial advisor invest it. Do you think it is wise to have your investments in more than one place or go with all your eggs in one basket? BTW we are retired and draw a monthly income from our investments with the financial advisor. TIA

[Dianne]

Spend it…enjoy your retirement…you can’t take it with you.

[Gloria]

Depends on how large the sum of money is. If it’s on the smaller side, I’d take and enjoy retirement and do things on your bucket list. If it’s a bigger amount I’d put it into different types of investing. Diversification is the key.

If it’s all in one place and something bad happens you could lose it all.

Also, check out: How to catch up on retirement savings in your 40s?

[Lynn]

Never put your eggs in one basket.

[Annette]

Diversity is the key. With that said, anyone with the new money should know where the old money is so they can make the best choices for you. I have a client with 4 financial advisors.

[Amelia]

Diversifying investments is a good thing. Even your investments with a single financial advisor should be diversified.

[Gloria]

As much as it hurts me to say this listen to your husband this time he knows what he’s talking about.

[Amelia]

Your financial advisor can work with you to diversify your investments. All your money isn’t in one place when you work with an advisor. They can invest your money in different ways.

It makes sense to go to them with the funds. Especially as you are hesitant to spend.

They can help you structure your portfolio appropriately to meet your goals.

Explore these too: Catch up on retirement savings in mid-30s?

[Betsy]

Don’t put all your money in one place my cousin did that, and the lawyer ripped her off and took all their savings, and he was a friend of her husband.

[Melissa]

Ask about the 5 year rule for investments.

You cannot withdraw earnings tax-free until it’s been at least five years since you first contributed to a Roth IRA account.

[Jan]

If you do choose multiple advisors, please keep an accurate list. My mom recently passed. She had multiple accounts. She claimed she told me all of them. This did not happen.

[Barbara]

Any good financial advisor diversifies your funds as you created your short and long term goals. Your newly acquired money can be used a variety of ways to compliment or adjust your long-term plan.

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