Jill on Money: Financial advisors, mortgage pay down, retirement distribution

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We didn't have a special show to commemorate the three-year anniversary of the bull market, because "Jill on Money" listeners know that these moments are often fleeting. That said, stock indexes doubled over the course of three years (Dow: +97 percent, S&P 500: +102 percent, NASDAQ: +134) and the broadest measure, the Wilshire 5000, is just 0.36% from all-time high on 10/9/07!

In the spirit of tax season, we started the show by chatting with Vicky from MD, who needed advice about amending old tax returns. Just remember that it's better that you discover a tax error and fix it, then for the I.R.S. to find it!

Kelly from CT and Jeff from Texas wondered about paying down their mortgages. Kelly is practically a real estate baron, with 3 rental properties--maybe we should have her talk to Melody in TX, who is wondering whether she should consider becoming a landlord. Jeff has just moved into a larger house, with a larger mortgage and wants to get on track to be debt-free.

Tamara from CA and Rick from Louisville both asked about their parents. Tamara's 84 year-old mother has just inherited $1,000,000 and we discussed how to put this windfall to work in order to generate the income that she needs. Rick's 94 year old dad (a lifelong Rangers fan!) has cash and maturing CDs. We discussed alternatives to the abysmally low interest rates that balance risk and reward.

Luiretta is frustrated with an investment advisor that she hired in 2006. Is it time for her to give him the boot? If she does, she should check out my new and updated "". Of particular importance in the process is to understand whether or not you come first and how your advisor gets paid.

Gale and Sherry asked about asset allocation. Gale is a government employee, using a Thrift Savings Plan (TSP) and wants to know whether she should I take her money out of the government system and put it in another retirement vehicle. Sherry is trying to create income in her portfolio-should she use stocks, mutual funds or ETF's?

Both Charles and Rich are planning for the distribution phase of their retirement accounts and need advice about positioning their portfolios. In Rich's case, should he put some or all of his $750,000 portfolio into an annuity?

Here are web sites and resources mentioned in this week's show:

-- Jill's Blog

-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)

-- Best CD Rates

-- How to generate income from your portfolio

-- Prudential quits individual long-term care business

-- Financial documents: What to shred, what to keep

-- Estate Planning: the Documents You Need

Thanks to everyone who participated and to Mark, the BEST producer in the world and our new intern, Sehar. If you have a financial question, there are lots of ways to contact us:

Call 855-411-JILL and we'll schedule time to get you on the show LIVE

Send an email: askjill@moneywatch.com

Tweet me: @jillonmoney

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    View all articles by Jill Schlesinger on CBS MoneyWatch »
    Jill Schlesinger, CFP®, is the Editor-at-Large for CBS MoneyWatch. She covers the economy, markets, investing or anything else with a dollar sign. Prior to the launch of MoneyWatch in 2009, Jill was the chief investment officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

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