I have been retired 5 years. I have a deferred nationwide retirement solutions account with 80 percent in fixed and 20 percent in large cap stocks. I’m hoping to watch that account grow to give to my children when I am gone. With the market free falling I am very fearful of losing this money which I had hoped the children could use to pay off a small mortgage remaining on our summer home. Please advise. Thank you.
Terry Says: I understand your concern. But I’m not sure what this “retirement solutions” account is! Is it inside an IRA? Or an annuity? Is there a penalty for withdrawals? Are your children listed as beneficiaries? There are tax benefits to letting children inherit a tax-deferred account vs taking withdrawals and paying taxes, just to pay off that mortgage. But honestly, I can’t answer without more details.