Ask Terry Questions 401k at 72

401k at 72

By Terry Savage on May 04, 2022 | Chicken Money

I just retired at 72. I had a rough life and only have $14,000 plus in a 401k from my former employer. This is the amount today and it has gone down $3000.00 in the last year. Since it is such a small amount I was thinking of taking it all out. Pay the taxes and put it in my savings account. Is this a good idea? It is in a Vanguard account but they are no help. Is there anything else that I can do to protect this small amount? Thanks so much.

Terry Says

You have my blessing to take it out and pay the taxes and put it in your money market account at the bank.

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