401
Thank you in advance. My husband retired this past May . He is 70, I am almost 69.We have about 875 in our 401. 60% stock from what I understand. 200 in annuity. Saving cash 50 ,000 checking around 25,000. We have a small mortgage 40,000 . at 2.9%. Advised by fidelity to not pay it off with liquid since it was a low rate. About 6 years left. We tried to do better with our goals but life happens. Job loss, kids college, as life goes. Needles to say I saw WGN this morning. Where do I put our stocks or will Fidelity automatically get them out of the risk area ? I so enjoy your advice.
Terry Says
No, Fidelity will NOT take care of you, or offer advice unless you are paying an advisor for that service.
I take it you did a direct rollover of your 401k account to an IRA at Fidelity.
But if it is still in your old 401k plan, you should rollover now. There will be no tax consequence, but you will have a wider choice of safer funds, including putting some in a money market fund.
Read this: https://www.terrysavage.com/rollover-now/
Fidelity can handle that for you. It will all immediately go into cash in your new IRA. Then you can pick some new, more conservative funds, such as an equity-income fund for half your money, a short term bond fund for 25%, and a money market fund for 25%, as an example.
Again, there will be o taxes until you take the money out. That will be a requirement starting at age 73.
