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401k vs ira

By Terry Savage on November 22, 2020 | Financial Planning / Retirement

I’m 59 1/2 A financial advisor wants me to pull out $80,000 of my $100,000 that I have in my 401k and put it into a IRA , over the last 5 years I have made anywhere between $8000 and $10,000 each year, where can I get the most growth and be safe as well

Terry Says

This “financial advisor” is a salesperson who is trying to sell you something! Run the other way! First, you can’t just “take money out” of a 40l9k) –unless you leave the company. Taking a loan is insane, and if you leave the company with a loan it is considered a withdrawal and subject to taxes.

Just stick with the choices in your 40l(k) plan. They must be low-cost by law. And set somemoney aside in the most conservative choices as you now are getting closer to retirement. And if you want a FIDUCIARY, FEE-ONLY advisor go to Wealthramp.com to be matched with someone who puts your interests first.

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