503B withdrawal
I am 66 years old. I get $7200 net a month from my pension. I have a 503B with Ameriprise that I was going to use in my retirement. In 2017 I had $53,000 in the account. Due to the pandemic, the market and a couple of withdrawals, I now have just $35,700. It has been $35,000 since September 2021. There has not been a significant increase, and it doesn’t seem like I’ll ever be able to get back up to 53,000 or more. I’m concerned about the market and how I could possibly lose even more of the money I have in the account. I’m thinking of taking it out completely and close the account to save what I can. I know I will be taxed for withdrawal but I’d rather have something than lose I have. What do you recommend?
Terry Says
There is a third — and better — alternative. Just do a DIRECT ROLLOVER to an IRA Rollover account at Fidelity or Vanguard. You don’t take a check, and you don’t have to do the work.
And if you do it correctly, there is absolutely no tax consequence!
Read this article for instructions: https://www.terrysavage.com/rollover-now/
Once you get the money moved, you can put most of it in a government money market fund, and perhaps a small portion into an equity/income fund so you have some conservative stock market exposure. YOu can do this!!
