Ask Terry Questions Baskets of eggs!

Baskets of eggs!

By Terry Savage on March 06, 2020 | Financial Planning / Retirement

I have an IRA, SOCIAL SECURITY, and pension. I am currently getting money from pension, suggests where to draw from next! Should I get a retirement or financial advisor? Thank you

Terry Says

Well, you’re fortunate to have both SS and a pension. And since you get those monthly, there is no question about “withdrawing” since you get what you get.
Where is your IRA invested? Is it in the stock market? if so, I’d suggest switching to conservative investments — maybe money market mutual funds — inside your IRA. You know that you will have Required Minimum Distributions each year — and are already taking them if you reached age 70-1/2 by last year, or can wait until age 72 to start taking RMDs if you haven’t started taking them yet.
I don’t know what help a financial advisor could be at this point –and if you get the wrong one, he/she will probably try to sell you something!

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