Ask Terry Questions best account to take money from

best account to take money from

By Terry Savage on December 08, 2018 | Investments

Our daughter is getting married. We are giving her 15,000. My husband and I want to know which account would be best to take from. Do we take from a 401k. We are both 61. We have 50,000 in savings. We have energy stocks valued at 40,000. Also IRAs . Thanks for your help.

Terry Says

Ok, this is tricky. You don’t want to take money out of your retirement plans (can’t take it from a 401k) and pay taxes and lose future tax deferred growth.  BUT taking it out of savings unbalances you with too much exposure to stock mkt losses.

So I would move the same $15,000 to a safer investment like CDs INSIDE your IRA account.  That way if you need the cash you can get at it. And especially at this point you’re not overexposed to the stock market.

Recent Investments Questions



a personal
finance question