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Help on saving retirement funds

By Terry Savage on June 09, 2022 | Investments

We have had a financial advisor for years, BUT are not happy with her at this time. She keeps telling us to hang on to the accounts as is. BUT every month, we are loosing money in our IRA and Roth accounts. Since January, we have lost over $100,000 dollars. I requested for her to change some investments that we have to “safer” investments. She just says – “Hang In There”. I’m done with hanging in there. We are both in our 70’s and have no way to recoup that amount of money. We live on our 2 SS moneys and my Small retirement to pay bills every month. I want to change to a fiduciary – but we don’t know how to find one or who to ask. I hopping that you will be able to direct us to the correct direction. Thank You in advance!

Terry Says

First, it is YOUR retirement account. It will take a while to get set up with a new advisor. So I suggest that you tell her to immediately liquidate 25% — no more — of your portfolio and put it in a money market fund. Tell her this is not a plea, not a request, but a DEMAND. And you will file a lawsuit against her if she does not follow your instructions!!!
Advisors are good at holding hands — and they may be economically correct, because the market will come back — eventually. But in the meantime, you could have a heart attack watching the decline!! I’m betting your advisor is under age 50 and doesn’t have enough empathy for the pain of watching money melt away. But I get it!! This approach will let you sleep better at night!



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