How to manage my 457 Plan
Hi Terry! I am a 69 year old retired firefighter/paramedic. My wife and I each have a pension and are claiming social security benefits, we do not have outstanding financial debt. I have not yet begun tapping into my 457 plan account, but I would like to know if I should consider removing the money from that account and invest in a less volatile product that will not take a hit if our country experiences a sharp economic decline? Thank you!
Terry Says
Please read this article I wrote explaining why company retirement plans are not appropriate for most retirees. Their investment choices are designed for younger workers, taking more risk, to accumulate funds to retire. Once you reach retirement age, you should be more concerned about capital preservation. The linked article above describes how to do a direct rollover. Your instincts are correct at this stage of life!
This might also be the time to seek out a financial planner you can trust — a fee-only, FIDUCIARY who is not out to sell you anything. Read this article about how Wealthramp works. You are matched with an experienced advisor who is on your side.
