I am receiving a lump sum after I retire this fall and am thinking of putting it to a s
I am receiving and taking a lump sum from my retirement fund and am thinking of putting $10,000 into a I Series Treasury that pays 9%+ for 1 year. Is it worth the risk and do I need to go through a financial advisor?
Terry Says
Well, you certainly need some help.
First, why are you taking a LUMP SUM? Surely it will be immediately taxable! Don’t you have the option of rolling it over so the money can continue to grow tax-deferred? Ask your plan sponsor. If you can do a rollover, contact Fidelity or Vanguard and choose some conservative funds and let the tax-deferred growth continue.
The Series I bonds cannot be purchased in a retirement account. But I suggest you make your purchase immediately as you can lock in 9.2% for the next 6 months. Then the new rate that will be announced on November 1st will apply to the next 6 months.
You do need a financial advisor, but since you know so little I fear you will fall into the wrong hands.
Please go to www.Wealthramp.com to be matched with a FEE-ONLY, FIDUCIARY advisor who is not trying to sell you something! The match is made at no charge to you. Please take advantage of this service!
