Ask Terry Questions Investing 401K and an inheritance later this year

Investing 401K and an inheritance later this year

By Terry Savage on October 24, 2018 | Financial Planning / Retirement

I will be retiring next month and will be eligible to collect my 401K. I will also be inheriting money next month. I would like to use a portion of this money to pay off bills before investing the remainder of the funds. I do not know anything about this. Financial Engines services are being offered by my employer. I know investment companies charge a fee for their services. My husband and I are totally ignorant regarding this matter. Help!

Terry Says

OK, glad you caught me before doing anything with this money! And let me first change the terms of your question. You do not “collect” your 40l(k). You’ll need to roll it over into an IRA rollover account. And there are dozens of people out there just so happy to collect big fees along the way.
It’s hard to give advice without knowing your entire financial picture. That’s why you need a FIDUCIARY financial planner — one who puts your interests first, and fully discloses all fees and commissions. (Some planners just charge an hourly fee.) You can find one at Since I wrote about this service which is like for investors and advisors — only with VERY carefully vetted advisors — I have met just about all of them who made the cut in the Chicago area. So go through the process and I feel comfortable saying you will be in good hands.

Here is a link to the column I wrote describing the Wealthramp service.

As for the inheritance, by all means pay off your debts. Those high rates are really eating into your financial security. But don’t make any other moves until you get some trusted advice via a Certified Financial Planner who is a FIDUCIARY! Please write back and let me know how your first meeting goes.

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