Investing $46,000
What would be the best place for safe investment of $46,000. Currently have this money in annuity with Northern Trust/Sammons Financial. I am required to take a yearly distribution amount and I do not want to. I want my money to grow. I am 72 years of age.
Terry Says
I’m assuming your money is in an annuity inside an IRA. In that case you MUST take an annual withdrawal starting at age 72. And you must pay taxes on it.
Then decide how much you are willing to lose! If you want to take some risk, go to Fidelity and buy a mutual fund — the S&P 500 stock fund. But be prepared to ride out the ups and downs of the stock market.
