By Terry Savage on June 16, 2024 | Financial Planning / Retirement

I have had my IRA account with a brokerage since I retired in 2000. My beginning amount was $410,000. Now after 24 years, my balance is $175,000. Recently, my Morgan Stanley advisor told me the minimum account balance is $250,000. She rather politely asked me to cash out my account and transfer my account elsewhere. I have no clue as to what I should do to keep my savings safe but also earning. I own my home and usually only take the required minimum annually. Your assistance would be greatly appreciated.

Terry Says

Have you been withdrawing money over all these years?  The stock market has QUADRUPLED since 2000!  I don’t know how the account could have dwindled to this amount, unless you have been taking money out regularly!

If you retired 20 years ago, I’m guessing you’re in your eighties — time for a much more conservative program of investing what’s left.  Please read this article, and do a direct rollover to Fidelity or Vanguard.  Then put 2/3 of it in a money market fund, and one third in their Equity/Income or Balanced fund.  They will help you do this directly, so there are no fees or penalties involved.

Read this:  Rollover Now – Terry Savage




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