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IRA account falling in value

By Terry Savage on June 15, 2022 | Investments

Hello Ms. Savage. I have recently lost $33,000 out of a $230,000 IRA account. I am seriously thinking about transferring these funds into a savings account until this market stabilizes.I am retired and a senior citizen and need these funds to live comfortably. I value your opinion. What do you suggest?

Terry Says

I wish you had been listening to me BEFORE the recent market decline. I have always advised retirees to have at least 30% of their portfolio in cash. I do expect the market could decline further. So you might want to sell a portion of your investments to raise enough cash for you to live for the next two or three years of required withdrawals. Then just don’t look at the balance, because eventually the market will rebound.

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