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IRA — at 82 shall I sell?

By Terry Savage on May 19, 2022 | Investments

Terry, I will be 82 in October. I just have $50,000. In my IRA. I have life insurance but not enough domain have a savings account of. $20,000 tone used for that purpose. In view of the stock market these days, am I safe to leave my IRA alone or should I close it and put in my savings. I get $1400. A month from social security but have to use some IRA each year. I’m going to live with my grandson soon, so I won’t need to keep doing that

Terry Says

I’m so sorry this post from over a week ago got lost in the shuffle. I would still suggest that if you have stock funds or bond funds in your IRA, you immediately sell half of that amount — BUT DO NOT WITHDRAW THE MONEY FROM THE IRA (or you will owe taxes, and impact your Medicare Part B premiums). Instead, when you give the custodian instructions to sell half of all your stock and bond funds, ask the custodian to put the money in a money market fund INSIDE the IRA. Then you can take withdrawals from that money market account when needed.



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