Ask Terry Questions IRA rollover decision

IRA rollover decision

By Terry Savage on November 22, 2016 | Financial Planning / Retirement

Hi Terry, have been following your dedicated help to many regarding our financial concerns. I have a traditional IRA ( 100,000. ) with an internet bank at 1.40 % interest. It will mature at the end of Jan. 2017. I am 83 y.o. & now looking for an easy way to keep this IRA , have very little computer exposure & do not understand the financial world. I live alone. I have been reading your suggestions on Fidelity, Vanguard, T. Rowe & wondering which would be most helpful & easiest with guidance that I would need. My total yr. income is $32,000 ( including all interest ) & upsetting that I need to pay Fed tax on my SS income, as this IRA has put me over the top. Hoping that you can help me with this decision. You are greatly appreciated !

Terry Says

You definitely need advice you can trust.  I wish you had entered your email address, as I would have liked to answer more personally -- after asking a few questions. I would have asked whether you have a trusted individual family member who will be your beneficiary if you pass on leaving this nestegg intact.  And if you have created a Revocable Living Trust, and healthcare power of attorney, just in case you are unable to act for yourself. And, yes, I know that was not your original question!  So either send me a personal email to, or yes -- contact either Vanguard or Fidelity to do a rollover.  Insist the money go into a Money Market Fund, where you can't lose a penny.  The issue now is not about how much you can earn, but about making this money last for your lifetime.  That could be especially important if you need to enter a senior residence or nursing home. As you know, you are required to take withdrawals every year.  don't fret about the taxes.  At least you have the money!    

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