Losing Money in IRAs
I have a small amount of money split between a Roth and Traditional IRAs with American Funds. In the last 7 months I have lost $11,000. What options should I consider since I am already retired and just turned 65?
Terry Says
Welcome to the club! The broad market was down 20% last year (see my latest column) so everyone lost money!
Depending on how you’re invested, my suggestion is to ride it out — but be invested conservatively, perhaps a balanced fund or equity-income fund for at least half your assets.
Or find an overall financial advisor you can trust at Wealthramp. That will give you a long-term perspective on how you’ll manage your money in retirement. Hint: Don’t take Social Security until 70!
