Moving money from 401k
Hi Terry. I’ve been retired for approximately 3 months and I’m 67 years old age. I’m going to take my money from my Voya account $191,000.00 and I also have $80,000.00 in savings. I also have a $20,000.00 of which I’m going to keep in a separate checking account.I have been talking with a Wells Fargo financial advisor. He told me that they would put my 401k into an IRA that is 80% stocks and 20% bonds, and the $80,000.00 would go to TOD account. Do you think this is a good investment?
Terry Says
Stop. The Wells Fargo financial advisor is a commissioned broker — and he only makes money if you “do something.” Right now you need the advice of a fee-only financial advisor who is a fIDUCIARY — puts your interests first.
Search for one you can trust at www.Wealthramp.com.
I can’t give a comment on all the above-mentioned items. Ihave no idea what “investments” this person is recommending for your IRA rollover account. Bet it isn’t low-cost/no commission Vanguard funds!
But you and other recent retirees are “ripe” for conflicted advice. so there is no rush to do this. YOu need a comprehensive plan for retirement investing and withdrawals — to make sure you don’t run out of money before you run out of time! This is more than just picking investments.
So tell the Wells Fargo person that you are getting “a second opinion” at my suggestion. Have him/her sit tight. And then sit down for a first meeting (which should be free) with a REAL and trusted Certified Financial Planner who is a Fiduciary.
Please write back and let me know what happens.
