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mutual funds,IRA or ? (Terry says: Or a JOB!)

By Terry Savage on June 01, 2021 | Chicken Money

Hi!

I am approaching 60, married, and neither me nor my wife are currently working or generating income. In the meantime we are both living off of +250k savings for now in a high yield savings account which is definitely no longer high yield. We have a fully paid for condo in a desirable location in the midwest and I have a Vanguard 401k with approximately +42k. Ideally I’d like to take 150k and put it somewhere low risk where it can generate some income and not be locked up or have penalties should the need arise to make an emergency withdrawal. We have approximately 2.5-3k total monthly overhead. Any advice would be appreciated!

Terry Says

Well, it sounds like you have your situation well organized. The only thing you lack now is INCOME. Given the demand for labor in this economy, the best thing EACH of you can do is TAKE A JOB. Any job. l Two people should be able to bring in $3,000 net income a month after taxes. Then you won’t have to dig into your savings!

Don’t you dare touch the 40(k). And there is NO place to earn high returns these days without high risk! So leave your money in savings and go back to work! If you can postpone your Social Security to age 70, you will come out far ahead in the long run!

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