My husband wants to sell!
My husband (74) is panicking about what he perceives as a devastating recession on the horizon. He wants to pull all his (and my ) money out of our IRAs and do who knows what with it because he is sure we will lose most of it if we don’t. I am NOT touching mine but I can’t convince him to take a breath and wait it out. He does not have as much confidence in our financial planner as I do.
What would you tell him?
Thank you!
Terry Says
Whoa!! First, you NEVER take your money OUT of your IRA until absolutely necessary — because that will incur taxes! And you’ll lose all future tax-deferred growth.
BUT, your husband could ask his “advisor” to sell HALF of his stock funds and move them to a money market mutual fund INSIDE his IRA. That would involve no taxes and maybe he could sleep better at night. And he would still have some exposure to stocks to offset future inflation.
By the way, it’s called an INDIVIDUAL Retirement Account for a reason. You make your own decisions! He cannot and should not be telling you what to do with your own account. And your advisor should not take direction from him about YOUR account!
