Ask Terry Questions My IRA investments at age 79

My IRA investments at age 79

By Terry Savage on October 12, 2018 | Investments

I am 79 years old. Have approximately $170,000 in IRA accounts. Have taken the required distribution for this year already. Only other money is a $20,000 savings account and social
security. Should I have taken more out of the IRA or is there any way I can take more out and put it
in a CD? Next time I take out from the IRA (hopefully it won’t be too late) what do you suggest I do given my age and financial situation. Thanks so much.

Terry Says

What you haven’t told me is HOW your IRA is invested! Is it all in stock market funds? If so, you can move some money inside the IRA to a money market fund, without withdrawing any of it. That’s very east to do instantly.

Remember that when you make a withdrawal it counts as ordinary income and you owe taxes on that money. But taking TOO much out could move you into a higher cost for your Medicare Part B premium. Or may have an impact on other senior programs you enjoy.

Actually, I’m sort of worried about your situation especially in the current market volatility. Would you send me an email at and look at your most recent IRA statement and tell me what you own? And do you have an advisor/broker for this account? I’m surprised that person didn’t move you into some more conservative investments at your age.
Please do follow up with me.



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