My IRA is being managed now, but the fees (I think about 2% per quarter) are eating up most of any gains. I have just under 200k in my IRA. And I am living on SS and a small pension. Which almost cover my monthly cost.
Terry Says: To put it simply, you are being taken advantage of. The alternative is not this bad situation vs. an index fund. Given your circumstances, you need a conservative investment allocation and a very low cost situation. I think you should contact Fidelity (800-FIDELITY) or Vanguard (800-VANGUARD) because they have advice services that are free — and very low cost mutual funds, less than half of one percent a year.
Are you comfortable doing that? If not, please write back because I absolutely won’t sleep well until I know that you are out of your current situation!