Retirement
I am a recently retired 68 years old I am wondering what I should do with my 401k money around one hundred thousand dollars.
Terry Says
OK, for the moment, I’d leave it right where it is with your former employer. Then recognize that there is an entire army of financial salespeople who would just love to take your money and earn some commissions! I’m so glad you wrote to me!
Your decision about what to do with your retirement money, which you will eventually roll over into an IRA rollover account, needs to be taken in conjunction with a plan for living in retirement. You need a spending plan. And an income plan. And likely a healthcare plan, Social Security plan, and even an “estate” plan —
I think you need to have at least one meeting with a FIDUCIARY fee-only financial planner who is not trying to sell you something. And the only way I know you can meet one of those is through Wealthramp.com— a website started by a woman who personally matches you with carefully vetted, trusted advisors. I urge you to go through the simple questionnaire there.
Probably you can do the rollover yourself — by calling Fidelity or Vanguard.. But you still have to decide how to invest that money — and that’s just part of the planning process.
