Ask Terry Questions Retirement

Retirement

By Terry Savage on January 30, 2022 | Financial Planning / Retirement

Hello Terry, I am 62 this year and plan to retire at 67. My husband is younger by 5 years so I wont take SS til 70. What should I do with my 401k? You speak of 20 + years and retirement age, but what about 5-8 years. I will be waiting to hear you speak tomorrow with your guest who predicts the market to get to 40,000. That is what I was waiting for… Thank You

Terry Says

Well, you heard Dr. Bob on the air this week, still predicting the Dow over 40,000 for this year. But there are several prominent bears who will tell you the market is going to crash! That’s the market –where money agrees to disagree.

Frankly, I don’t think it matters who is right. At this stage of life, what matters is that you can ride out the ups and downs that will come in your estimated 20+ years of life. Once you retire, you can’t take advantage of lower prices in the stock market, because you won’t continue to contribute. You’ll have a pot of money — and that’s it. That changes your risk tolerance — a lot!

I think this would be a good time to get more conservative with your investments inside your 40lk — and build up savings outside your plan.
But maybe you’d like to discuss your personal situation with a fee-only FIDUCIARY financial planner who is not trying to sell yu anything. Find one at www.Wealthramp.com.

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