Ask Terry Questions Retirement


By Terry Savage on August 23, 2015 | Financial Planning / Retirement

I am 51 years old. I have about $8,000 in savings. I have a pension that when I turn 62 or 65 I can take a lump sum of $25,000 or take monthly payment. I have a rental condo that rents for $1,400 after expense $500 left over. For the last 10 years I have lost jobs due to down sizing. I now work getting paid by 1099. Total for the month $2,400 monthly plus a bonus if I exceed my goal which can be anywhere from $500 to $1,000 monthly. I want to start a retirement plan and don’t know where to start. Please advise. Thanks

Terry Says:  Go to your bank and open an Individual Retirement Account — a Roth IRA — and put the money in a money market account.  With such a small amount of money, you cannot afford to take any risk with other investments.

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