Ask Terry Questions Retirement Advice

Retirement Advice

By Terry Savage on July 27, 2021 | Financial Planning / Retirement

I am 60 years old and I am planning on working another 10 years (God willing). I have been working for a wonderful company and have a small retirement fund w/Principal to which the company adds. I am a saver, but my saving accounts give pennies in return. I am interested in investing but do not know where to begin. I would love to hear how / where to begin. Any advice you can offer is appreciated, Thank you.

Terry Says

Well, the first question is how much of your savings you are willing to risk losing! That’s not to say you WILL lose money, and over the long run the probabilities show that you are likely to make money — But for novice investors it can be frightening to watch money disappear. They often panic and sell at just the wrong time!

If you want to invest, I would suggest calling Fidelity (1-8000-FIDELITY) and telling them you want to open an Individual Retirement Account (IRA). They will help you do that. Then they will ask which mutual fund you want to invest in. I would suggest you use their Equity-Income Fund as a start. You can set up a plan for them to automatically add a few hundred dollars a month to your account directly taken from your checking account.

Then STICK TO THAT PLAN — whatever happens in the stock market. And don’t look at it for 10 years. God willing you will write me and thank me!!

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