Retirement Advice

Hi Terry.. I am a 59 year old male and am seeking some retirement advice. Due to the job market I may only work sporadically at my professional position. i am trying to figure out how to divide investments such as annunties,bond index funds and equity funds as to provide me with a safe income. i have saved about 800K (most in IRA account ) divided into various equity funds now. I don’t owe any appreciable amount of money but have monthly expenses such as utilities,tv,cable,etc. i own my house and my wife carries our insurance thru her position. she wil retire within a year or so but will receive a pension and get to keep the family insurance. if you need furthur info please email me. i always enjoy your articles in our local newspaper.

SAVAGE SAYS:I’m delighted that I have the perfect solution for you.  What you need is a certified financial planner — who is not trying to sell you something.  May I suggest a service offered by T. Rowe Price mutual funds, 800-688-5660,  where you work with an individual planner trained to create an investment/withdrawal plan with the best chance of making your money last as long as you do.  This service is free, if you have money in their funds — and since they have excellent funds that should be no problem.

Now, remember, this planning is only about investments — and you will still need to make sure you have your other issues covered — insurance, estate planning, etc.   But if you’re looking to make an investment plan, this is what I would recommend.  Oh, and one other thing:  working with them will include a plan to maximize your Social Security benefits over the lives of you and your spouse.