Retirement and my savings
I’m 70 years old i get like $ 2000.00 a month from ssa & penson. I have $335,741.00 with j p morgan chase $37000.00 in checking the rest in savings i also have $113860.00 ira rollover with fidelity chase wants to put my money in a
5yr 2.6% fixed rate guarteed AIG 10% liquidity no cost fidelity wants to put it in a 3yr 1.75% guaranteed fixed rate no cost 10% liquidity every year not sure what to do can you help thanks
Terry Says
I think you’ve done a great job managing your own money! And, with interest rates rising, there is no way I would touch either of those products.
You didn’t say, but you seem to be living comfortably on your SS and pension — so the savings and IRA are just a cushion. Currently, yes, you’re losing out to inflation since rates are so low. But I have no doubt that will change in the coming months!
What does worry me is whether you have done some financial planning for an illness, or even death. I don’t know if you have a spouse, children, grandchildren. But this is the time to do an “estate plan” — a Revocable Living Trust –and to simply re-title the savings accounts in the name of your trust. YOu can still make investment decisions, but if something happens to you, you have named a successor trustee (an adult child) to make decisions without going to court.
If you haven’t done anything about that kind of plan, please write back and I’ll point you in the right direction. As for the savings, I predict you (and I) will have the last laugh!!
