retirement investment for monthly dividend stock
I recently take out lump sum form my pension plan , i would like to invest so to receive monthly dividend.
i am specially interested Berkshire Hathaway . please advise what to do next with you firm. thank you !
Terry Says
Whoa! IF you took a “lump sum” distribution, you will owe taxes on ALL of this money THIS YEAR! Who told you that was a good idea??
Second, you shouldn’t be picking one stock — even Berkshire Hathaway — to count on a monthly distribution.
First, call your employer and see if it is too late (generally within 60 days) to do a ROLLOVER to an account at Fidelity or Vanguard. If you can, do the rollover. (I assume they didn’t withhold taxes; if they did you can’t easily get them back but they will be a credit.)
If you are within the 60 day window, call Fidelity at 1-800-FIDELITY number, and ask to be directed to help with an IRA rollover. Then open a money market account with them and send them the money ASAP! Then discuss how you will invest with least risk to get a monthly check.
