Retirement investments

I have 170,000.00 in a pension fund from my job the hospitali work at was purchased and the money is just sitting there. I am 64. Years old but don,t plan on retirement for the next 4 or 5 years I would like to put it in somwthing that I can earn some interest. Don,t want to stocks can,t chance losing it single women with some other investments but not sitting pretty can you help. Thanks sandy

SAVAGE SAYS: OK, I’m assuming you did a ROLLOVER directly to an IRA Or is the money still sitting in the pension fund, and they want you to do something with it? Whatever you do, don’t take a check!? That would mean it would all become taxable — even if you intend to roll it over. You need to do a direct transfer to a new custodian — a place like Vanguard, Fidelity, T. Rowe Price.

Now, I know you don’t want to take risks, but this money is going to have to last you a long time. And inflation is also a risk. So you should diversify a bit into the stock market, and stick to it. What you need is some perspective about how to keep this money safe, make it grow a bit to beat inflation, and then figure out how much money you can conservatively take out every month — preferably starting at age 70-1/2,? and still have a good chance of making your money last as long as you do!? I think that’s what you’re really asking.

And if you’re willing to do a bit of homework, I’d call T.Rowe Price at 800-638-5660 and ask about their Monte Carlo retirement income modeling program — Costs $500, unless you transfer some money to them, which is a good idea anyway, and listen to their thoughts and go through the process of working with one of their financial planners. Don’t worry — they will respect your need for safety,and concern about losses — Let me know how it goes!