Ask Terry Questions retirement money mistake?

retirement money mistake?

By Terry Savage on January 12, 2016 |

I withdrew my money from my 403B account and my financial person turned it over to LPL to invest, but it continues to lose money. I don’t need it right now, but I’m concerned that it is slowly disappearing! Where should the money be?

Terry Says:  What?  You “withdrew”??   First, you can’t “withdraw” unless you leave your employment.  Second, if you did withdraw, you’d owe huge taxes.  I’m guessing your “financial person” did a ROLLOVER IRA.  I have no idea about LPL.  But if you get up the gumption to be your own financial person, contact Vanguard, and they will do a rollover to their low-cost funds.  And they will advise on just which funds are appropriate, given your age, financial situation,  and overall retirement goals.

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