Ask Terry Questions Retiring soon — stocks in IRA??

Retiring soon — stocks in IRA??

By Terry Savage on October 27, 2018 | Investments

Terry, I plan on retiring in 2020 at the age of 65. I am freaking out right now regarding my ira, its slowly losing money. It is in a balanced fund, a 2020. I am afraid to make a contribution. My question is should I still make a contribution or put the money in a CD or just take the money out in future distributions. Also should I go and get a financial advisor.

Terry Says

This is where a financial advisor comes in handy. And I do mean “handy” — as in hand-holding! They can look at your complete financial picture — which means evaluating the cash reserves you have OUTSIDE your retirement account. After all, statistics say you will live at least 20 years in retirement– so you do need some form of growth. But I know it will be devastating to see your money melt away in a financial downturn.
Without knowing more about you, I can’t give specific advice. But if you are “freaking out” here’s a simple solution. Call the fund company and switch HALF into their money market mutual fund. Just do it. That way you will look back and you can only be half wrong –or half right! And you will sleep better knowing that you have some money that will not be lost.
Then go to and fill out the questionnaire. You’ll be matched with a carefully vetted FIDUCIARY advisor. The first meeting will be free. Meet with several until you find one who seems like a good match. They are the pros and will deal with the specifics of your situation. That likely includes DELAYING taking Social Security until your full retirement age!

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