SIMPLE IRA — What Now?
I have 200,000+ in a simple ira. My wife has about 400,000+. I am 68, old school truck driver. 0 computer skills. What the heck do i do? Is it my money to take out at will? I know i still have to pay. tax. Just thought it was the thing to do. Just don’t have a end game…
Terry Says
Well, first congratulations! You both did a great job of saving for retirement. This is the time to meet with a financial planner you can TRUST — a FIDUCIARY (who is not trying to sell you anything, but works on a fee-only basis). You can have just a few meetings or an ongoing relationship.
This is the time to figure out what ongoing income you need to meet your spending needs in retirement, how to invest that SIMPLE IRA (assuming you are retired, and should be rolling it directly into a Rollover IRA at Fidelity or Vanguard). And create a scenario for withdrawals.
You can find that kind of fiduciary, fee only planner at Wealthramp.com.
I’m not trying to sell you anything, either. But for $10 you can go to Amazon and get a copy of the new edition of The Savage Truth on Money– and read up on all these issues in a simple way, before you meet with your planner. Then you’ll understand everything!
