stocks to interest bearing accounts
I am 72 and watch my portfolio of stocks with ML bounce up and down like yo yo. Is there a way a can take all my stocks and put them in interest bearing accounts without penalties, taxes, etc. I just would like to see my money increase, no matter how little each month rather than losing 30 k a month one month and yes it does make the same in others.
Terry Says
If you’re losing (or gaining) $30,000 a month because of market volatility, then you’re definitely in the wrong investments. It makes me wonder who is giving you advice.
You need to talk with someone who is not trying to sell you something. You can find that kind of trusted, FEE-ONLY FIDUCIARY advisor here: https://www.terrysavage.com/pam-krueger-wealthramp/
I don’t know whether these investments are inside an IRA — or outside. If inside an IRA, you can sell half of your stocks — just half — and direct the proceeds to be put in a money market fund, which should yield you around 4%. Then you need to look at what those investments are that remain in your account, and decide perhaps on something less volatile and more conservative.
BUT if your stocks are NOT held in a retirement account, then there would be tax implications –and you would want some advice in deciding which stocks to sell, taking losses to offset gains. That perspective is important in making the decision to “lighten up” on your stock porfolio.
The very fact that you don’t know your alternatives makes you vulnerable to someone who is not acting in your best interests. I urge you to go through the Wealthramp process (described above) and at least have a couple of meetings with someone who is definitely on your side.
