Ask Terry Questions What to do with 401k

What to do with 401k

By Terry Savage on February 14, 2024 | Financial Planning / Retirement

Hello Terry. I enjoy listening to you on WGN radio.

I would like your advice.
My husband is 62 and on Social Security Disability for the last 2 years.
I am 60 and unemployed.
House, cars all paid off and zero credit card debt
We live comfortably on his $3,000 disability each month.
We have 8,000 in savings.
We have a 401k worth 70,000 right now.
What should we do with it. Leave it, cash it in and turn into treasury bills I hear you talk about for Approx 5 Percent? Start taking it out and spending it?

Thank you,

Terry Says

Do NOT cash it out! But DO it into an IRA per instructions in this article:

When you do the rollover put at least half in their government securities money market fund, 25% in the short-term bond fund, and 25% in the Equity-Income fund.

Let it grow tax-deferred as long as you can without touching it!

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