Where to put your money when you are old
My husband is 80 years old. We are heavily invested in stocks. He heard at his age he should only be about 20 percent invested in stocks. He wants to move a big chunk of money into bonds or CD’s. Are there other safer investments we could move to? I’m not far behind in age and I’m concerned about the whole financial situation considering who our president is. I’d like to spread it around a little, but am afraid of putting big amounts of money into any one category.
Our portfolio right now is several million.
Terry Says
First you should get some perspective and advice from someone who is not trying to sell you anything — a fee-only FIDUCIARY advisor. The only way I can be sure you will be connected with someone you can trust is here: https://www.terrysavage.com/pam-krueger-wealthramp/
That person will look at your entire financial situation, not only your investments. Do you have a will or revocable living trust? What is your housing situation — and is it time for a change? How about provisions for your children? For long-term care, if needed?
And what is your income stream for the coming years — no good to have a lot in stocks if the need for income would force you to sell in a bear market!
See, this is a much larger question. But if you raise some cash now, even before making a larger plan, this is where it should go (assuming this is outside of a retirement account):
https://www.terrysavage.com/t-bills-beat-cds-2/
