Question for the Money Doctors
Question submitted on Aug 15, 2011.
QuestionI don''t have much at all saved up for my retirement ($150k) as my salary is fairly low. Part of this is in a CASH IRA (~$50k) which is just sitting there scarcely making any dividends or interest. Is there somewhere that I can move at least some of this myself so that I can start making more money? I want to work at least 7-8 more years before I retire.
Based on the little information (married, age, income needs, SS dollars, etc.) my BEST recommendation would be to find a local qualified planner (like a CPA/PFS). These designations ensure education. Secondly, I'd find someone with at leat 10 years experience.
In light of your "pending retirement" (not 30 years away), safety is a concern. Look at a variable annuity with guarantees. I have several clients who laugh at the markets ups and downs because they get a minimum payment (now at 4% with some companies) while they have seen their value go up and down. When it goes up they get a "new base" and a higher guarenteed income. When it drops (till it rises again) they are getting a 4% payment on the higher base amount.
I would avoid loaded mutual funds.
If you will contact me back I'll gladly be able to provide a better response because of your additional information.
For additional information visit http://www.360financialliteracy.org/