Make Money - Retirement
Question: I just retired from my company and am considering my options for the funds I have in my 401K. What would you suggest that I do to make sure I have what I need to meet my ongoing financial obligations?
Dr. Gala's Response: The answer to that question would be different for just about everyone. There are so many factors to consider including your current available income and obligations, your age, your other available assets, and then, of course, the amount you have accumulated in your retirement plan. For some, a self-directed and managed IRA might make sense. Or, you might opt to use the services of an investment advisor to manage the IRA. For others, an annuity would provide the security and peace of mind that you want in retirement. For virtually every person in your situation, I would suggest having a financial plan prepared by someone that is independent and unbiased. Many retirees make mistakes early on that are difficult to compensate for. You’ve worked hard for many years to be able to retire comfortably. Now is not the time to cut corners!
Dr. Gala's Response: The answer to that question would be different for just about everyone. There are so many factors to consider including your current available income and obligations, your age, your other available assets, and then, of course, the amount you have accumulated in your retirement plan. For some, a self-directed and managed IRA might make sense. Or, you might opt to use the services of an investment advisor to manage the IRA. For others, an annuity would provide the security and peace of mind that you want in retirement. For virtually every person in your situation, I would suggest having a financial plan prepared by someone that is independent and unbiased. Many retirees make mistakes early on that are difficult to compensate for. You’ve worked hard for many years to be able to retire comfortably. Now is not the time to cut corners!
posted by Dr. Gala at 6:01 PM
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