NEW RETIREE: Should i worry?

by Tom
(75019)

Just retired w/$500k in a Fidelity managed IRA. it has lost $10k in three weeks!!!

Wendy's Two cents: I'm not a financial planner so I'll leave that question to a professional... and yes, it's a scary place out there! I've lost in my deferred compensation accounts, and don't like it one bit... Yikes!

However, in this volatile market, do see someone. You need to preserve your retirement monies as best as possible.

Don't worry -- it only makes you ill!

BUT do see a financial planner just so that someone gives you some advice (actually see SEVERAL as they all have their own opinions... if a few sound reasonable, to you, and they agree in concept, that might be right for you). With that kind of financial assets, anyone will give you free advice... so use your head too!

Comments for NEW RETIREE: Should i worry?

Click here to add your own comments

Retirement: There are ways to keep from worrying
by: Linda

I would be VERY concerned if my retirement $$ were invested in a place that could lose money. There are definitely great places to invest where your $$ is protected against losses and still provide respectable gains; some really great streams of income guaranteed as well!

WENDY: I think it depends on your own personal thoughts on investments. Some folks can't sleep at night when their money is in any potentially risky investment, like stocks. Others can.

Personally, I have diversified my investments, and I do have some in money markets -- which have earned me a pretty penny in the last year or two (recouping all I lost in 2008, plus more). I also have some in low paying IRA's at the bank.. safe but earning little.

Finally, I really wonder if ANYTHING is really safe? With the U.S. economy as it is, I wonder...
Investments
by: Anonymous

Learn to trade and manage your own account: there is lots of information out there, probably from your broker too.

No one cares about your money like you do!

Wendy: I think quite the same... nobody will watch your accounts like you do, nobody. They are busy working many accounts.

Financial planners, however, do have knowledge that the general public just doesn't have... one wrong withdrawal could cost you oodles in taxes.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Retirement Questions/Answers.