Mutual funds when 80 years old
I’m turning 80 soon. My income is from Social Security, an Annuity and an IRA. My income is $3700 a month. Own my home. I have some Mutual finds that I don’t take dividends from. It has grown to almost $70,000. I do not want to loose this money. Think in early 2000 there was a recession and I had an inheritance in stocks and lost most of it. Where should I move this money to keep it safe?
Terry Says
We are close to all-time highs in the stock market. And the market may well move higher. But this is not the time of life to speculate. I suggest moving part — maybe half — into U.S. Treasury bills, and enjoying the use of the interest. Here’s how to do that: https://www.terrysavage.com/t-bills-beat-cds/
There may be some tax consequences to selling mutual funds, so you should check to see if this would move you into a higher tax bracket, and a higher bracket for your Medicare Part B premiums. You don’t have to worry about Part B premiums unless your income would be over $97,000 per year.
