Saving investment from loss
What do I do? I am 66 years old. I get $7200 net a month from my pension. I have a 403B with Ameriprise that I was going to use in my retirement. In 2017 I had $53,000 in the account. Due to the pandemic, the market and a couple of withdrawals, I now have just $35,700. It has been $35,000 since September 2021. There has not been a significant increase, and it doesn’t seem like I’ll ever be able to get back up to 53,000 or more. I’m concerned about the market and how I could possibly lose even more of the money I have in the account. I’m thinking of taking it out completely and close the account to save what I can. I know I will be taxed for withdrawal but I’d rather have something than lose I have. What do you recommend?
Terry Says
I don’t know how you could have failed to make money in this account over the past two years — with the market up 23% for two years in a row! Unless, you had it in a money market account — but then you would have had no losses. So I can’t figure this out.
It is past time for you to do a DIRECT ROLLOVER to an IRA at Fidelity or Vanguard, and put it all in their government securities money market fund.
Follow the instructions in this article and there will be NO TAXES due until you withdraw money.
https://www.terrysavage.com/rollover-now/
