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Retirement Planning – IRA Investing Advice

Q: I have a regular IRA with $92,000.00 in basically what is a no interest savings account. I’m semi retired drawing $1,000.00 per month out of the account and thinking about putting $50,000.00 of it into a conservative Money Market account. Is this a good idea?

 

A: Based on the information you have provided below it sounds like the $92,000 you have in your IRA is basically sitting in cash. If that is the case, it is more than likely already in a conservative money market account which is earning somewhere in the neighborhood of 0.1% interest. So moving $50,000 into a conservative money market account won’t really do much for you.

If you are withdrawing $1,000 per month, your account will be depleted in about 7.5 years. If your goal is to earn more interest and extend the life of your account, you could invest in a conservative model portfolio could generate a yield which would offset your withdrawals and extend the life of your account.

I’m happy to discuss with you further if you would like. It would help if I knew more about your monthly income and expenses.


 

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