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Retirement Planning Question – IRA

 

Q: I am going to be 69 on March 1,2013 and retiring from State employment. I will be receiving approximately $3000.00 per month in pension and social security . I have around $22,000.00 in 457. What will be better, to withdraw all or rollover to an IRA and where to invest this money?

 

A: Thanks for reaching out and for listening to the show!

 

First of all, congratulations on retiring, that’s a huge achievement! We wish you the best and hope you enjoy it.

 

Assuming that you don’t need the $22,000 immediately, it would be best to roll it into an IRA where you will have the ability to invest as you are comfortable. Where to invest will depend on many factors including risk tolerance, age, need for income and other available assets. Assuming you are relatively conservative and are able to live off of the $3,000 per month, at age 69, it would be a good idea to buy a low cost index fund that tracks a broad market. A couple of options we like are IVV, SDY and BND. IVV tracks the overall S&P 500, SDY tracks the dividend payers in the S&P 500 and BND tracks the overall bond market (short, intermediate and long term bonds).


 

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