Sports and Competition Sports and Competition

I'm 60, single, and I'm scared I'm going to blow the money in my IRA and ruin my retirement. What should I do to make sure that doesn't happen?


Published on 2025-03-25 08:01:11 - Moneywise
  Print publication without navigation

  • This flexibility can be both a blessing and a curse: if you manage the IRA well, you can grow your savings into a sizable nest egg
  • but if you mismanage the account, you could

The article on MSN discusses the concerns of a 60-year-old single individual worried about mismanaging their IRA and jeopardizing their retirement. The individual expresses fear of making poor financial decisions that could deplete their savings. Financial experts suggest several strategies to safeguard their retirement funds: diversifying investments to spread risk, considering low-cost index funds or target-date funds which automatically adjust asset allocation as one nears retirement, consulting with a financial advisor for personalized advice, setting up a withdrawal strategy that aligns with their life expectancy and financial needs, and possibly annuitizing part of their savings to ensure a steady income stream. The article emphasizes the importance of not making hasty decisions, understanding one's risk tolerance, and the benefits of professional guidance to navigate through retirement planning effectively.

Read the Full Moneywise Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/i-m-60-single-and-i-m-scared-i-m-going-to-blow-the-money-in-my-ira-and-ruin-my-retirement-what-should-i-do-to-make-sure-that-doesn-t-happen/ar-AA1BC3pX ]