| Help with current situation please |
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newbie2017
Member
Cash: $ 2.85
Posts: 13
Joined: 05 Sep 2017
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| Help with current situation please |
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im 52 soon to be 53. I lost my job of 31 yrs due to covid. I recently got hired but Im making less than half of what I was before covid. I have zero debt other than utilities. I have saved around 415k in cash thats sitting in a high yield account..currently at .40....was 2.68 last summer.
I also have a IRA with around 88-89k currently. At my age I dont feel I will ever be in the situation to earn what I was making. I have my bills figured out to as to what it cost me a year to currrently live.....which is about 8000 a year. Based on my SS estimate I will recieve anywhere from 1680 dollars to 2800 depending when I take it. Id like to use this 400k to my advantage....Im not comfortable in taking my contribution out of my savings at this point either....so Im just going to let my IRA do its thing. Im not savy in investing what so ever. Ive just worked and saved over my life and lived within my means. Looking for any free advice as to what to do at this point in my life.
Im ultra conservative and feel like with only 9-10 years till i could retire Id like to make the most of it obviously. thanks
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Wed Apr 07, 2021 8:56 pm |
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Andrew
Admin
Cash: $ 467.10
Posts: 1717
Joined: 02 Nov 2003
Location: Texas
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Sounds like you are doing pretty well. You've got a lot more saved up than me, similar age. Because of keeping your money in the stock market, it's likely to crash at any time. Consider investing in a bit of gold and silver as an inflation hedge. The metals are currently way undervalued, and their price will go up, as inflation continues to rise.
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Sun Oct 31, 2021 6:31 pm |
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lancenicolase
Full Member
Cash: $ 14.40
Posts: 72
Joined: 02 May 2009
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| Stock Market |
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Stock markets can be tricky, especially if you don't understand how they work.
That's why it's important to understand stock market basics - https://www.independentinvestor.com/share-dealing/stock-market-overview/, it all starts with comprehending the markets and how to use them to your advantage.
It's a fact, stock markets offer superior returns compared to savings accounts.
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Sat Nov 13, 2021 6:24 pm |
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