Ask the Dolans: How should I allocate my retirement funds in this economy?
Filed under: Banks, Budgets, Retire, The Dolans, Investing
Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.
Click here to ask Ken and Daria your question.
The financial crisis is taking on a new victim: retirement. Planning and saving is hard enough, let alone trying to do it in the midst of a market meltdown! These are unprecedented times, folks, and your nest egg could get hit hard if you aren't careful.
We have heard from many of you wondering where to put your retirement money without the risk of losing it all. Here's our answer designed to keep you on the right savings path and protect your money in our shaky economy.
Dear Ken and Daria,
I am 20 years away from retirement and have been re-considering my portfolio allocation. What is the right mix in this economy?
-Gary
Not sure how to allocate your retirement funds? Visit Dolans.com for our complete library of 401k calculators and worksheets to determine what's best for you.
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Reader Comments (Page 1 of 1)
10-10-2008 @ 2:42PM
Joyce Abraham said...
After the week global banking just went through, no scenario is unthinkable. Banks are in trouble throughout Europe and Iceland's all went broke. Britain is buying shares from its biggest banks for hundreds of billions of dollars, essentially part-nationalizing the sector. And Thursday the American treasury secretary hinted that the U.S. might follow in the U.K.'s footsteps. If banks in the U.S., Britain and Europe are nationalized what does that mean for the layman?
What does it really mean... ??? As a member of Myinvestorsplace.com, I and other members are greatly concerned about our daily existence. How do we cope?? Any plans or suggestions? Please let us know. Thanks
Reply
10-15-2008 @ 1:30AM
CJ Budi said...
Thanks for the opinion shared,a\. I beleive you. At age 58, on full SSDI, with a home MarketValue (est. is more) but assecedvalues being lowered so I'll say it is valued at $145K. Presently,the balance on the 29 yr.mtg. is only $45K,@ 8% apr. Please advise me what is the way to preserve and increase my assets.
The nest-egg, is nearly gone since becoming a widow 7 years ago. Treading water as costs, taxes, insurance,healthcare cost rise; I can't travel or spend on simplepleasues or grandchildren or even hobbies at this time. I want to have improved dental care,earn interest and take the equitity of years of mortages payments from the house. Not age 62 yrs old, I believe I can;t quailify for ass reverse mtg. Besidess I've heard that isn't the great idea people beleive either.
Any further particulars or data, etc. needed please feel free to contact me.(813) 362-4423. C.J.
Reply
10-15-2008 @ 3:47PM
Ann said...
Hi I am 72 years old and am retired. I have about 300,000 in the
market all bonds. I need that money to live on. Should I pull out?
Where could I put it to get good interest
Thank You
Starting to get frighten What would you tell your mom?
Reply