Currently I am 100% invested in agressive Mutual funds and now I want to rebalance my portfolio so that I can draw income. My question is - how do I / what is the best way to reallocate the IRA portion of my portfolio. I.e., CD's, short term bond funds, bank loan funds? Which is the most safe and produces the best income. Yeah I should ask an FA but I like to handle my own money...
Thanks
2007-07-07 10:53:17 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Well, your picture looks awful young. I'm not sure you can withdraw IRA's without a significant penalty before the age of 59.5. If you are past that age, you should be able to set up an annuity payment, leaving the bulk of the money invested while you draw income from it. Hopefully, it can earn enough to allow you to keep the principal intact even as you draw money. But you need to ask a couple of questions of someone who has actual knowledge of the tax implications and rules that apply to an IRA.
2007-07-07 11:03:21 · answer #1 · answered by The Scorpion 6 · 0⤊ 0⤋
If your money is in a mutual fund now, it might be easiest to see what that mutual fund company has to offer in other funds that meet your current needs.
You don't have to stay with the same company - you can move your IRA to another company with just a little paperwork, and the new company will almost always help you with it.
2007-07-07 11:31:07 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
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2015-02-13 17:52:58 · answer #3 · answered by Hazel 1 · 0⤊ 0⤋