I am hoping someone can give me some guidance in saving and investing for retirement. I am not very educated with investing and have major trust issues with my money in other people’s hands.
I have not had very much success in saving money in employer 401K's and simple IRA's as about every 8 to 10 years in my working life, market crashes and recessions have taken large portions of my savings go poof. I was never able to save much early in life due to various reasons and now I am 51 and very worried about being able to retire.
I currently have an employer sponsored simple IRA that matches 50 cents per dollar up to 3% with of all places Edward Jones. The current balance is 58K and is invested very conservatively. I am currently making the maximum contribution of 15,500 annually to this plan.
I also have a pension (I think) thru the union I once was in at prudential that has a balance of 26K, no contribution are being made.
I also have (2) 401K's with 18k and 3k balances, that are partially invested, the 18K 401K has 9k invested in PONDX the remaning balance is sitting in cash.
And lastly here is the 900lb gorilla, I have 183K sitting in a savings account making me a whopping .005%
Between my disabled wife and I we currently make 140K a year and are putting 30K a year in our savings account along with the 15.5K going into my simple IRA.
As I stated in the beginning of my topic, I have major trust issues with investment firms and money managers, seems all my investing life, I have been ripped off and lied to many times and with the market crashes and recessions, I have lost a fair amount of money to warrant my feelings.
I would like to retire at 62 if I can, I think I can pull this off if I don’t have any more 40 to 60 % losses along the way, but I need some guidance in what I should do and where I should put my money that will be safe from losing my principle and make a decent return.
It’s looking like between my wife and I, we will make about 31k from SS, and I think we will need about 75k a year in retirement to live ok, so with simple math, anyone can see, I have a problem.
I have not had very much success in saving money in employer 401K's and simple IRA's as about every 8 to 10 years in my working life, market crashes and recessions have taken large portions of my savings go poof. I was never able to save much early in life due to various reasons and now I am 51 and very worried about being able to retire.
I currently have an employer sponsored simple IRA that matches 50 cents per dollar up to 3% with of all places Edward Jones. The current balance is 58K and is invested very conservatively. I am currently making the maximum contribution of 15,500 annually to this plan.
I also have a pension (I think) thru the union I once was in at prudential that has a balance of 26K, no contribution are being made.
I also have (2) 401K's with 18k and 3k balances, that are partially invested, the 18K 401K has 9k invested in PONDX the remaning balance is sitting in cash.
And lastly here is the 900lb gorilla, I have 183K sitting in a savings account making me a whopping .005%
Between my disabled wife and I we currently make 140K a year and are putting 30K a year in our savings account along with the 15.5K going into my simple IRA.
As I stated in the beginning of my topic, I have major trust issues with investment firms and money managers, seems all my investing life, I have been ripped off and lied to many times and with the market crashes and recessions, I have lost a fair amount of money to warrant my feelings.
I would like to retire at 62 if I can, I think I can pull this off if I don’t have any more 40 to 60 % losses along the way, but I need some guidance in what I should do and where I should put my money that will be safe from losing my principle and make a decent return.
It’s looking like between my wife and I, we will make about 31k from SS, and I think we will need about 75k a year in retirement to live ok, so with simple math, anyone can see, I have a problem.
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