malwardt
Dryer sheet wannabe
First of all I have been lurking since 2010 and have read a ton of situations of people entering retirement. Unfortunately I did not retire early but at 66 it is happening now. I will be officially retired in 2 weeks (after 41 years at same job) and need to put my 401K somewhere. As much as I have read here and tried to grasp all the amazing information as to investments I now realize I won't be comfortable doing it myself. I have had free financial guidance through in-laws financial firm but cannot see me paying 1% to them to manage my small savings. My wife and I have about 1.4 mil to work with at the moment but most of it in my 401K. I have opened a rollover account with Fidelity mostly because my wife's IRA is there but I noticed that Vanguard seems to be the preferred choice with many here. Been on hold for hours trying to seek Fidelity's help but I have not connected yet. So other than this being an introductory post I would like to know if I move my $ to this rollover IRA do I have a period of which to decide what investments to pick or at least pick what level of management I would be comfortable with or do I have to move it immediately into specific funds? Cash savings is under a 100K so I don't want to burn that up while trying to decide. We do have a decent S.S income coming but will need to live of investments also.