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Ffmedic167
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Looking for Advice  Reply with quote  

Hello everyone, here is my story and question.

I am 37 year old firefighter. I am married and have 2 kids 8 and 11. I dont have a traditional pension at work. My primary retirement vehicle is a 401K through work which doesnt need any help. We have a defined contribution through our contract which is matched by our employer at an unheard of 17%. That goes up every couple of years with contract negotiations. I also have a 457 I feed a small amount into just as a small supplement.

My question is:
I have about $12500 sitting in rollover IRA's from previous employers. I am looking for my best options on how to place this money and grow it for the future. Its not doing anything where it sits now.

Another variable here is I am eligible to retire at 56. I dont have anything in place right now to draw income between ages 56 and 59 1/2. Maybe this is a good start to grow something I can use for this time period, until I can draw from my retirement without penalty.

Any help and advice would be greatly appreciated. Thank you.
Post Fri Jun 02, 2017 9:20 pm
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oldguy
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quote:
$12500 sitting in rollover IRA's from previous employers. I am looking for my best options on how to place this money and grow it for the future. Its not doing anything where it sits now.


I would put it in an SP500 Index Fund, they have a longterm average return of 11/yr. (IMO, Your 19.5 year time frame qualifies as longterm.)
At 11%/yr your $12500 will be $96,000 in 19.5 yrs.
Post Sat Jun 03, 2017 1:24 am
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Petert0204
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Make sure you invest your money for a long term. Probably you should look into real estate,etc.
Post Thu Jun 29, 2017 3:53 am
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