No. of Recommendations: 1
I'm a 55 year old male who owns a small business. I have $150,000 in a traditional IRA money market. I'm nervous the market is too high now. I pulled $3,000 and plan on putting it and more into Vanguard's S&P 500 index fund. How much of the 150,000 should I move,seeing it's all I have. And where should I put another $6,000 a year? I'd like to have a million or more by the time I'm 70 but I'm afraid that will be difficult to do at this late date.

I retired at 70---Not because I was financially able to do so. But because I was all worn out. i was unable to work for 3 years due to illness in my mid 30's The years went by after earning enough to get by, raise a family, put money in an IRA. In my early 60's financial reverses required me to remove cash from my IRA's for 4 years to make ends meet. Finally in 2003 at age 70 I retired when I sold my business for 47% less than I had bought it for 15 years previously. The economic times were inflationary in 1988 when I bought and deflationary when I had to sell in 2003.

I was fortunate to come out of the sale completely debt free and I received all cash from the buyer. Since I now had no income and with my earnings history , not much SS (Definitely no pension-No annuity--) I needed to earn a living. I always was interested in the stock market--But never really made much there either. I decided to learn. So I went on the computer and went to Yahoo message boards and learned by asking questions of people that appeared to me, to make sense. I was fortunate to find those people and I did learn to make money in the market.
So today, 14 1/2 years I am still debt free All my bills have been paid on time. My portfolio has increased dramatically, after all bills have been paid including FED and STATE taxes and Gifts to family.

Good luck
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.