How should I invest my money towards retirement?

I have a 5 year IRA that is coming to an end. I have about $100,000, but I am not sure if I trust the market to put it anywhere at this time. I am 56 years old and I know I have to invest to be better prepared for retirement. Do you have any ideas or positive moves that may be helpful to me?

Retirement, Investing
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October 2016

Hello,

Most people think investment along can decide their retirement readiness. That’s further away from the truth. You’re 56, which means you still have 10 or more years to use an IRA to save for your retirement as long as you have an earned income. Maybe this little math will help illustrate. If you put $6,500 for the IRA in addition to your existing $100k balance, for another 14 years (until you’re 70), with even a modest 5% return, you would have $325,384 balance. 

I understand you’re hesitation as the recent market reaches to a new high, but without taking a measured risk, your savings will not be able to outlast your living. Furthermore, depending on which IRA (Roth or traditional) you have used for savings, it will make a tremendous difference later when you claim the social security benefits as up to 85% benefits may be subject to tax.

 This is a time to talk to a professional, CFP® or RICP® to tap his/her expertise to better plan for you. Best!

October 2016
October 2016
October 2016
October 2016