Can you still do the Qualified Charitable Distribution in 2020? This is a question we received from a listener. We'll tell you what a QCD is, who qualifies, how you do it, and offer a few tips.
A listener asks, "I keep hearing ads advising us to sell our stocks and buy gold or silver. Is gold a better investment than stocks?"
Gold is one of the ultimate fear assets. When things go haywire in the markets, people tend to turn to the shiny metal. Is it a better investment than stocks?
This question is from Lloyd. He asks, "I'm planning to retire in the spring when I turn 62. Should I start taking my Social Security or should I wait?"
This is a big decision. The only decision we have when we're looking at social security is when we file for our benefits.
This question is from Karen. She asks, "With interest rates so low, we aren't earning anything on our savings. I'm also worried about another significant drop in the stock market. Should I take money from my savings to pay off my mortgage?"
There are two parts to this. One is eliminating debt. The other is what is the better use of your money?
During a Bear Market, many investors are tempted to sell their stocks and move to cash. Many financial advisors will tell them to sit tight, and ride out the storm. Is "doing nothing" the right thing to do? Today we'll share some interesting data that shows that in the last market, doing nothing was better than panicking.
To see the Vangaurd study, click here: https://personal.vanguard.com/pdf/Cash-panickers-Coronavirus-market-volatility.pdf
This is our September Question and Answer Episode.
We answer these five questions:
- I changed jobs two months ago. What should I do with my old retirement plan?
- Can I use a trust to protect my Mom's assets if she goes to a nursing home?
- My employer announced they are now offering the Roth 401k option. Should I use it?
- How do I use my savings to create retirement income?
- Can I make the maximum contribution to both a Roth IRA and the Roth account in the Thrift Savings Plan?
If you'd like to submit a question we can answer on a future show, please visit: https://mondaymorningmoney.com