QUESTION:

Losing my IRA! HELP!

I have lost half of my IRA since last June. I've had it since 1995 and it was doing very well until June 2007.I got it while I was employed at a bank and when I left there I just let them roll it over. It started at $15,000.00 In 1995 and last June 2007 it was up to $70,000. Now it's down to 37,000.00. It went down $10,000 just this past month! I plead total ignorance to financial things so can anyone advise me? Thank you Julie G By the way, I'm 50 and not working anymore due to permanant disability and I get less than $600.00 a month. Luckily, I own my home and a car so I don't have a mortgage or car payment.
asked by JulieG, 7/11/2008
Categories: Financial Planning for Retirement, IRAs, Retirement Income, Retirement Assets, Medicare
ANSWERS:
Answered by: Editorial, 07/13/08
Overall Rating: Be the first to rate it.

I would encourage you to immediately speak with a financial advisor.

It sounds like perhaps your money was re-invested in vehicles that are performing terribly in the current market conditions. A good certififed financial planner can look at your overall asset position and help you plan not only for a large nest egg -- but also advantageous tax conditions, retirement income and more.

NewRetirement can match you to an institution offering the type of advice you might need.
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx

You may also want to look at benefitscheckup.com.

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