Question: I’m 70-years-old, semi-retired and I have been self managed for 20 years in mutual funds only. My Roth IRA account value is $200k and my home is paid off. The idea of investing in stocks is inviting! Do I need a financial planner?
That said, they can also produce big losses — which for a 70-year-old, without a long time horizon for recovery, could be devastating. And that’s why you need to look at why you want to take on risk, and how prepared you would be if there were losses. In your case, it’s important to note that your mutual fund is already made up of different stocks. “The question you would want to ask yourself is are you wanting to invest in individual stocks versus a group of stocks, which is what you’re doing with mutual funds,” says certified financial planner Terrance Hutchins at Logos Financial Group.