Investing 401(k) Money for Income

Q: I am about to retire, I am 75 years old and have 350,000 in my 401(k) plan.

I need to invest this money somewhere to have an income for my life,

What are my best options please?

A: You should be able to earn 5-6% on a conservative, diversified portfolio. There are other issues that have to be taken into account as well. For instance, how would inflation... of 5-10% a year affect your wealth and your income? So it's important that any advisor that you use have strategies in place that will protect you from those risks while seeking to keep volatility at a minimum.

For instance, I would tend to utilize strategies that focus on companies that have a record of consistently paying and increasing their dividends. I have several strategies that include companies that pay dividends of 6-10%. I would also want to protect you from a falling dollar, so would recommend a portion of the money be invested outside the U.S. I also like energy. The amounts you would have in some of those areas, though, should be kept fairly small.

Let me know if I can be of further help.

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