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Kim Asked About 'Ask the Dolans: Dolans.com'

Pull Or Not to Pull???

Dolans, Help!!!! My father has passed away and he had a good nest egg for my mother saved up. With the crisis and economy my mom lost alot of money. My question is this, She took her money out of the market and put it in CD's and money market, she wants to pull it out all together and put in a local savings account and CD's, she does draw from this monthly for living expenses as social security is not enough, What can we do?? Thank You.. Kim

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2 Answers

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Simran Answered:

Hi Kim,

I think you shouldnot pull the money all together before proper plans and sources of returns from the sectors you and your mother are planning to invest money.

The market is going through unstable situation it seems to persist few more months so before making any investment in business as you said in CD's so take time to think and take decisions rationally.

Pull out in proportions and investment in savings is the good decision. Find the saving plans from where you can pull out money in crisis.

Posted 2 years ago

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Schwija Answered:

Every investment has a pro and a con to it. Before you do anything you should talk to a local Fincial planner to review your options. You should talk to a few different ones to get an idea the one that is right for you.