05/13/2026
WHAT SHOULD I DO WITH MY 401K, IRA, CD, SAVINGS OR INVESTMENT ACCOUNT?
Over the last few months, I have spoken with many retirees and pre-retirees who tell me the same thing:
“Eric, I have money in my 401(k), IRA, CDs, savings accounts, or investments… and honestly, I’m not touching it. I’m just watching it grow.”
Or they tell me their advisor is still investing it aggressively because “the market has been doing great.”
And my question is always…
Why?
I completely understand that mindset while you are working. For 30 to 45 years, most people were taught to save, invest, grow, repeat. That was the goal — build enough money so one day you could finally retire comfortably.
But once you are retired or close to retirement, sometimes the conversation should change from:
“How much more can I grow?”
to
“What is the purpose of this money now?”
Many of my clients are 65 to 75 years old. Their children are often already in their 30s or 40s, raising families, paying mortgages, paying car loans, dealing with credit card debt, daycare costs, rising insurance costs, and the everyday stress of life.
And I ask them:
Would your children benefit more from inheriting money 20 years from now… or would they benefit more from some help while you are still here to see it make a difference?
Because what I see happen far too often is heartbreaking.
Clients spend their entire lives saving and investing so they can leave something meaningful behind for their children. Then later in life, health issues happen. Assisted living or nursing home care becomes necessary. And suddenly retirement savings start disappearing at $5,000, $8,000, $10,000, or even $15,000 per month.
I have seen people spend hundreds of thousands of dollars within a short period of time simply trying to pay for care.
Money they planned to leave to their children…
Gone.
And if the money is still sitting inside qualified retirement accounts like 401(k)s or traditional IRAs, there may still be taxes owed when inherited.
For example, if a child inherits a $200,000 traditional IRA or 401(k), they may not actually receive the full $200,000. Depending on their tax bracket and how withdrawals are taken, a large portion could eventually go to taxes.
So the question becomes:
What if there was a better way to enjoy retirement while also helping your family now?
This is why I have been having different conversations with my clients lately.
Instead of simply rolling money over and continuing to “watch it grow,” many retirees are exploring strategies that create guaranteed interest or lifetime income while still maintaining access to their money.
For example, some clients are using fixed annuities paying competitive guaranteed interest rates or lifetime income products that provide dependable income they cannot outlive.
Then instead of reinvesting every dollar back into another account balance they may never spend, they use some of the yearly interest or income to slowly create opportunities and memories for themselves and their families.
I have clients who say things like:
“I would rather see my kids smile now than inherit money later.”
And honestly, that makes sense to me.
Maybe it means helping your daughter pay off high-interest credit cards.
Helping your son replace bald tires before winter.
Paying off a vehicle so your child has breathing room financially.
Starting investment accounts for grandchildren.
Helping with college expenses.
Taking the entire family on a vacation together while everyone is healthy enough to enjoy it.
Buying the luxury watch you always wanted but never allowed yourself to buy.
Getting the nicer car you worked your entire life to afford.
Donating to a church, charity, or friend in need while you are alive to see the impact.
After all… what was the purpose of saving for 40 years if you never allow yourself to enjoy any of it?
One strategy many clients like is using part of their guaranteed interest or income to purchase pre-1920 U.S. gold and silver coins over time.
These historical coins are more than just precious metals. Many investors appreciate them because they are historical U.S. currency with collectible value in addition to gold and silver content. Unlike modern bullion products, older U.S. coins may carry historical significance, collector demand, and long-term legacy appeal.
Many families enjoy the idea of gradually gifting these coins to children and grandchildren over the years instead of waiting until everything eventually passes through probate.
And probate is another conversation many people overlook.
When assets go through probate, the process can take time, create legal expenses, delays, and additional stress for families during already emotional situations. Many retirees today are looking for ways to simplify things for their loved ones instead of leaving behind confusion and paperwork.
The reality is this:
You spent decades building your retirement.
You worked hard for it.
You sacrificed for it.
At some point, retirement should become about more than simply watching numbers continue to grow on a statement.
It should become about freedom.
Experiences.
Family.
Legacy.
Creating memories.
Reducing stress for the people you love.
And actually enjoying the life you spent decades preparing for.
That is why I have been encouraging many of my clients to think differently.
Not just about growth…
But about purpose.
If this is something you have thought about, or if you want to explore ideas that could create income, flexibility, family legacy, and peace of mind, feel free to reach out.
Eric Nichols
630-400-5445
[email protected]
