I just lost my job. How do you suggest I manage my retirement saving of 600,000 received ? Do I invest myself?

I am 49 years old with 15 and 12 year old children. I have talked with a CFP's from Waddell and Reed, Ameriprise. Severance (through Jan. 2010) will be paid in a lump sum in May. How should a money manager be paid. My wife is working and makes $45,000 as a social worker. I am in sales. House is paid in full.

Asked By: moneyman - 11/27/2009
Best Answer - Chosen by Asker
If you are confident in your ability to invest the money, you could do quite well by requesting a direct rollover from your retirement plan to an IRA at Vanguard or T. Rowe Price. Fees are lowest at Vanguard, and beyond stock market performance, fees have the single greatest impact on your investment return... More
Answered By: doreen k - 11/27/2009
Additional Answers (2)
dont spend it.
Answered By: Ariel&John - 11/27/2009
Check with banks to see what CD's and money market are paying. Have you thought about starting a college fund for the kids? I don't know too much about the stock market so cannot offer any advice in that area.
Answered By: Lilly - 11/27/2009
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