What funds should I roll my 401(k) into?

Q: Are there any funds you particularly like for a 65-year-old to roll a 401(k) into? I start social security this month and am working full time, but I'm about to lose my job.

A: Given market conditions, I'd be very careful. Roll it all into a money market fund at Fidelity or Vanguard or T. Rowe Price, then maybe take a small amount every month and move it into an equity-income fund, leaving about 20 percent in a money market at the end of this process, which should take about two years to fully fund the equity-income stock fund. I don't think the stock market is going to run away on the upside in the next two years.

Terry Savage is a registered investment advisor and the author of the newly published The Savage Number: How Much Money Do You Need To Retire? (256 pages, Wiley, $24.95).