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Started By
Message
401K
Posted on 1/31/22 at 9:52 am
Posted on 1/31/22 at 9:52 am
So I finally got my 401k back up to 200,000k. In march of 2020 it fell to $30,000. I have it in a medium /high risk market with my work My question is should I look into about taking it out because I know I have it right now and don’t wanna take a chance on losing 50%-75% of it again and investing it something else or what are my options. I am not at all educated in this field at all. TIA
17
Posted on 1/31/22 at 9:54 am to melkiper
How old are you?
Are you in etfs/mutual funds or are you in a bunch of individual stocks?
Are you in etfs/mutual funds or are you in a bunch of individual stocks?
Posted on 1/31/22 at 9:55 am to melkiper
quote:
y question is should I look into about taking it out because I know I have it right now and don’t wanna take a chance on losing 50%-75% of it again and investing it
That is called timing the market. It would be wise to research the pros/cons of timing the market.
Posted on 1/31/22 at 10:01 am to melkiper
Dollar Cost averaging
I wouldn't try to time the market.
Also what are your invested in? Age?
I wouldn't try to time the market.
Also what are your invested in? Age?
Posted on 1/31/22 at 10:02 am to melkiper
quote:adjust your allocation if you can’t handle the volatility
don’t wanna take a chance on losing 50%-75% of it again
Posted on 1/31/22 at 10:05 am to melkiper
quote:
My question is should I look into about taking it out
No
Posted on 1/31/22 at 10:07 am to melkiper
Without knowing your situation I stopped contributing to 401k for a bit in 2009.
Care to guess difference between my balance and my wife who contributed the whole time?
Care to guess difference between my balance and my wife who contributed the whole time?
Posted on 1/31/22 at 10:11 am to melkiper
quote:No, continue to put money into it monthly, at least to whatever your match is. And ideally more depending on your financial situation. Stay the course but you may want to go with some “safer” funds if the volatility is getting to you.
My question is should I look into about taking it out because I know I have it right now and don’t wanna take a chance on losing 50%-75% of it again and investing it something else or what are my options. I am not at all educated in this field at all. TIA
Posted on 1/31/22 at 10:20 am to JohnnyKilroy
I am 56. And Were in a bundle of stocks that is offered from my wife’s work. We put in $800 a month and her employer puts in $400 , so we doing a total of $1200/month
Posted on 1/31/22 at 11:20 am to melkiper
quote:
So I finally got my 401k back up to 200,000k. In march of 2020 it fell to $30,000.
Posted on 1/31/22 at 11:40 am to melkiper
2.5-3x the balance
Posted on 1/31/22 at 11:50 am to melkiper
quote:
So I finally got my 401k back up to 200,000k. In march of 2020 it fell to $30,000.
The hell were you invested in?
Posted on 1/31/22 at 12:29 pm to melkiper
Jesus what has been this rocket ship over the last 22 months?
Even the likes of CVX and LUV don't have that big of swings.
Even the likes of CVX and LUV don't have that big of swings.
Posted on 1/31/22 at 12:31 pm to Y.A. Tittle
She gets a statement every 3 months and it has multiple stocks on their. Some are high risk and some are guess low to non risk. Her employment does it all. I would have to check it out to see with who. I just remember her financial “guru” at work said don’t even look at her statement in 2020 it will all come back at a later date. And it did.
Posted on 1/31/22 at 12:33 pm to melkiper
quote:
My question is should I look into about taking it out because I know I have it right now and don’t wanna take a chance on losing 50%-75% of it again
How close to you to retiring? What are your objectives for that money?
IMO, if you are more than 5 years away from retirement and your 401k money is invested appropriate for your objectives and risk tolerance:
DO NOT
React to market swings (most people lose when they think they are gaining; don't time the market)
The money psychology is powerful, but keep in mind that until you need that money, you don't need that money
DO
Stay the course
Keep dollar cost averaging (buy at regular intervals). When the market goes down, you are actually accumulating more shares (cheaper), ~20% more shares has been my experience.
I estimate that my total net worth today is ~15% higher than it otherwise would have been because I did these things 2008-10, in the worst financial market of my lifetime.
Good luck!
Posted on 1/31/22 at 1:33 pm to melkiper
This doesn’t sound right.
Posted on 1/31/22 at 2:02 pm to baobabtiger
quote:
This doesn’t sound right.
Yeah - if this is some kind of non-participant directed plan, it's hard to imagine the company would allow it to be invested in something apparently so aggressive and volatile. Seems like a good way to get sued and/or have the Department of Labor crawl up their arse.
ETA: if this had been $200k in a basic S&P 500 fund right before the drop in March '20, it would have only fallen to about $130k and would be at around $260k now, even with $0 contributions during that time.
This post was edited on 1/31/22 at 3:54 pm
Posted on 1/31/22 at 2:40 pm to Turf Taint
Thank you very much Turf Taint. Just not familiar in this field at all. We’re both Hoping to retire in 6 more years and enjoy our grand kids !
Posted on 1/31/22 at 3:01 pm to melkiper
quote:
So I finally got my 401k back up to 200,000k
If you’re just getting back to an all time high in your 401k, you need to stop making the decisions on your 401k. Yikes.
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