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Started By
Message
re: Pulling out of your 401k early.
Posted on 4/29/16 at 8:10 pm to Abikaasa_Posti_Teel
Posted on 4/29/16 at 8:10 pm to Abikaasa_Posti_Teel
quote:
He feels like the markets will tank in the next 2/3 years, and wants to take it out and diversify it. Put some cash in a safe, small local bank, gold and silver, etc
Safe, bank, gold is not my idea of diversification. If he truly believes the market will crash within the next 3 years - and he's willing to bet a significant portion of his retirement money on that belief - then he should withdraw the money from the 401K and reinvest it in 3 years. Simple.
quote:A lot of people got burned. But those who stayed the course ended up making their money back and more within 7 years.
His Dad got burned in 2008 on his retirement with the crash.
2
Posted on 4/29/16 at 9:54 pm to Patrick_Bateman
They didn't make their money back if they started drawing an income at the bottom. Believe it or not, some folks got screwed pretty bad.
Posted on 4/30/16 at 3:21 pm to Patrick_Bateman
quote:
A lot of people got burned. But those who stayed the course ended up making their money back and more within 7 years.
I always point out that you don't lose a penny until you sell.
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