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re: Should I move my 401k money to the cash option ahead of the election?
Posted on 10/27/20 at 10:28 am to AUHighPlainsDrifter
Posted on 10/27/20 at 10:28 am to AUHighPlainsDrifter
quote:
Are you retiring soon?
I'm 56, so sometime in the next 10 years. Sooner rather than later, hopefully.
I have 4 different 401ks (3 prior companies and one current). I would then consolidate them after things settle.
2
Posted on 10/27/20 at 11:33 am to tom1987
What does “After things settle” mean to you?
If the market does move downwards, what is going to make you feel like “This is the time to get in, all the downside has happened”?
If it doesn’t move downwards, are you going to move back in immediately, or are you going to “wait for the next pullback?”
Is your concern about a move downward predicated on a particular outcome of the election? If so, and an undesirable outcome is the result, what is going to make you change your mind to get back in?
All of these questions are don’t even take in to account your unique circumstances like your capacity and tolerance for risk, how much you have saved towards retirement, your other assets.
The more appropriate course of action is to determine as asset allocation that you can live with no matter what the environment and stick to it. If you can’t do that on your own, it may be time to go speak to a professional.
If the market does move downwards, what is going to make you feel like “This is the time to get in, all the downside has happened”?
If it doesn’t move downwards, are you going to move back in immediately, or are you going to “wait for the next pullback?”
Is your concern about a move downward predicated on a particular outcome of the election? If so, and an undesirable outcome is the result, what is going to make you change your mind to get back in?
All of these questions are don’t even take in to account your unique circumstances like your capacity and tolerance for risk, how much you have saved towards retirement, your other assets.
The more appropriate course of action is to determine as asset allocation that you can live with no matter what the environment and stick to it. If you can’t do that on your own, it may be time to go speak to a professional.
Posted on 10/28/20 at 4:26 pm to tom1987
quote:
I have 4 different 401ks (3 prior companies and one current).
Dude. Rollover those 3 prior companies to your own IRA. Mine is at Vanguard. Much lower fees and better options.
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