- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Advice for a 64 year old with a 401k
Posted on 3/9/20 at 7:51 am
Posted on 3/9/20 at 7:51 am
My dad has a 401k with his company and his planning to retire next February when he turns 65. Has about 400,000 in 401k or at least he did before the last couple weeks. He’s in a panic now and wants to get it all out and put it on a CD. My thinking was since he’s already took a hit and he’s not retiring to next year that he should ride it out. But with this oil news now, I’m starting to rethink that. Any advice?
11
Posted on 3/9/20 at 7:52 am to Allthatfades
Just wait until after the election. He should be fine. The worst thing to do is sell low 
Posted on 3/9/20 at 7:53 am to Allthatfades
He has to have more than just that $400k for retirement right? A pension or something?
Posted on 3/9/20 at 7:56 am to mylsuhat
If he was making in the 40/50k per year range; that's pretty good. He didnt have access to a 401k early in his career.
Posted on 3/9/20 at 7:59 am to mylsuhat
The sobering reality is that 400k is SIGNIFICANTLY more than most retire with.
Posted on 3/9/20 at 8:03 am to iknowmorethanyou
quote:
The sobering reality is that 400k is SIGNIFICANTLY more than most retire with.
True. My 401k has lost all my gains from 2019, or almost all of them. Luckily I have a few years left, but I am starting to think that the next good run we have, I might have to start getting more conservative sooner.
Posted on 3/9/20 at 8:05 am to kywildcatfanone
I think rule of thumb is find a lower risk landing spot about 5 years from retirement.
Posted on 3/9/20 at 8:05 am to Allthatfades
Clearly, he wasn’t in the right risk adjusted investments. However, he’s already taken it on the chin. He needs to wait this out. Taking out his funds is a recipe for failure.
Posted on 3/9/20 at 8:08 am to lynxcat
quote:pretty much this. At this point he needs to ride it out.
Clearly, he wasn’t in the right risk adjusted investments. However, he’s already taken it on the chin. He needs to wait this out. Taking out his funds is a recipe for failure.
Posted on 3/9/20 at 8:19 am to Allthatfades
DO NOT GET OUT
He just needs to ride the storm, this will correct well before next Feb. Creating a huge buying opportunity.
He just needs to ride the storm, this will correct well before next Feb. Creating a huge buying opportunity.
Posted on 3/9/20 at 8:35 am to Allthatfades
What’s his allocation? Does he work in the oil sector? I think we will see a lot of people postponing retirement. 70 is the new 60? If he is all stock then he should not sell and see where the market is next year, but be prepared to work two more years.
Posted on 3/9/20 at 8:55 am to B4YOU
He works a factory job. He’s never made above 35-40,000 his whole life. He’s been maxing it out the last few years. He does have a pension also. And also several CD’s in bank
Posted on 3/9/20 at 9:02 am to Allthatfades
He is good. Tell him to sit on his hands. Go fishing. Do not watch the news.
Posted on 3/9/20 at 9:12 am to Allthatfades
All good advice here to just stay in the market and don't do anything.
Another way to look at it:
5% of $400k is $20k/year
5% of $300k is $15k/year
The delta between the two is ~$400/mo. He should be able to manage that reduction in monthly income, or make it up with a small side-gig for a few years.
Another way to look at it:
5% of $400k is $20k/year
5% of $300k is $15k/year
The delta between the two is ~$400/mo. He should be able to manage that reduction in monthly income, or make it up with a small side-gig for a few years.
Posted on 3/9/20 at 9:23 am to mylsuhat
My parents retired with 300k and they are doing fine.
Posted on 3/9/20 at 9:25 am to Allthatfades
quote:
He’s in a panic now and wants to get it all out and put it on a CD.
Your dad is too dumb to retire if he sells now
Posted on 3/9/20 at 9:33 am to JohnnyKilroy
quote:is that really necessary?
Your dad is too dumb to retire if he sells now
Posted on 3/9/20 at 9:38 am to castorinho
Sorry. That was harsh.
Posted on 3/9/20 at 9:40 am to JohnnyKilroy
This isnt the OT and that was not called for. OPs dad is in great shape to retire.
Posted on 3/9/20 at 9:43 am to Allthatfades
Just hang in...
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News