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Message
Real talk to a dummy.
Posted on 5/21/22 at 5:44 pm
Posted on 5/21/22 at 5:44 pm
I know im going to get a lot of sarcastic replies and fricked with but here goes. I am 59, been putting in 401-K for 40 years, plan on working until my health says different. I have been putting in 19.5 % since i turned 55. Last time i checked i had around 811,000 dollars. Put in around 2, 500 monthly in 401-K. My question is, should i ride this shite out, or do something else with it. Sorry for my ignorance, ut im just oilfield trash and not too savvy with money, thanks
Posted on 5/21/22 at 5:53 pm to tigerfan63
Ride it out. Especially if you plan to work 5 to 7 more years.
Posted on 5/21/22 at 5:57 pm to tigerfan63
"My question is, should i ride this shite out, or do something else with it. Sorry for my ignorance"
--
That's a question many of us are asking ourselves.
I went to cash (money market) on about 40% of my stock funds. So I'm still in the market with part of it and on the sidelines with the rest.
Nobody really knows where this is going. Many will tell you to stay put and it'll come back. That's been the historical view.
--
That's a question many of us are asking ourselves.
I went to cash (money market) on about 40% of my stock funds. So I'm still in the market with part of it and on the sidelines with the rest.
Nobody really knows where this is going. Many will tell you to stay put and it'll come back. That's been the historical view.
Posted on 5/21/22 at 6:03 pm to ItzMe1972
I'm 62. I'd put enough in short term bonds to not worry about it. It doesn't always come back fast. Look at a chart from 1945 to 1982.
Posted on 5/21/22 at 7:15 pm to ronricks
Yea, as long as i am able to drive to rig, via boat chopper i plan on working, all i have done for 41 years. Some people say ride it out, some friends i work with freaked out and drew their money out. Just wish i was a smarter when it comes to shite like this,
Posted on 5/21/22 at 7:34 pm to tigerfan63
If you don’t plan to retire in the next 5 years, keep investing as you have been.
Buy low and sell high is the objective.
My net worth is 20% more than it otherwise would have been today because, in 2008 when contemplating similar as you are today, I kept to long term view / plan.
Future me was super happy past me stayed focused on outcome and stayed the course.
Buy low and sell high is the objective.
My net worth is 20% more than it otherwise would have been today because, in 2008 when contemplating similar as you are today, I kept to long term view / plan.
Future me was super happy past me stayed focused on outcome and stayed the course.
Posted on 5/21/22 at 9:46 pm to tigerfan63
The overall amount doesn’t matter as much as what your allocation is. Do you feel that you’re well balanced and diversified?
Percentage wise, what do you have your 401K in? And if you plan to keep working for as long as you can, and don’t see that you’ll be pulling from the account for 5-7 years… what else would you do now?
Percentage wise, what do you have your 401K in? And if you plan to keep working for as long as you can, and don’t see that you’ll be pulling from the account for 5-7 years… what else would you do now?
Posted on 5/22/22 at 10:07 am to Jag_Warrior
A few things. Not being mean but plain talk is all I know.
If you didn't know how to time the market on the down side if you get out now you will probably miss the bottom and get back in higher than now loosing money.
It may or may not come back in your time frame. History says it should but we are in non historical times with this administration.
I am retired and have a get out of stocks price. The number I need to keep going based on a cash no growth plan.
You should consider an advisor (watch fees). The company I was with, if you pulled money from 401k and put in the IRA of the management company I.E, Fidelity) fees were waved and I had a dedicated advisor I talked to as needed and at least every 6 months. As long as I was employed
Learn as much as you can about early withdrawal. 55 years of age and turning 50 or older in the year you separate from the company.
Different withdrawals between 401k and IRA rules
But first lean everything you can about your 401k and rollover options for more choices. Many 401k have reduced choices because old law suits from people that lost and sued.
If you didn't know how to time the market on the down side if you get out now you will probably miss the bottom and get back in higher than now loosing money.
It may or may not come back in your time frame. History says it should but we are in non historical times with this administration.
I am retired and have a get out of stocks price. The number I need to keep going based on a cash no growth plan.
You should consider an advisor (watch fees). The company I was with, if you pulled money from 401k and put in the IRA of the management company I.E, Fidelity) fees were waved and I had a dedicated advisor I talked to as needed and at least every 6 months. As long as I was employed
Learn as much as you can about early withdrawal. 55 years of age and turning 50 or older in the year you separate from the company.
Different withdrawals between 401k and IRA rules
But first lean everything you can about your 401k and rollover options for more choices. Many 401k have reduced choices because old law suits from people that lost and sued.
This post was edited on 5/22/22 at 10:08 am
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