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Started By
Message
401k Question
Posted on 9/24/08 at 5:59 pm
Posted on 9/24/08 at 5:59 pm
Is now a good time to move all of my 401k into a money market account. I have seen a 11% loss in the past year for the mutual funds I am currently invested in and I was wondering if I need to get out now and if so for how long. Just trying to get different peoples' opinions. (I am 50)
3
Posted on 9/24/08 at 6:31 pm to Southbound
I am pondering the same thing and I am nearly the same age. I have a feeling from the news today that the fed bailout isnt going to happen and if so it will be to little to late. Congress is FUBAR. I was thinking of getting out prior to the vote. Which maybe from the dems to let the ecomony tank so BHO will get elected.
Posted on 9/24/08 at 6:59 pm to Southbound
What is your percentage of stocks in that account? Do you have any money in CD's, money market account or short term treasuries right now?
Posted on 9/24/08 at 7:03 pm to tigerskin
Pretty much 50/50 between two mutual funds. I have very few options.
Posted on 9/24/08 at 7:06 pm to Southbound
Do you know the names of those funds? Does this represent 100% of what you have set aside for retirement?
Posted on 9/24/08 at 7:16 pm to tigerskin
I am not moving anything that I will not need for 30 years. I rode it down, I sure as hell am not going to try to become day trader Johnny and start moving stuff around based on the news of the day.
Posted on 9/24/08 at 7:26 pm to footballislife
Well that is what it is all about. Trying to get as much info as you can and doing what you feel most comfortable doing. It is definitely tough to say what to do at this point with so much uncertainty out there. Still amazed though how many financial "experts" got it so wrong over the last year or so.
This post was edited on 9/24/08 at 7:27 pm
Posted on 9/24/08 at 7:40 pm to tigerskin
quote:
financial "experts"
I don't know if these people actually exist anymore, other that the few that are on here of course.
My wife works in the investment world and I got to go on some of the conventions her company sent the top sellers to in the 1999-2001 time frame. It was amazing to listen to the mutual fund managers/owners, etc spin their crap. Of course I was wide eyed and taking it all in.
I met the Alger brothers who ran Alger investments and they were nothing but positive in 2000. A little while later after the NASDAQ had fell 50% or so, in one of the newsletters they sent out, they predected that it would be back to near 5,000 within a year.
Also met one of the stars with Janus Funds(Ed Keely I think) in either 2000 or 01. He was full of nothing but hot air. At the time his fav. stock(Nokia) had gotten beat down and he was just in shock that it had fallen and was making bold claims of it shooting back up very soon. I am still waiting for that one.
Ever watch Jim Cramer? He is def. no expert. Many economist are wrong more than my 6 year old.
You also run across the always negative nannys that have been predicting the ruin of the U.S. economy for 15 years or so. First we were going to lose out to Japan, then China.
Just be diversidied and don't invest money you really are not comfortable with watching drop in the next 10 years if you aren't comfortable with those kinds of risk.
This post was edited on 9/24/08 at 7:54 pm
Posted on 9/24/08 at 9:53 pm to Southbound
quote:
Is now a good time to move all of my 401k into a money market account. I have seen a 11% loss in the past year for the mutual funds I am currently invested in and I was wondering if I need to get out now and if so for how long. Just trying to get different peoples' opinions. (I am 50)
If it reduces your level of stress and allows you to sleep at night, move into a MMA. If you don't need the money for another ten years and if you can handle the ups and downs of the market, leave it invested provided that the funds you have make sense given the state of the global economy.
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