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Message
re: Advice for a 64 year old with a 401k
Posted on 3/9/20 at 10:12 am to lynxcat
Posted on 3/9/20 at 10:12 am to lynxcat
quote:
Clearly, he wasn’t in the right risk adjusted investments.
This may not be true. Even people who are at 50/50 stock vs bonds are taking some hits right now. A 65 year old needs to plan for another 25 years and you cannot go too conservative and make it there.
0
Posted on 3/9/20 at 10:15 am to SulphursFinest
quote:
My parents retired with 300k and they are doing fine.
yup. 300k? that is like 300 million to most people. most retire with nothing but a SS check. remember this board is NOT the norm. most all here are 10%ers and up.
Posted on 3/9/20 at 10:45 am to Allthatfades
That baw needs to just sit tight. He will have social security retirement and his pension soon. Do NOT liquidate that 401k until the market rebounds.
Posted on 3/9/20 at 11:28 am to SulphursFinest
quote:
My parents retired with 300k and they are doing fine.
My mom has around $400K in an IRA and another $100K or so in the bank and she doesn't plan on touching any of it she says. I guess she's living off social security.
Posted on 3/9/20 at 11:32 am to REB BEER
quote:
My mom has around $400K in an IRA and another $100K or so in the bank and she doesn't plan on touching any of it she says.
so, not even put it in a MMF or a low dividend short term bond fund? CD's? nothing? she does not want to make any income off that money? still holding for growth only?
Posted on 3/9/20 at 12:06 pm to Allthatfades
Don’t do anything drastic. No one knows where the market is heading in say 6 mos. Any move right now is a wild guess in extremely turbulent times. Just hold tight for now.
Posted on 3/9/20 at 12:18 pm to bstew3006
quote:
DO NOT GET OUT
He just needs to ride the storm, this will correct well before next Feb. Creating a huge buying opportunity.
THIS
Depending on what he is currently invested in and what his options are within his plan, with some good advice, he can really take advantage of this sell off.
Posted on 3/9/20 at 2:10 pm to Allthatfades
Assuming the stock market is still down or flat over the next year, hopefully your father's CDs will come due and he can live on that. Otherwise, he may have to work another year.
Once the stock market is back up, he needs to redistribute to a much lower risk portfolio - preferably a lot of fixed or guaranteed income. Most funds have "generic" investment options depending on how far away retirement is.
Once the stock market is back up, he needs to redistribute to a much lower risk portfolio - preferably a lot of fixed or guaranteed income. Most funds have "generic" investment options depending on how far away retirement is.
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