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OP
Campfire Tracker
Joined: May 2008
Posts: 3,667 |
Any of you over 59&1/2 years people with an IRA considered or already have dumped your IRA for something safer? Tax hit or not another 2&1/2 years of this administration there's not going to be enough left of it to make a difference. A low interest savings account doesn't look that bad right now.
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You’ll be losing money to inflation. If you’re really worried roll it into a gold IRA, or some triple A bonds from a municipal that you hope can’t fail.
Or do the gold, guns and groceries.
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Campfire Outfitter
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I'm so stupid about all this I'm embarrassed to reply. But what my 401K was was changed to whatever it is now. IRA, etc.
It was doing fair under the management of an investment firm & I didn't have to fool with it. Then Brandon. I'm hesitant to pull out, but at 69 years old I don't think my little account can stand another 2.5 years of this fiasco.
Guess the best course of action is to have a serious talk with our counselors.
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There’s a lot of stock pain coming as interest rate hikes pop the stock bubble. There’s really no place to hide money that’s safe from interest rates or the inflation the rates are fighting.
‘TO LEARN WHO RULES OVER YOU, SIMPLY FIND OUT WHO YOU ARE NOT ALLOWED TO CRITICIZE’
Conspiracy theorists are the ones who see it all coming…
You are the carbon they want to eliminate !
I’m Uber Deplorable Ultra MAGA !
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar.
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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I'm no expert, but the way I see it if you remain in stocks you'll lose dollars. If you go cash, you lose to inflation...but in stocks you lose dollars and what remains takes the inflation hit too. I see that as a double whammy.
Don't be the darkness.
America will perish while those who should be standing guard are satisfying their lusts.
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Hold on, the stock market will bounce back! It may take a year or two.
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Hold on, the stock market will bounce back! It may take a year or two. It always does.
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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If you want to put it into a savings account I believe that can be be done in an IRA and you don't have to take the tax hit all at once. Why don't you consider moving into some sort of commodity that will rise with inflation? Surely some of our fellows here on the 24HCF have some ideas. I sold some stuff in December and moved the money into commodity ETNs which have actually gone up. Surprisingly precious metals haven't done much. Maybe the smart money knows they will be outlawed as they were in the 1930s. The crypto market has collapsed as far as I can tell which may presage some central bank moves to outlaw it.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Hold on, the stock market will bounce back! It may take a year or two. THIS!!! Unless you need it right now, let it ride. History proves it.
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There should be options within your IRA to move the money out of stocks or mutual funds and into a money market account or other investments. Would I move it out of the tax sheltered IRA? No, I would not, that's just going to cost you a lot in tax money. However, moving it around within the tax sheltered IRA is a different story. You could cash out the stocks/mutual funds and move it into a money market fund without having to pay taxes on it.
If you move it to cash (money market fund) you'll lose money to inflation but you won't be exposed to further downturns of the stock market. I wish I could tell you what to put it in that would be protected from market losses and inflation but your guess is as good as mine. Investing in marijuana is about the only thing I can think of, we sure don't seem to be running out of potheads.
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^^^ You can put the money into FDIC insured CDs in more than just one account through different banks up to 250k$ each.
Have interests paid to a Money Market account.
Why scrap it?
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Campfire Ranger
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days
Last edited by ribka; 05/21/22.
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Campfire Ranger
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Hold on, the stock market will bounce back! It may take a year or two. or 4 or 5
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Campfire Outfitter
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Hold on, the stock market will bounce back! It may take a year or two. or 4 or 5 We may be Venezuela in 4 or 5 years.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days At the time June 2020 seemed like the end of the world.
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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Right now you haven't lost actual dollars, your stock has only lost value. That seems like double speak but you only lose actual dollars if you sell stock at the lower price. You can move money around within the IRA with no tax ramifications such as capital gains, it's only taxed if you take money out of it where it's taxed as regular income. So if you scrap it you've locked in the lost value and will take a hit on your taxes - double whammy. What you can do is rebalance the portfolio into something with less risk and more "conservation of principle" but the time to do that was December or January. About the only thing one can do now is to ride this out and when stocks have regained their value then move into a less exposed position. I definitely feel your pain and about freaked out when I saw how much "value" my IRA lost since January 1st. It was enough to have lived on quite comfortably for 6 or 7 years. However, once I calmed down I had to remind myself of two truisms of the market: The market goes up and the market goes down, but in the long run the market goes up. Therefore, it's not timing the market that counts, it's time in the market. Oh, and you can drink heavily. That helps, too...
Gunnery, gunnery, gunnery. Hit the target, all else is twaddle!
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Oh, and you can drink heavily. That helps, too... Probably the best advice here.
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Oh, and you can drink heavily. That helps, too... Probably the best advice here. Failsafe.
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days At the time June 2020 seemed like the end of the world. I realized after 2 weeks it was a scam. Jumped in beginning of April 2020. This is a completely real crisis . we're phugged, Depends how bad and how long
Last edited by ribka; 05/21/22.
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I realized after 2 weeks it was a scam. Jumped in beginning of April 2020.
This is a completely real crisis . we're phugged, Depends how bad and how long Correct, I recognized the 2020 opportunity. This is different, way different.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2010
Posts: 32,129 |
Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days Are you completely out, including oil and gas?
If you put Taco Bell sauce in your ramen noodles it tastes just like poverty
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What you can do is rebalance the portfolio into something with less risk and more "conservation of principle" but the time to do that was December or January. About the only thing one can do now is to ride this out and when stocks have regained their value then move into a less exposed position.
The market goes up and the market goes down, but in the long run the market goes up. Therefore, it's not timing the market that counts, it's time in the market. That's true but that doesn't help us older guys unless we're strictly concerned with enriching the Trust for the kids after we're gone or something ... and I'm not. Grandkids maybe. I didn't plan on leaving much, I planned on the wifey and I having a good time 'till the end and then leaving enough for her to be taken care of. Had it all planned out. Brandon and his people are intentionally fuqing that up for millions of us. The market doesn't bounce back overnight. It'll take two decades to recover after this $#!+ show is over ... if ever.
What you think about, you do ... what you do, you become. In a nation where anything goes ... eventually, everything will. We're almost there.
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Campfire Outfitter
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Often quoted over the years in any up or down period:
“This time is different “.
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Campfire Ranger
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days Are you completely out, including oil and gas? Im still in on 2020 buy in prices on trading accounts . I wouldn't buy in now in anything unless occasional swing trade. My 401 k account is back in cash since last December. waiting for more correction to jump back in Silver is looking tempting. that would be maybe 15 per cent of portfolio if decide
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Campfire Oracle
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Campfire Oracle
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Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide.
If you take the time it takes, it takes less time. --Pat Parelli
American by birth; Alaskan by choice. --ironbender
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Campfire Outfitter
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days Are you completely out, including oil and gas? Im still in on 2020 buy in prices on trading accounts . I wouldn't buy in now in anything unless occasional swing trade. My 401 k account is back in cash since last December. waiting for more correction to jump back in Silver is looking tempting. that would be maybe 15 per cent of portfolio if decide Silver. ETF or direct holding of the metal?
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Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2004
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Hold on, the stock market will bounce back! It may take a year or two. or 4 or 5 How long did it take for the stock market to recover from the crash of 1929? Maybe a young buck could ride that out, but I sure wouldn't want to leave my money in stocks if we have a catastrophe like 29. I wouldn't live long enough to see the recovery. I'm not predicting such a thing, but it all looks shaky as hell these days.
Don't be the darkness.
America will perish while those who should be standing guard are satisfying their lusts.
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I have this mulling in my mind the last few weeks....
I have the money in my IRA in oil futures EFT's and dividend stocks that I got at a bargain a while back... and paper gold and silver. So I feel good... when gold and silver finally take off... I will wait and when the price is good I will flip them into some beet down stocks that will pay a good dividend, That is the strategy right now.. anyways...
My 401K I have fewer options... half in cash and half in international stocks... I will ride out the storm with that. My options for investing are very limited in my 401K. My other thought was.... with my 401K... If for instance, if we have a big housing crash... and I see houses better than the one I live in selling for 50-60K like they did back in 2009... I will cash out my 401k and pay the tax and the penalty... and buy a few houses to rent out if I can get them close by. I think owning a hard asset like a house paying $1000-$1200/month would be better in the long run... say the 10-15 year time line, rather than leave it in a stagnant stock market.
Well... we have come to the point.... where... the parasites are killing the host. It's only a matter of time now.
They only win.... when they cheat.
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Campfire Ranger
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I'm considering that too for my 401 k funds I have this mulling in my mind the last few weeks....
I have the money in my IRA in oil futures EFT's and dividend stocks that I got at a bargain a while back... and paper gold and silver. So I feel good... when gold and silver finally take off... I will wait and when the price is good I will flip them into some beet down stocks that will pay a good dividend, That is the strategy right now.. anyways...
My 401K I have fewer options... half in cash and half in international stocks... I will ride out the storm with that. My options for investing are very limited in my 401K. My other thought was.... with my 401K... If for instance, if we have a big housing crash... and I see houses better than the one I live in selling for 50-60K like they did back in 2009... I will cash out my 401k and pay the tax and the penalty... and buy a few houses to rent out if I can get them close by. I think owning a hard asset like a house paying $1000-$1200/month would be better in the long run... say the 10-15 year time line, rather than leave it in a stagnant stock market.
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Don't forget the taxes you will have to pay for cashing a IRA of 401K. Like losing to FJB twice!
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Campfire Ranger
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Campfire Ranger
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Don't forget the taxes you will have to pay for cashing a IRA of 401K. Like losing to FJB twice! oh I know
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Campfire Tracker
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Campfire Tracker
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Gold is down $350.00 an oz. from its’ high a month or so ago. Silver is down $4.25 an oz. from a couple weeks ago. Precious metals are a crapshoot.
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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Good time to get in. I wouldn't go all in. Dollar cost in.
It doesn't matter who gets more votes, It matters who counts the votes.
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Campfire Outfitter
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Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. You Had your Chance .. We’re going to have at least 3 Recessions in a Roll.. Demand destruction is the Only way to Stop Inflation.. The Stampede is Near..
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Campfire Ranger
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Campfire Ranger
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Buy low sell high.
And everyone wants in when it's high. And out when it's dropping.
When the gutless sell, The bold profit.
Not trying to offend anyone.
Just being blunt
Last edited by Dillonbuck; 05/21/22.
Parents who say they have good kids..Usually don't!
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I moved all ten of the mutual funds in my 401K into a money market the week I read about the virus out in those Seattle nursing homes. Everybody at work thought I was a loon. I actually went back to the same ten funds the exact day the market bottomed at like 18,500 I rode it up to 32K and got worried and put it all back in to a money market. I missed the last 4K rise but such is life. Back earlier this year I put half the money market money in about five funds for about a week or so ( I forget maybe it was 3-4 weeks) anyway I got back out before it started this year down and I'm up about 4 percent YTD and on the sidelines. I can't for the life of me decide what to do now. On one hand I want to buy in Monday with half my cash and wait for the other half ,but on the other hand we could go way down if covid does it's new WHO death variant late summer just in time for the Fall voting or something goes nuclear in eastern Europe. It's hard to know how to play it when you honestly believe those in charge in DC would do anything stay in power and continue their evil and could care less about middle America.
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Buy low sell high.
And everyone wants in when it's high. And out when it's dropping.
When the gutless sell, The bold profit.
Not trying to offend anyone.
Just being blunt Be fearful when all are greedy. Be greedy when all are fearful. Warren Buffett’s mantra.
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Your IRA in pre or post tax (roth) funds?
I see people cash out their safe harbor matched IRA all the time and get shelled on taxes. It can work, but make sure you are thinking through the hemorrhage points.
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There's money to be made for the really bold folks, but I am in cash equivalents in my IRA and 401K accounts until I see a broad based positive trend. The volatility today makes my stomach turn
Last edited by Smokey262; 05/22/22.
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Just as in the winter of 1929 there are some seriously good bargains to be had if you have the money. What are they?
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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The Answer is what you can Buy Now .. Rice, Beans .. Pocket Full of Shells ..
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OP
Campfire Tracker
Joined: May 2008
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Thanks to all for the info. I'm not to slick on this stuff and I'll take all the opinions/thoughts I can get. I'll be talking to my financial advisor next week. If he can come up with something that stops the bleeding and keeps me from getting hurt too bad tax wise I'll listen to him. If he says ride it out with it the way it is. He's gone. I've got other investments but I'll be eighty next year and don't want to be losing any more than necessary of what I've still got in the IRA.
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Thanks to all for the info. I'm not to slick on this stuff and I'll take all the opinions/thoughts I can get. I'll be talking to my financial advisor next week. If he can come up with something that stops the bleeding and keeps me from getting hurt too bad tax wise I'll listen to him. If he says ride it out with it the way it is. He's gone. I've got other investments but I'll be eighty next year and don't want to be losing any more than necessary of what I've still got in the IRA. I'm guessing you are way ahead of what you put in dollar wise even though you are down some now. Being 80 does change one's outlook.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Campfire Ranger
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Campfire Ranger
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Donald J Swanaoski went LONG on buggy whips in 1914...
His heirs are still hopeful of a the "Great Buggy Whip Resurgence" that was promised.
Good luck!
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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You might want to take a step back and reconsider. An IRA is not an investment in itself. It is just a tax sheltered way of holding whatever investments you choose. You can fill it with stocks, bonds, cash equivalents or any combination of these that you choose. Just my opinion, but sudden huge moves based on fear, or other emotions, usually are a mistake. Without knowing your entire situation, knee jerk advice won’t help you much. Proceed cautiously.
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Thanks to all for the info. I'm not to slick on this stuff and I'll take all the opinions/thoughts I can get. I'll be talking to my financial advisor next week. If he can come up with something that stops the bleeding and keeps me from getting hurt too bad tax wise I'll listen to him. If he says ride it out with it the way it is. He's gone. I've got other investments but I'll be eighty next year and don't want to be losing any more than necessary of what I've still got in the IRA. Good idea to talk to your money guy. This assumes he actually has your best interest at heart. Some do not. Your age (80) absolutely affects the way you should invest. He should be able to explain the “why”, not just the “what” to do. If you’re not comfortable, you can always seek another opinion elsewhere. It’s your money. Always remember, ALL investing involves risk. Best of luck to you.
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Campfire Ranger
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Campfire Ranger
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I'm so stupid about all this I'm embarrassed to reply. But what my 401K was was changed to whatever it is now. IRA, etc.
It was doing fair under the management of an investment firm & I didn't have to fool with it. Then Brandon. I'm hesitant to pull out, but at 69 years old I don't think my little account can stand another 2.5 years of this fiasco.
Guess the best course of action is to have a serious talk with our counselors. Joe and the democRATs won't be around forever. I'm 68 and I will look for some bargains over the next few years. I prefer stocks that pay dividends and as long as the stock continues to pay dividends I am not dumping it. Keep in mind that with time stocks have always gone up and will be down for just a relatively short period of time. I have 4 years before I have to start taking minimum dispersments. Joe and the ho will be nothing but a bad memory by then. kwg
For liberals and anarchists, power and control is opium, selling envy is the fastest and easiest way to get it. TRR. American conservative. Never trust a white liberal. Malcom X Current NRA member.
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2011
Posts: 30,609 |
Any of you over 59&1/2 years people with an IRA considered or already have dumped your IRA for something safer? Tax hit or not another 2&1/2 years of this administration there's not going to be enough left of it to make a difference. A low interest savings account doesn't look that bad right now. You know, banks have IRA's, right? You can transfer an existing IRA to a bank and drop it into CD inside the IRA. Or if your money's in a brokerage account, you can drop it into money market. Heck my firm offered Tbills, commercial paper, CD's serveral money markets, short term bond funds, hundreds of way to keep your money in an IRA but not in the market. Suggesting it's a good idea to take your money our of an IRA, pay the taxes and put it into a saving account is pretty stupid.
You didn't use logic or reason to get into this opinion, I cannot use logic or reason to get you out of it.
You cannot over estimate the unimportance of nearly everything. John Maxwell
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Joined: Sep 2005
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Campfire Regular
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Campfire Regular
Joined: Sep 2005
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I'm not an expert. But I pushed 25% of my 401k from stock funds to t-bonds when Russia invaded Ukraine. I'm still waiting for "bottom" to move it back and I should probably be paying closer attention to the market.
Met with our advisor re: IRAs last week. Apparently bonds took a hit too lately, so the usual bonds vs stocks offset hasn't really applied lately. If you're lessing willing to tolerat risk, laddered CDs are an option to take advantage of rising interest rates.
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Joined: Feb 2003
Posts: 1,036
Campfire Regular
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Campfire Regular
Joined: Feb 2003
Posts: 1,036 |
^^^ You can put the money into FDIC insured CDs in more than just one account through different banks up to 250k$ each.
Have interests paid to a Money Market account.
Why scrap it? +1 when i retired I moved my 401k to IRA at credit union and placed in CD's.
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Joined: May 2010
Posts: 7,290
Campfire Tracker
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Campfire Tracker
Joined: May 2010
Posts: 7,290 |
Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide. Ditto a thread on the Campfire.
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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Posts: 5,499
Campfire Tracker
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Campfire Tracker
Joined: Dec 2015
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Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide. I've been in the market for 37 years, if you look at the rolling 5 year average of the market including the crashes of 1929 and 2008, the returns have always been positive. I've seen so many people get out of the market at the bottom "to stop the bleeding" screwing up their retirement it's hard to imagine. Getting out of the market and trying to time it usually leads to missing some or all of the best trading days in in a year.
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Joined: Feb 2004
Posts: 18,995
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 18,995 |
Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide. I've been in the market for 37 years, if you look at the rolling 5 year average of the market including the crashes of 1929 and 2008, the returns have always been positive. I've seen so many people get out of the market at the bottom "to stop the bleeding" screwing up their retirement it's hard to imagine. Getting out of the market and trying to time it usually leads to missing some or all of the best trading days in in a year. This. Rule #1 is: don't panic and do something dumb. Ride it out. Even at 68 that is my plan. kwg
For liberals and anarchists, power and control is opium, selling envy is the fastest and easiest way to get it. TRR. American conservative. Never trust a white liberal. Malcom X Current NRA member.
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Campfire Tracker
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OP
Campfire Tracker
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Thanks again to all for the info. Like I said I'm not too slick on this but learned something here. Got more options than I realized.
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Posts: 12,784
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,784 |
Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide. I've been in the market for 37 years, if you look at the rolling 5 year average of the market including the crashes of 1929 and 2008, the returns have always been positive. I've seen so many people get out of the market at the bottom "to stop the bleeding" screwing up their retirement it's hard to imagine. Getting out of the market and trying to time it usually leads to missing some or all of the best trading days in in a year. This. Rule #1 is: don't panic and do something dumb. Ride it out. Even at 68 that is my plan. kwg If you only follow one rule in investing, let it be this: Buy low, sell high.
Sic Semper Tyrannis
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Joined: Jan 2010
Posts: 32,129
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2010
Posts: 32,129 |
Totally different scenario, but during the Covid Crash in May/June 2020 my IRA took an almost identical hit. I didn’t capitulate then and rode it out (very happy that I did). Hoping this outcome is similar. the crash now is completely different and worse and longer lasting. The crash of March 2020 was a lifetime buying opportunity especially in energy stocks. I made a killing. I waiting at least 6 months start putting n market again unless drastic changers. maybe a few swing trading days Are you completely out, including oil and gas? Im still in on 2020 buy in prices on trading accounts . I wouldn't buy in now in anything unless occasional swing trade. Thanks. I'm in a similar position.
If you put Taco Bell sauce in your ramen noodles it tastes just like poverty
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Joined: Feb 2010
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Campfire Tracker
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Campfire Tracker
Joined: Feb 2010
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Self directed IRA is what you're looking for. You can buy CDs, stocks, etc. They have a lot more choices than most 401k's.
Quando omni flunkus moritati
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Campfire Oracle
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Campfire Oracle
Joined: Dec 2003
Posts: 85,981 |
Hold on, the stock market will bounce back! It may take a year or two. It always does. Never use the news cycle as an investment guide. I've been in the market for 37 years, if you look at the rolling 5 year average of the market including the crashes of 1929 and 2008, the returns have always been positive. I've seen so many people get out of the market at the bottom "to stop the bleeding" screwing up their retirement it's hard to imagine. Getting out of the market and trying to time it usually leads to missing some or all of the best trading days in in a year. This. Rule #1 is: don't panic and do something dumb. Ride it out. Even at 68 that is my plan. kwg No emotional decisions.
If you take the time it takes, it takes less time. --Pat Parelli
American by birth; Alaskan by choice. --ironbender
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Joined: May 2010
Posts: 7,290
Campfire Tracker
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Campfire Tracker
Joined: May 2010
Posts: 7,290 |
Vanguard Target Retirement Fund…..VTINX At 80 I’d take a look
"When the going gets weird, the weird turn pro." Hunter S. Thompson
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Posts: 29,571
Campfire Ranger
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Campfire Ranger
Joined: Nov 2007
Posts: 29,571 |
There are two issues the OP seems to be confusing.
1) an IRA is a tax deferral tool. Funds designated as IRA funds can be invested in a wide variety of products from FDIC-insured savings accounts to mutual funds, individual stocks, real estate, etc.
2) one can pull money from a traditional IRA tax penalty-free at 59 1/2 yo, but one can move IRA funds between investment vehicles before 59 1/2 yo tax penalty-free.
Therefore one can pull out of the stock market without “scrapping an IRA” that was formerly invested there, or vice/versa.
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Joined: Nov 2011
Posts: 30,609
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2011
Posts: 30,609 |
I'm not an expert. But I pushed 25% of my 401k from stock funds to t-bonds when Russia invaded Ukraine. I'm still waiting for "bottom" to move it back and I should probably be paying closer attention to the market.
Met with our advisor re: IRAs last week. Apparently bonds took a hit too lately, so the usual bonds vs stocks offset hasn't really applied lately. If you're lessing willing to tolerat risk, laddered CDs are an option to take advantage of rising interest rates. My 401K been mostly cash since the NDX pulled back about 4%.
You didn't use logic or reason to get into this opinion, I cannot use logic or reason to get you out of it.
You cannot over estimate the unimportance of nearly everything. John Maxwell
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Joined: Dec 2006
Posts: 4,104
Campfire Tracker
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Campfire Tracker
Joined: Dec 2006
Posts: 4,104 |
I'm not an expert. But I pushed 25% of my 401k from stock funds to t-bonds when Russia invaded Ukraine. I'm still waiting for "bottom" to move it back and I should probably be paying closer attention to the market.
Met with our advisor re: IRAs last week. Apparently bonds took a hit too lately, so the usual bonds vs stocks offset hasn't really applied lately. If you're lessing willing to tolerat risk, laddered CDs are an option to take advantage of rising interest rates. I would suggest to stop timing the market and get in. You have lucked into some good percentage points to earn in when things go back up, which they will. Dont try to catch the very bottom, be glad for what you saved.
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Joined: Dec 2006
Posts: 4,104
Campfire Tracker
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Campfire Tracker
Joined: Dec 2006
Posts: 4,104 |
Any of you over 59&1/2 years people with an IRA considered or already have dumped your IRA for something safer? Tax hit or not another 2&1/2 years of this administration there's not going to be enough left of it to make a difference. A low interest savings account doesn't look that bad right now. That wouldnt make much sense, but I dont know your exact situation. Getting out now (the damage is already done) is probably not a good move (I am not a pro). Things will turn around before too long and make their way back up. The market keeps going. One thing that is wise to do and is likely the route I will take when it nears time to retire is to have a CD ladder to cover 3 years of expected spending. That will allow me to live off the CD ladder while the market goes through its roller coaster events. I will have a CD to cash out every year that will provide a years worth of spending. If the market is still down after that year, when I cash the second CD, I wont buy one to replace it. When the market comes back up and its ok to sell mutual funs (or stocks), then rebuild that CD ladder.
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Joined: Dec 2006
Posts: 4,104
Campfire Tracker
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Campfire Tracker
Joined: Dec 2006
Posts: 4,104 |
Hold on, the stock market will bounce back! It may take a year or two. This is the right way to go. The damage is already done. The market will come back. People miss the big part of the come back by trying to time the market.
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