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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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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.


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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.


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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.


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Hold on, the stock market will bounce back! It may take a year or two.

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Originally Posted by Sako76
Hold on, the stock market will bounce back! It may take a year or two.

It always does.


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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.


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Originally Posted by Sako76
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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Originally Posted by Poconojack
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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Originally Posted by Sako76
Hold on, the stock market will bounce back! It may take a year or two.
or 4 or 5

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Originally Posted by ribka
Originally Posted by Sako76
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.


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Originally Posted by ribka
Originally Posted by Poconojack
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.


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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... wink


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Originally Posted by Jim in Idaho
Oh, and you can drink heavily. That helps, too... wink


Probably the best advice here.

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Originally Posted by Crow hunter
Originally Posted by Jim in Idaho
Oh, and you can drink heavily. That helps, too... wink


Probably the best advice here.

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Originally Posted by Poconojack
Originally Posted by ribka
Originally Posted by Poconojack
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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