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Joined: Dec 2013
Posts: 13,062
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2013
Posts: 13,062 |
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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Joined: Feb 2008
Posts: 8,570
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2008
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The Answer is what you can Buy Now ..
Rice, Beans .. Pocket Full of Shells ..
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Joined: May 2008
Posts: 3,684
Campfire Tracker
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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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Joined: Dec 2013
Posts: 13,062
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2013
Posts: 13,062 |
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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Joined: Feb 2013
Posts: 21,772
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,772 |
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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Joined: Dec 2019
Posts: 3,013
Campfire Tracker
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Campfire Tracker
Joined: Dec 2019
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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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Joined: Dec 2019
Posts: 3,013
Campfire Tracker
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Campfire Tracker
Joined: Dec 2019
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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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Joined: Feb 2004
Posts: 19,186
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 19,186 |
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
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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. 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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Posts: 1,597
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
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Campfire Regular
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Campfire Regular
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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? +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: 7,351
Campfire Tracker
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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. Ditto a thread on the Campfire.
"When the going gets weird, the weird turn pro."
Hunter S. Thompson
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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: 19,186
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 19,186 |
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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Joined: May 2008
Posts: 3,684
Campfire Tracker
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OP
Campfire Tracker
Joined: May 2008
Posts: 3,684 |
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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Joined: Jan 2002
Posts: 12,848
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,848 |
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: 32,130
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2010
Posts: 32,130 |
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
Posts: 3,842
Campfire Tracker
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Campfire Tracker
Joined: Feb 2010
Posts: 3,842 |
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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Joined: Dec 2003
Posts: 86,196
Campfire Oracle
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Campfire Oracle
Joined: Dec 2003
Posts: 86,196 |
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: 7,351
Campfire Tracker
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Campfire Tracker
Joined: May 2010
Posts: 7,351 |
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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