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401K Question

Posted: Jun 27, 2016

I am old enough to start taking money from my 401K without paying a penalty; however, I was wondering, is there a place to put it (all of it) where it will be safe and not on a wild ride like lately? Also, is there a place where it can go without being taxed on all of it up front? Are IRAs subjected to the same type of roller coaster ride as 401Ks? Am I dreaming? I'm just so dumb when it comes to this stuff. Thank you for your help.;

You're asking MTs for financial advice? Really? - Huh

[ In Reply To ..]
I hope you doublecheck ANY responses that you receive to your query here. There's a reason there aren't (m)any posts like yours here. Most MTs have only a HS education, and the college degrees the higher educated ones hold are usually NOT in finance. We are NOT financial advisers.

If you want to know where to invest your money, you should be reading articles online from those in the know, consulting with a certified financial planner, and then making an informed decision based upon the info gathered from those sources.

Even if we WERE financial advisers, you need specific info based upon your individual situation -- not general info. Only a financial planner can do that for you.

Good luck!

Thank you for your kindness. - OP

[ In Reply To ..]
Of course, I'll check with a financial advisor. I just wondered if anyone knew anything in particular or had any experience. You know, as in a friend-to-friend conversation.

Geez, I didn't realize there were mean trolls on the gab board. Please try to have a nice day.

...takes all kinds... gotta lovit... - nm

[ In Reply To ..]
x

The only thing I can answer is about the IRA. - Please sm.

[ In Reply To ..]
My IRA is tied to a mutual fund, so yes, it goes up and down. There may be more stable, fixed IRAs, but not sure. The only "safe" places I can think of to put funds in is a bank's CD or maybe a treasury bond (I think some are fixed interest rates), but last I checked, interest rates were terrible. That may have changed, though. Also, there are annuities, but I have heard pros and cons about them.

Definitely talk to your financial advisor about the 401(k) because there are so many rules and I would hate for you to lose ANY money to taxes, penalties, etc. Also see if you can access pertinent articles from AARP, to start with. Good luck. It certainly can be overwhelming.

under your mattress like the very olden days - nm

[ In Reply To ..]
xxx

Don't know much about the stock market, but - I probably wouldn't take money -sm

[ In Reply To ..]
out of my 401K right now, while the market is in a freefall after the British exit from the European Union has it all jittery right now. I'd wait a bit til things start to improve. Chances are, while stock prices are low the 401K companies are buying up more stocks at low prices that will eventually go up again in the future.

I'm taking my - Nagging Rain

[ In Reply To ..]
change jar and burying it in the woods. I'll put a tube that fits all the coin sizes down to the jar so I can just drop it in. Don't have to worry about paper bills - I don't have any.

401K - greyhoundmom

[ In Reply To ..]
I would definitely find a financial advisor. Things change every day that it is hard to keep up with the changes. I have a financial advisor. He is a wonderful man. He is up to date on everything.

Agree - On a Financial Advisor

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We have always had a financial advisor. They take all the classes, get the necessary credentials, and are constantly doing continuing education to keep those credentials. They keep up with trends. They aren't predictors, but they certainly know what could happen when (say) there's a change in country leadership or any other big event. They are on constant alert. It's what they do. They live and breathe it and love it. Our guy gets a certain percentage of our stock money per year, and to us, it's well worth it.

If not for help, I know for sure that I'd be working until I'm 80. Not happening. Have been in the stock market for 40 years with competent advisors, and we are happy to report nobody here will be working past the age of 65.

Choose wisely. Go with a well-known firm. You want to stay away from Ted's Financial Planning Service, LOL.

You could take your disbursements - sm - XXX

[ In Reply To ..]
and just put them in a regular savings account (or checking) if you wanted. You won't make much interest but it would be safe. Just make sure there are no monthly fees that eat it up. You will of course need to pay the taxes on your withdrawals, no avoiding that. If you wanted to diversify your holdings in the 401K then talk to an advisor with the company that runs the 401K, but again watch for acct fees. I just have a very small 401K thru one of my outside jobs, and the only reason I make any money is my job kicks in some money too, the account fees suck up $20-30 a month, crazy.

Just move it into a money market fund. Not much interest but is safe. - I have done this until market changes. NM

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s

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