With the economy going nowhere, is anyone thinking to dump 401k and get cash?
Tech Industry
Yesterday
1229
This resume landed the guy a $500K job at Meta
Personal Finance
Yesterday
535
Biden wants to raise capital gains tax to 40%
World Conflicts
Yesterday
701
Israeli precision-guided munition likely killed group of children playing foosball in Gaza, weapons experts say
Tech Industry
2d
7254
What happens when most of your team is Indian?
World Conflicts
Yesterday
528
Why I Find Free Palestine Inspiring
Lol wtf, now is the time to buy in, not dump. Would be a different thing if it were a liquid account, but a 401k is something I intend to draw from at 60, so right now everything is on discount
How do you know?
How do I know the S&P will be much higher than now when retirement comes, and certainly much higher than this temporary low from a pandemic? Is that what you're really asking?
Yeah I saw this and I’m thinking I hope you’re good at coding because you’re shit at finance and economics
Lmao straight up
He might be better than you. What do you think the bull run is going to continue? 🤣
Hope all of you are right. How long will it take to recover if it does?
If this whole thing turns into depression then consider 7-9 years but considering the backing from feds and more proactiveness unlike 1920 recession and learning from 2010 downturn, it would take less than that. Developing vaccination or remedies sooner will be a bonus to bring down the number of years it take to recover.
In 1920 they printed money too
Stay diversified, always. Go all cash and you may very well miss out on the biggest rally of the decade. People always say I’ll buy on the rise or I’ll buy when it is less volatile. Just build a portfolio that serves your purpose, growth, income, or capital preservation (probably a weighted mixture of all3) One morning you will wake up and the charts are through the roof. I think people also forget that markets move overnight or over weekends when there is no regular trading session. Markets move so fast and even professionals have a hard time catching trends, let alone retail investors.
I remember lots of people dunped their 401k on March 18th and now regretting.
They won’t be regretting in a few more months
The problem is you should have a plan. Else you will lose the timing game
Have you heard the phrase "don't time the market"
You can try to time the market a bit if you're savvy, prudent and can control your emotions. Not OPs case though.
I dumped mine in October and reinvested it, best decision I’ve made! No idea this was going to happen but looking back damn was it good fortune.
The markers are higher now than they were in October
No it’s the worst time to do it. I’ve been through 2008. Son’t
No man, even if you are 65. A few years from now will be right back. The show must continue
Are you 55+ years old? Then do it, else not worth it
How do you know
If you mean about OP then I don’t know OP, it was a question. In general if someone is beyond 55 in age then take a worst case guess of recovery in 10 years and bearing damages to 401K till then. That is the only age band which makes it not worth to keep it in 401K while it is still debatable. Remember, mind plays tricks when you grow beyond 60, in such case peace of mind is hell lot than a strategy of hold. Anyone younger than 55 can ignore above reasoning, you are safe for long haul. Provided corona don’t score on you.