Worried about your 401k? Are you asking.. What should I do with my 401k now? Assisted by comments and questions on a previous 401k video, I discuss real wealth building intelligence when it comes to your 401(k). Watch now to protect your hard earned retirement savings.
▶TIME STAMPS
00:00 Intro
00:30 Welcome
00:42 My 401k
1:44 Watching my life savings plummet
2:56 Should I quit my job?
3:34 Market conditions
5:03 Retiring in 25 years
7:35 Afraid to look
8:22 Possible protective strategy
9:36 Outgo
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In the United States, a 401(k) plan is an employer-sponsored defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code.[1] Employee funding comes directly off their paycheck and may be matched by the employer.
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Why would anyone want to pull or reduce contributions now? It’s the prime time to get in on the discount and let it ride.
We need Trump back
Are our retirement accounts safe under Biden? Rumours of a failed economy coming up that could get much worse.
I put my money into a secured account for now. I'm not losing money anymore.
My financial advisor told me to put more money into my 401k account.. he gad me transfer half of it to security funds..What's your opinion on that?
The genius market timer good luck. If old you should have 4 years of cash for these types of events. Reassess at the end of the year and think of converting into 401K ROTH or ROTH IRA. Definitely not a market time here.. but could the entire economy collapse yes but unlikely. I would listen to 98 y/o billionaire Charlie Munger about the real market risks. He has a great video about Weimar Germany/Hitler ect. Life is a risk all one does is try to put the odds in one favor. I do not think market timing does.
TIAA has a guaranteed 4% option. I moved 97% of my portfolio there seven months ago and it sure has allowed me some restful nights. At some point i’ll start weekly dca back into the other options but I don’t see that happening for another few months.
JUST SAYING WORK FOR A COMPANY THAT HAS SET UP 401K WITH TRANSAMERICA .I TRYED TO CLOSE ACCOUNT LAST YEAR AND WAS TOLD MUST END EMPLOYMENT WITH MY COMPANY TO CLOSE ACCOUNT. IS THAT LEGAL?
Dollar cost averaging. MIght be first bear market since 2008. Longest running bull market. Long term investors have done well. New investors are buying cheap. Stick to dollar cost averaging. There is no stock picker.
great info
Very good advice! I did this 3 months ago and I have saved over $200,000 This advice is sound! Sit back and wait for the market to drop and rebound then buy on the rebound and do so carefully!
Any person blaming a single potus or administration for the GLOBAL inflation, while ignoring a GLOBAL pandemic either isnt being fully transparent about the reasons behind the situation we find ourselves in, they dont know and are choosing simply to regurgitate what they read or hear elsewhere, or they are wilfully deceiving you.
So even though we are seeing massive drops in 401k due to inflation and other world events (Russia Ukraine), I would think now is the time to actually put more into it because the stocks are at nearly an all time low. Get a lot more shares for your money, than watch it grow once the market corrects itself.
Thanks Ric. Regarding the strategy to move funds into a money market fund as a defensive holding pattern, my 401k program does not offer one. However, there is a stable fund which could suit this purpose. How secure do you think 401k stable funds are? They are purported to be safe but not completely risk free.
Wow! I lost 20 %.
My employer match’s dollar for dollar for first 5% of your yearly salary so automatically doubling up on investment every week on payday
Don’t worry about it you haven’t lost anything unless you sell fortunes are made in the crashes if you stay constant and only go on and buy on the day you get payied or how ever you got it set up if automatically buys on a certain day even better so you won’t have to look at it just getting more shares for a deal when markets are down
I'm currently a 45-year-old man and my 401k has been invested in what it's been invested in for over 20 years. Within the last year 6 months it's dropped about $30,000. Worried about moving stuff around because I don't know what to put everything in but I do know that I'm in an aggressive portfolio. I made about 35,000 so I've lost it all in about half the time.