Advice pls
Now that I've finally retired what do I do with my 401k. Don't anticipate needing the money but don't want to lose it either. Appreciate your inputs.
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Check with your plan administration last year mine changed from when you turn 70 + 6 months now mine is 72 + 6 months
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My 401K provider allows me to keep the money with them and continue to manage it. I cannot make further contributions (I'm retired after all) but I don't need to move it.
You can also move it to another managed IRA, perhaps with a financial planner or investment adviser. Just be careful about how you move the money so it doesn't get taxed along the way. |
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If the Stock Market crashes "EVERYTHING" crashes. In 2008 Crash, all Bonds, all stocks, all gold, all REIT's, everything crashed. In a crash diversity does not protect you. Just saying. Only Chickens have real value. I will let you figure out why.
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Thanks everyone. IRA conversion confirmed my thinking. Appreciate the input.
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Education
I highly recommend the Ric Edelman book “The Truth About Retirement Plans”. I am in multiple groups, attend all sorts of seminars and this book has been the most comprehensive source to educate me. I did something right retiring at 59.
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You can keep your funds in your 401K or roll-over to an IRA or a Roth IRA. Do check out the philosophy of whatever company you decide to go with, and what amenities they offer. I went with T Rowe Price because I loved their philosophy in that we are there for the long-haul, and not for short-term trading, their funds have always done me well, they do offer a good mixture of funds from other companies, and they offer amenities, such as providing me with a financial advisor, at no charge, to help me decide how to balance my portfolio for my needs and risk comfort. I have actually only taken advantage of that option one time in the last twelve years but it is nice to know they are there for me.
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