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james w | Do you think i should take my money out of my 401K an put it into my savings account, i'm loosing $ right now? |
our company has a 401K plan and with the economy the way it is i've lost a lot of money, do you think i should take it out and put it into my savings account that i ahve with me credit union untill the economy gets back on track, or put it in a IRA? |
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John B
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As others have already written, you should not (and probably cannot) take the money out of your 401k plan because you will have to pay a penalty and also pay income taxes on the money. The good news is that you have an alternative. You are not required to invest the money in your 401k in stocks or bonds or mutual funds. If you want, you can sell all your investments and keep the money in cash (while still in the 401k). Depending on the firm managing the 401k, you can probably invest the money in a money market fund, which is not likely to lose any money, or possibly even invest the money in a Certificate of Deposit, which is guaranteed not to lose money (up to a limit).
Keep in mind that just because you have already lost money doesn't mean that you will continue to lose money. If you were going to sell your investments you should have done it a year ago. It is probably now too late, and selling now might be a mistake. Money market funds and CDs are pretty safe, but the interest rates are close to 0. |
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gaonumen
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Probably should leave the money in, although not knowing your specific situation, can't say for sure.
Aside from the tax issues mentioned above, there is also the old adage "Buy low, sell high". If you take your money out now, you're doing the opposite. You will "Buy high, sell low". You don't want to do that, of course. So, unless your stocks are in companies that are going under completely, you should probably wait for them to recover.
Plus, you won't have all those tax consequences that the other folks on this post so rightly mentioned.
If I were you, I'd talk with an EXPERIENCED financial advisor.
Good luck to you. If you're young enough, then your portolio will probably have plenty of time to recover. If you're older, you may have a serious problem. |
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muncie birder
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Surely, you company must have an investment option within the 401k that is equivalent to a savings account such as a money market. Put your money in that if you are concerned about further losses. But if you do and the market begins to recover, you will be kicking yourself for the next 20 years.
I know thing are bad and not getting any better, but a 401k for most people is a long term investment for retirement. Assuming that we are not in an economic death spiral, which of course we might be, then standing pat is your best long term option. |
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Brad S
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Do not take the money out of your 401k, you will be charged a hefty penalty on top of the money you have already lost. Plus, the interest you earn on the money will be taxed now instead of waiting for when you retire and you can never put the money back into the 401k. |
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paul
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If you remove money from a tax protected retirement account to one that is not a retirement account you will need to pay all the taxes due now instead of after you retire. If the choices you have in your 401K plan do not allow you to protect your money to your satisfaction you should move it to another retirement account like an IRA. I am not making any recommendation on if you should have or keep your money in stocks or bonds. That is not appropriate advise in Yahoo answers. |
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Mr. Ortega
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Since the nature of these boards is answers then I will you give the answer you seek. Why would you sell everything right now when you are down? You need to understand the difference and terms lost and down. You have not lost 1 penny in your current situation. You only "lose" when you "sell" under what the market value at the time you bought any of these funds was at. Although you are down the potential you had when you first bought these funds still remains there. The money you put in is still there. Instead of selling you should be buying even more since deals are everywhere you look from Bank of America BAC or Acatel Lucent ALU, JAVA, etc, etc, etc, etc, etc, etc because they are all there. From your proposed question above I see you are not educated in this matter of stocks and potential. Not to knock you down or anything but I believe it is a tool you should add to your arsenal of knowledge in order to prepare for your future since you are concerned with this matter from your post. Everything thinks it's 2009 doomsday but it's not. It's an opportunity filled period you should be informing yourself in and buying. This market is always played with "logic" then why is logic a major factor in actual losses for 95% of investors? Before the oil boom oil supply was high while demand was dropping so through "logic" what should happen to the price of oil at that time? Exactly the rest that happened is history. Stay calm and remember your potential is still there so don't sell at all. Not only will you avoid a 10-15% fee for selling before the age of 59 1/2 and all taxes but you will also make yourself more informed on what is happening and get involved into your options and open your knowledge base of the opportunities that are everywhere. Do not sell. Hold, hold, hold, and hold because that is the only way you will make money one day. There are more factors that go into seeing where your situation is at such as age, income, current investments, and goals so if you have any questions feel free to contact me. I'm in the military on the enlisted side so I'm not trying to sell anything to you. I wish the best of luck and I hope you understand the fact I'm trying to make. |
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the d
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NO,
it is way too late for that.
all you can hope for is that the DOW goes back to 12,000 in the next 2 years.
millions are in this same boat |
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Serious M
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google for HSFX Asset Management and start making money!
time is money! please remember!..g o go go..take it out..do what i told u and have a nice profit! |
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