Change plan in 401K
Hi Terry,
I am still currently employed and have two 401K plans. One with my previous company (only mutual finds, little to no risk) and my current 401K is in a ROTH 60/40 low risk & med risk. I am 61 years old and hope to work until 66.5 yrs.
Question: Should I and what percentage of my mutual no risk 401K (grew about 2-3% over the last 4 years) back into the other plans available in my plan? What should be the mix of those choices in the plan. I know you don’t know what my plan consists of, sorry too long a message. 🙂 But what would you suggest being most 401Ks have similar choices of low risk – higher risk?
I was thinking about moving at least 60-65 % of a couple 100K.
Thanks and be safe!
Pat
Terry Says
That all depends on how much money you’re willing to lose at this point in your life. I don’t know –and no one knows — whether we have touched bottom in the market. And everything you invest now is still at risk. Figure out what your expenses will be in retirement, how long you think you will live and need this money — and then ask if you’d be ok if you lost more!
