401k
Hello Terry! I am 62 years old, on disability as of 2021 I get much less money than I thought I would get. I have a 401k savings it is not a lot but it helps. Should I move my money as it is loosing a lot in 401k?
Terry Says
If you are on disability, I’m assuming you left your company — and thus are eligible to “roll over” your 40l(k) plan.
Unless it offers some special “safe haven” such as a “stable value fund” inside the plan, I would contact Fidelity or Vanguard and have them help you do a rollover directly to their funds. Do NOT take a check or touch the money!
That leaves you with the job of investing them. Put it all in a money market fund to start. Then move 5% a month into their Equity/Income fund — until about half the the money is invested in that fund. That is the conservative way to proceed. YOu won’t be all right — but you won’t be ALL wrong, either!
