loss of money in my 401K
since January of 2022 we started out with $57,342 in April it is $49,395 , we took a big hit after 9/11 , my question is should I pull my money out & put it in our savings account ? I am 75 years old.
Terry Says
That all depends on WHERE your money is invested INSIDE the 40l(k). Immediately contact the company and ask if there is a money market fund inside your plan. If there is, then move 2/3 of the money into the money market fund — STILL INSIDE THE PLAN!
Any money you take out now will be taxed as ordinary income. AND it could increase your Medicare Part B premiums! So you probably want to keep most of the money in the plan. If there is no money market in the plan offerings, see if there is a “stable value” fund with a low fixed rate. And if none of those options, then yes, take maybe 1/3 out and pay the taxes and put it in the bank.
