401K losses
Hello I am 61 years old , i had $31,000 in my 401K account but in the last year , the money went down to $27,000, what should I do? Take out my money and open a retirement account or continue to have it and keep on loosing money?
I will appreciate your answer
Terry Says
It’s entirely possible that the market will fall further, and you will be more upset.
But if you are still working for the company, you only have the investment choices available INSIDE the 40l(k) plan. Likely there is a money market or stable value fund inside your plan. Ask your HR department.
If you have already retired, you can contact FIDELITY or VANGUARD and they will help you ROLLOVER directly into an IRA account. There you can put it all in a money market fund and it won’t lose a penny. But you have to sell your current investments and move to cash in order to do the rollover.
Warning: Don’t take a check from yoru plan. Have them do a direct rollover if you go this route.
