Advice for protecting my current 401 – tired of downfalls
I have a 401k account – I’m retired – will be 73 soon- luv the current stock market but also know all too well the downside of the market. I’ve lost $50,000+ more than once – don’t want to do it again. Can you recommend a safer place to put my account? I would also like to start transferring funds from the 401 to a Roth account- any advice? Thank you.
Terry Says
First, read this article: https://www.terrysavage.com/rollover-now/
If you are not going to be 73 in 2024, NOW is the time to rollover the entire 40l(k) to Fidelity or Vanguard. Put half in a government money market fund, and half in an equity/income fund — a very conservative investment.
If you will be 73 in this calendar year, you must first take an RMD for 2024. That will be based on the account balance at the end of 2023. Your current 40l(k) custodian will calculate the RMD for 2024 if required. Next year, your IRA custodian will calculate your RMD, which will be based on the balance at the end of 2024.
