QUESTION:

loosing money in my 401k

I am 65 and was laid off from my job in 2007. I have recently lost a lot of money in my 401k. Should I leave the account where it is and wait for the market to return or should I move it to a more stable asset class now and wait until the market is better?
asked by nanackm789, 9/23/2008
Categories: Late Stage Retirement, Financial Planning for Retirement, Retirement Investing, Asset Protection
ANSWERS:
Answered by: Editorial, 09/24/08
Overall Rating: Be the first to rate it.

You are probably not alone with this problem. The answer to this question would depend on numerous factors. And, frankly no one will have a definitive answer: the type of investments you have, your time horizon for needing that money and many other details will impact the right course of action.

Your best bet at this juncture would probably be to talk with a Retirement Financial Advisor -- particularly one who can take a holistic approach to analyzing all of your assets and all of your retirement goals.

NewRetirement can match you to a prescreened advisor at:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx

I would also strongly encourage you to consider your work options for retirement. You may enjoy scanning the articles found here:
http://www.newretirement.com/Services/Working_In_Retirement.aspx

Today's retirees are facing increasingly long life spans and the prospect of inflation, increasing medical costs and other attacks on your lifetime income.

Great advice as well as some extra income can only strengthen your retirement plan.

I wish you all the best!

Login to rate this answer: 1 Star2 Stars3 Stars4 Stars5 Stars
Answered by: myfamily, 10/10/08
Overall Rating: Be the first to rate it.

take all money out

Login to rate this answer: 1 Star2 Stars3 Stars4 Stars5 Stars

    Post a New Retirement Topic or Question  
   
   

Financial Planning Resources from NewRetirement:
How long will your money last in retirement? Spend 10 minutes with our free retirement calculator to answer your questions and improve your retirement financial plan.
Additional Financial Planning Resources from NewRetirement:
Tapping Your Home Equity
Life Settlements
Annuities
Retirement 101: Retirement Planning and Retirement Risks
Retirement Jobs
Debt Consolidation