I mentioned this in another post but I think this warrants its own discussion thread. With the current crash, I feel fully vindicated by rejecting the constant mail and email from the bank and Voya suggesting we enlist their 'professional advisory investment services' for someone like me who is in their late 50s and approaching retirement age (voluntary or otherwise). I sold most of my stock funds in the 401k about a year ago and moved into the money market funds within the plan. Who's the fool now? Had I bought into this nonsense, I would have lost 1/3 of my retirement fund.
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Oh yeah, stick with no-fee funds. Brilliant advice. That way we can be down 30% without any fees ... just a minor little problem.
Because we can't discuss anything about BNY at the office or through electronic means on their network without getting put on a hit list. This is the only place we have where we can be ourselves and not get "actioned".
The Voya on line advisory (no fee) never recommend BK stock. Basically advised to stick with the no cost fund options. So what’s the prnlem here? And what does this have to do with layoffs??
Well, that's one approach if you don't expect to live long ... but within the 401k itself that's what the money market and stable funds are for ;)
I just cashed out my 401. Better to give half my money to the government than let the market eat the rest of it. Cash in hand better than watching that balance drop and drop and drop. Gonna buy some pizza and beer and have an "early retirement" this afternoon.
I guess that explains why I saw that guy in McDonalds flipping burgers in the back why he was wearing a 'Voya advisor' t-shirt.
umm ... yes, I do. However you know the old saying 'birds of a feather ... '. And don't forget it is OUR illustrious management that enlisted these VOYA 'advisors'. I have always assumed this was due to some legal reason why the bank couldn't manage its own 401k (besides overall lack of competence).
You do know voya and bny Mellon are different companies right @mdo??
Congratulations on getting yourself in a position to retire with minimal losses. I know I got out at Dow 29500, and rolled half into another account. I didn't listen to people saying don't do it. Turns out, I did the right thing. I am down 22%, but took this time to set up new holdings in my other account at a lower cost to position for the recovery eventually coming.
I think the moral of the story is if this place advises something ... do the opposite.
agreed ... I wish I had done this