Should I sell my 401K today, the market bounced back and I fear we will be dropping even more once people realize that this virus is about to linger through the end of summer.
So, should I sell my 401K today while prices are still good.
12 replies (most recent on top)
If you go conservative now you will miss all the gains when the market comes back...and it will. Just sit and wait....
Don’t sell, this is when you buy
The lump you feel on your neck are from deez nuts
young gun with a quick fuse
The lump on my neck comment was easily the best comment in history of this message board..super strong ..well done ..I needed that!!
The time to move it to safety was three weeks ago. Now is when you want to increase contributions if you're not maxed out and put it in growth areas.
I have a lump in my neck. Is this a good place to come to for medical advice?
Sheesh.
You can’t really “sell” a 401K. You can re-balance or you can make a hardship withdrawal... or roll it over into another IRA.
What’s your time horizon for needing the money? Are you retired and pulling from it? Or still working and not planning on touching it for years?
I agree with other posters - if you sell now you’re locking in your losses. If you can wait more than a year then wait. But if you need the money now you may not have a choice. Good luck.
I was told not to sell, that this is a long game and that We will come out of this.
I would transfer it all to a fixed income fund untill this all passes over. You'll at least reduce your risk of further losses. The virus will pass hopefully but there is no good news in the near term with regards to Hon earnings reports. The economy has yet to realize the impact of all this. The house is still burning. Once the fire is put out then move it all back into the market. Just my opinion but I don't see things getting better anytime soon. I got out of the market last summer when the DOW was at 27K, a bit premature but I don't regret it now. We have no idea when international travel will go back to normal, that's reason enough for me to keep waiting before I make any moves.
One benefit of your 401k contributions is dollar-cost averaging - making periodic buy-ins at various NAV's. If you sell now, you are realizing a "potential" loss.
Besides an Engineer at Honeywell for 30 years, I am also a family financial planner in AZ, as well as licensed for several other states and Puerto Rico. I'm glad to help.... gary.warnica@tfaconnect.com
Do not sell. You only realize losses if you sell. 401k is for the long term, including dips like this one. With enough time you should recover.
You are already late.