Retirement Place Reviews
Moving money from work retirement fund?
My husband is about 5 years from retirement. For many years he worked for a company that was sold to another company. The retirement fund he accrued is in stock and is currently losing about $3000 per quarter. He would like to take the money out of the fund before any more is gone and place it in some type of retirement account with our bank. What could he do that would be tax deferred and earn some interest and be safe?
Public Comments
- What did your husband do during the fat times........his return was in the double figures..........and you were dancing on the table..........ride it out.......get a financial guy.......if your 5 years to retirement and no plan........life is going to kick you in the @ss.
- He should be able to change the type of investment within the fund to a stable value fund or money market fund. However, I think you should stay put. Stocks will recover eventually - though yes it may take a while - and possibly you can make up for all the losses. If you still feel worried, then move the money as suggested above into a safe vehicle. Talk to your plan administrator about it.
- You didn't say what type of retirement fund it was. If it is 401k or 403b you [probably have options about changing the account management. However, as the other poster noted, if it's only gone down in value because it is invested in the stock market, you may be doing yourself a disservice by dumping stocks at the worst possible time. First, explore your options about changing the account management by talking with the current company. Then, take a little while to educate yourselves about the proper way to think about long-term retirement investing, before doing anything irreversible, or doing anything that would work against your own long-term interests. Consulting with a real (fee-paid, not commissioned) financial advisor is advised if you don't trust your ability to research and understand your options.
