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I am tempted to up my retirement account contributions to the highest percentages I can tolerate for a while but with the market still in free-fall I am not sure. Its a roll of the dice either way but might be the correct thing to do in the long run.
In the long run it WILL be the right decision. The question is, how long is long?
I put $7000 in for my 2020 IRA Contribution, just when this hullabaloo started. Probably down 20% or so, but in the long run, I think I will be okay.
-John
I'm not sure I'd do it just yet...but I think it's a pretty sound strategy.
I plan on putting everything I possibly can in to this downturn..
So because of an employment thing, I had the opportunity to move out from an existing 401k. Which I put in the paperwork for, just before things tanked. I did not put in the paperwork to convert to an IRA, just to the new employer's 401k. Because of reasons that in hindsight may not have been great, oh well.
In normal times, there is a sixty-day window to get this done. As I understand it, I "sold" the old account at a high value and when completed will be "buying" into the new 401k at what would right now be a low. At present, all I have is a check of sorts, payable to the trustee for company name yadda yadda, FBO my name.
Is there any reason not to sit on it for a while - or should I just get it mailed in quickly and over with?
Or maybe contact the old plan and see if they would re-issue for an IRA deposit (where I think it could remain "cash") without changing the amount it was sold at?
I am a few decades out from retirement, and will never claim to be a financial genius [Bang]
Sounds like a good place to put your $1000 government check, if you don't need it to survive.
Stocks don’t go on sale often. I’m planning on doing the same.Quote:
Originally Posted by def90
Always a good idea to up your contributions. Most plans have a way to keep it in cash if you don?t want to get into the market just yet.