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| The Scuppers This is a new forum for the not necessarily fishing related topics... |
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11-30-2012, 08:25 AM
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#1
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DDG-51
Join Date: Mar 2002
Posts: 3,550
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Fiscal Cliff and 401K
I'd like to hear what the SB group thinks about the impending fiscal cliff, and if moving 401K $$ to a safehouse like a money market or whats called an intrest income fund seems like a safe thing to do. I'm moving jobs and hence moving 401K's, I've already been on the phone with fidelity, but timmy the greenhorn who I spoke with just didn't give me the vote of confidence I was hoping for. His advise was stay the course, but I'm just not sure. To those who think asking financial advise on a fishing site is n#^&#^&#^&#^&#^&g futs, you don't know the far reaching powers of sb.com. Thanks in advace - jim
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11-30-2012, 09:16 AM
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#2
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Registered User
Join Date: Nov 2003
Location: RI
Posts: 21,463
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Stay the course. The only reason I'd think to move is if you were close to retirement but then you shouldn't be heavy in equities anyway.
Posted from my iPhone/Mobile device
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11-30-2012, 09:37 AM
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#3
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sick of bluefish
Join Date: Aug 2003
Location: TEXAS
Posts: 8,672
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the fiscal cliff is an event, that may or may not have long term implications. Do you think you should change your long term plan based on an event? Are you planning to retire in the next 5-10 years?
Here is a crappy analogy - If there is an oil spill in the area you fish, do you sell all your fishing gear and buy golf clubs?
No, fishing is a long term pursuit and you may have to adjust your plan for the short term, but eventually you'll be back in your area fishing.
The real question should be are you investing in the right areas for the long term, not whether you should cash out and wait. and this is an extremely rare time when I agree w/Spence
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making s-b.com a kinder, gentler place for all 
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11-30-2012, 10:26 AM
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#4
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Registered User
Join Date: Oct 2006
Location: Marshfield, Ma
Posts: 2,150
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I agree, unless you are very close to retire you should stay the course. If it happens, maximize your contributions as much as you can and look at it as a buying opportunity…………..
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"I know a taxidermy man back home. He gonna have a heart attack when he see what I brung him!"
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11-30-2012, 10:30 AM
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#5
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Registered User
Join Date: Oct 2006
Location: Marshfield, Ma
Posts: 2,150
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Like the opportunity we had in March 2009  |
"I know a taxidermy man back home. He gonna have a heart attack when he see what I brung him!"
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11-30-2012, 11:03 AM
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#6
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DDG-51
Join Date: Mar 2002
Posts: 3,550
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Thanks guys, from the comments to PM's this site is as good as it gets. Staying the course is the overall theme I've heard and read. I will be going to a financial advisor soon as the only thing I really know about the stock market is that I know nothing about the stock market. My hunch is I'll be back in an age based fund.
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11-30-2012, 03:48 PM
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#7
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Registered User
Join Date: Nov 2003
Location: RI
Posts: 21,463
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Think of it this way. The last recession was MASSIVE and my retirement accounts took only a few years to recover.
Any economic disruption caused by politics this time around is likely to be a lot smaller.
Posted from my iPhone/Mobile device
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