Stock market now vs 401k
I retired 1 year ago. My money for retirement is still in my 401k thru work . It is in the s&p. Over 1 million . I’m 67 and a widow. Can I roll that over into something to lock it in within Voya to protect it without paying taxes or at least to protect it for my future. What would you recommend .
Terry Says
Please read this: https://www.terrysavage.com/rollover-now/
It contains instructions on how to do a direct rollover to an IRA at Fidelity or Vanguard. There will be no immediate taxes if done directly. Once moved, you can leave half in cash and half in a conservative stock fund and/or the S&P 500 stock index fund. But you will have reduced your risk substantially.
If you leave it in your old 40l(k) there won’t be conservative investment options like a money market fund, because 40l(k) plans are designed to help younger people grow their money. You now need to preserve it!
