Stock market sell off
I am 77 years old. I live on my pension and SS. I have 401K that is in place if I need it for medical . Should I have Schwab put it all in money market now. Have lost 20%
already
Terry Says
Well, we are down a lot — but could go farther. I don’t know how you are invested, but at this stage of life, I would have at least 305 in a government money market mutual fund. Schwab can do that for you. If you already have at least that much in a MM fund, then you can relax a little.
AND, I’m concerned that you’re still in a 40lk account. Those rarely have money fund alternatives since they are designed for younger people who are trying to build capital over the long run.
If you’re really still in a 40lk account, read this and ask them to do a direct rollvoer — no taxes — making it easier to move some into a MM fund.
