“‘My 401k is now 301k’: Americans put their retirement plans on hold as more than $7 TRILLION in value is wiped off the stock market this year
The S&P 500 has dropped 18% so far this year, losing $7 trillion in value
Prolonged selloff is spurring concerns about 401k and IRA retirement holdings”
Well, more folks working, more taxes collected. We had a huge surplus last month. If a million or more keep working instead of retiring, more tax dollars collected. That’s good for the economy.
Where to put your retirement money? If your employer is matching your 401K contributions, sock it away there and buy ‘stable funds’ usually t-bills and short term notes. More money to add to retirement? Average it into the market each month if you can. You’ll still likely be happy 10-20 years out. Short term? Don’t catch a falling knife by the blade.
With 11% inflation in food/gas, and a fed reported 8.3% inflation, cash is ‘dead money’ at the moment but it won’t disappear.
Most cryto headed for the exits in a big way…some down 90%.
PS. Most of my dividend paying stocks doing OK. Glad I didn’t chase the FAANG stocks recently and jumped on the bandwagon to buy , buy, buy. . But long term they were still good investments if you bought them 10 years ago.
Been retired 21 years now. Can’t complain. Will have to sell something in IRA in a few months to fund rest of year monthly withdrawals.
But for new folks contemplating retirement…maybe a year delay might be in order…if things don’t recover…you might have to accept somewhat lower standard of living…