Baby Boomers: Don’t Touch That 401(k)!
I know it’s scary. I looked at my 401(k) over the weekend. But the loss is only on paper unless you fix that loss by selling. I don’t need the money.
If you feel you MUST take out money, call a financial advisor. If you don’t have a financial advisor, this might be the time to get one. Look for someone who will really listen to what you want and who will give you options. If someone says, “I have the answers; listen to me,” Don’t.
If your finger is waivering over the “sell” button, you can call AARP’s financial “hot line” at 1-888-778-6187. They might be able to talk you down off that ledge.
Ok, enough metaphors. You get the idea: Unless you absolutely need the money for an emergency (and a cruise doesn’t count as an emergency), stay put. Watch and wait. Sometimes doing nothing is the hardest thing to do.
Any thoughts?
Tags: 401(k), AARP, ionvestments, stock marketRelated Stories
POSTED IN: Baby Boomer investors, Boomer Businesses in Difficult Financial Times, Boomers nearing retirement, Finance
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