Financial question. I have a 401k. With the threat of a likely economic crash, do I pull out that money and put it somewhere? If he kills the FDIC, am I safe with moving it to my credit union anyway? Do I transfer it to another retirement or saving account? Or leave it alone?
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My bias: my family members who thought they could do better than the pros all lost their savings
And I could see a case for stopping adding to the account so you can stockpile cash for an emergency in the next 6 months - 2 years depending on how pessimistic you are about job safety
Some 401k's use a target date plans to gradually reduce % of volatile investments as you near retirement age. Your $ may already be in more stable investments (Bonds, CD's, REIT's etc.).
To avoid a withdrawal penalty, though, you can rollover the money into a self-directed IRA and just keep it non-invested.
We are all exposed to the risk of societal collapse and I dunno how you hedge against that besides prepping and shoving gold bars and guns under your matress.
however if it 'crashes' as historically, it will come back up eventually.
banks work based on folx not all withdrawing at the same time, so does investments
🚩ppl need to sit tight bc panic moving of $ will itself do what you're trying to avoid!!!
afaik, you can also change your financial manager for an IRA if you're unhappy with your current FM, & as long as you transfer to another IRA you should be fine
(TMF was, in the 00's, a social financial/investing site for small investors)
i am not an accountant. please work with a finance professional to make any moves
A: Yes.
a revocable trust account with one owner naming three unique beneficiaries can be insured up to $750,000."
https://www.fdic.gov/resources/deposit-insurance/faq