I'm letting my visiting friend ask his question under my account:
Please don't chew him up... he's pretty nervous about the responses he might get...
---
Hello,
I hope people here will understand that I grew up old-school. Basically I watched both my parents work hard and save like crazy. 401K weren't around yet.
In the 90's I put money in my 401K like clockwork and invested it, but when 2008 hit I saw my balance cut in half. At that point I threw the balance into the company stock and within a few years I re-cooped my losses. After that I put half of the balance in a Target Date Fund and waited for the market to correct itself. I've been stuck ever since. I couldn't seem to stick to a DCA plan. I watched too much back and forth on the TV.
This is what I have to my name:
Zero debt
A paid off modest home
$600K in CDs
$500K in 401K (it's sitting in a Target Date Fund and Short Term Fixed)
I recently talked to an advisor who said you'll be okay since you have SS and a pension coming. He didn't want to talk about stocks. I thought that was odd. I'm thinking I will work 3-4 more years.
With the market at an all-time high, I want to know if over the next 3-4 years I should allocate all my future contributions to the S&P 500 and let it ride for the next 10-20 years?
Also, should I DCA into the S&P 500?
Also, I understand that higher CD rates will go away eventually... what should I do with cash then?
When should I attempt to do Roth Conversions?
I make $165K/yr.
I hope someone can help me put together a plan so I can move forward and stop ruminating over the past. I don't have big plans for the future. I have a nice life. I just want to do better and be able to take care of myself. I want to feel good about myself again.
Thank you for your time and thoughts.
Please don't chew him up... he's pretty nervous about the responses he might get...
---
Hello,
I hope people here will understand that I grew up old-school. Basically I watched both my parents work hard and save like crazy. 401K weren't around yet.
In the 90's I put money in my 401K like clockwork and invested it, but when 2008 hit I saw my balance cut in half. At that point I threw the balance into the company stock and within a few years I re-cooped my losses. After that I put half of the balance in a Target Date Fund and waited for the market to correct itself. I've been stuck ever since. I couldn't seem to stick to a DCA plan. I watched too much back and forth on the TV.
This is what I have to my name:
Zero debt
A paid off modest home
$600K in CDs
$500K in 401K (it's sitting in a Target Date Fund and Short Term Fixed)
I recently talked to an advisor who said you'll be okay since you have SS and a pension coming. He didn't want to talk about stocks. I thought that was odd. I'm thinking I will work 3-4 more years.
With the market at an all-time high, I want to know if over the next 3-4 years I should allocate all my future contributions to the S&P 500 and let it ride for the next 10-20 years?
Also, should I DCA into the S&P 500?
Also, I understand that higher CD rates will go away eventually... what should I do with cash then?
When should I attempt to do Roth Conversions?
I make $165K/yr.
I hope someone can help me put together a plan so I can move forward and stop ruminating over the past. I don't have big plans for the future. I have a nice life. I just want to do better and be able to take care of myself. I want to feel good about myself again.
Thank you for your time and thoughts.
Statistics: Posted by shelterinplace — Wed Feb 28, 2024 10:55 pm — Replies 6 — Views 721