|
|
Post by imkat on Jan 25, 2017 12:36:03 GMT
If you have a 401K or similar retirement fund, are you doing anything different given the Trump administration? The market is up since the election, but will it continue? I am close to retirement and trying to decide what to do. I need to consult a financial planner, but am curious what others are doing. |
|
pyccku
Pearl Clutcher
Posts: 2,817 
|
Post by pyccku on Jan 25, 2017 13:01:20 GMT
I'm likely going to move away from stocks a bit. 8 yrs from retirement, so I need to rebalance anyway.
|
|
|
|
Post by myboysnme on Jan 25, 2017 13:24:07 GMT
I have about 50% of my funds invested very conservatively and 50% aggressively because I would like to be able to retire whenever I am moved to do so. I have 2 years to 62.
|
|
|
|
Post by lisacharlotte on Jan 25, 2017 13:25:15 GMT
We are on track to pay off our house in 3.5 years. Our retirement is nicely funded and we are 58/51 so we are more conservative at this point.
There is no way to predict the future and i wouldn't assume any good or bad outcomes from a Trump presidency. Meet with an adviser who can tell you the best course for your stage of life.
|
|
|
|
Post by mikklynn on Jan 25, 2017 13:35:09 GMT
If you have a 401K or similar retirement fund, are you doing anything different given the Trump administration? The market is up since the election, but will it continue? I am close to retirement and trying to decide what to do. I need to consult a financial planner, but am curious what others are doing. Make sure you interview several advisors. Ask what their qualifications are. Ask what the fee schedule is. Ask how often you will meet.
If you have a referral from someone you trust, that helps.
Sadly, not everyone calling themselves an advisor is qualified, honest, and looking out for your best interests. Many are interested in what kind of commission they can get in selling you funds. Listen to your guts here.
|
|
Deleted
Posts: 0
May 10, 2024 1:45:03 GMT
|
Post by Deleted on Jan 25, 2017 13:52:01 GMT
My hubby just met with our financial advisor. We aren't changing anything based on his recommendation. He ran 500 different scenarios and we are fine.
|
|
Gravity
Pearl Clutcher
Posts: 3,229
Jun 27, 2014 0:29:55 GMT
|
Post by Gravity on Jan 25, 2017 13:54:14 GMT
How does one go about finding a good financial advisor? I'm in DFW if that matters.
I have a neighbor that is a financial advisor. I'm friends with his wife. Their personal financial situation is one big hot mess. I also had a coworker receive about $1 million in a divorce settlement from her plastic surgeon ex. Her financial advisor ripped her off and she lost most of her money. Stuff like this makes me a tad gun shy.
|
|
Deleted
Posts: 0
May 10, 2024 1:45:03 GMT
|
Post by Deleted on Jan 25, 2017 14:09:42 GMT
We are in a lifestyle/age fund that automatically rebalances based on # of years to retirement. It has done well so I don't see any reason to change. Changeover of presidents usually always has an affect on the market for a short while. Investing for retirement should be a long term look rather than too much short term or trying to "guess" what the market will do. I do understand if you are close to retirement, but in that case you should already have been rebalancing (generally to safer stocks or out of stocks) anyway since you want to limit volatility.
But definitely seek out an investment advisor but be careful who you chose to go with.
|
|
milocat
Drama Llama
Posts: 5,429
Location: 55 degrees north in Alberta, Canada
|
Post by milocat on Jan 25, 2017 16:25:41 GMT
How does one go about finding a good financial advisor? I'm in DFW if that matters. I have a neighbor that is a financial advisor. I'm friends with his wife. Their personal financial situation is one big hot mess. I also had a coworker receive about $1 million in a divorce settlement from her plastic surgeon ex. Her financial advisor ripped her off and she lost most of her money. Stuff like this makes me a tad gun shy. In the US do you not have financial advisors through your banks? Can you not invest or purchase your investments or 401Ks through the bank? I assume from this post and others I've read in the past that people are getting ripped off from independent agents. I'm in Canada and we've invested through our bank. Both our stocks/bonds and our RRSPs (which I believe are the same as your 401k) are done through the financial specialist at the bank. Another reason these people could have lost their money is because they invested it all in super aggressive and when the market dips they panic and pull it out versus riding it out. Who really knows. |
|
|
|
Post by cade387 on Jan 25, 2017 16:30:50 GMT
The question for my parents isn't the market alone but what else is going to happen. He is hell bent (and so is Congress) on basically getting rid of Medicare so while currently they are set for retirement, based on what could happen with Medicare and Social Security, everything can change.
|
|
|
|
Post by terri on Jan 25, 2017 16:40:26 GMT
Yes we will be making changes. I stopped working a few years ago, and my husband wants to retire by 55. If Trump follows through on his plans we will see a global recession so we will do our best to insulate ourselves against this possibility. We will be meeting with our financial advisor to discuss next month. We have been talking about buying a vacation home overseas for a while, and we are planning on speeding up that process too.
|
|
|
|
Post by katlady on Jan 25, 2017 17:31:36 GMT
We are heavily invested in stock in our 401K portfolio. Since we want to retire soon, our financial advisor is telling us to diversify into bonds for security, even with the rise in the stock market.
|
|
pudgygroundhog
Pearl Clutcher
Posts: 4,643
Location: The Grand Canyon
|
Post by pudgygroundhog on Jan 25, 2017 17:36:07 GMT
Since the market did so well last year, we shifted gains we made in stocks into more conservative funds to preserve what we made. We left our current contributions in their current investments, which is stock heavy. We still have enough time before we retire that we don't need to take drastic action just yet (and I think it's pretty uncertain what will happen in the next four years).
One way this administration affects our retirement plans is that we had been planning on retiring early, but with the repeal of the ACA and the massive uncertainty with insurance, that makes it more uncertain. We certainly need to up our budget for health insurance.
|
|
~Lauren~
Pearl Clutcher
Posts: 3,876
|
Post by ~Lauren~ on Jan 25, 2017 17:37:19 GMT
We are in a lifestyle/age fund that automatically rebalances based on # of years to retirement. It has done well so I don't see any reason to change. Changeover of presidents usually always has an affect on the market for a short while. Investing for retirement should be a long term look rather than too much short term or trying to "guess" what the market will do. I do understand if you are close to retirement, but in that case you should already have been rebalancing (generally to safer stocks or out of stocks) anyway since you want to limit volatility. But definitely seek out an investment advisor but be careful who you chose to go with. My dh and I are in the same types of funds.Weplan on keeping them the same. |
|
My original pea date was November 1999 and my number was 1803