Help Me Retire: I’m 73 and will only have my 401(k) after retiring. How do I make it last?

by | Feb 25, 2023 | Stock Market

Dear MarketWatch,  I am 73 years old and still employed full time. I will receive no retirement benefits when I leave my job except for a 401(k). My question is: what is the best way to handle this 401(k) without losing too much of its value, as in taxes. I need some examples of how to keep as much as possible, as soon as possible.

I do not need this money to survive any time soon. Do I switch it, change it, and to what? I need good sound advice.  See: We’re in our 60s and have lost $250,000 in our 401(k) plans — can we still retire?   Dear reader,  Investors everywhere are asking themselves a similar question these days — what do I do with my 401(k) so I don’t lose so much money? Market volatility has given many retirement savers a headache in the last year or so, and the stress doesn’t appear to be letting up just yet.  There’s no one hard-and-fast rule with how to manage your 401(k). First, it’s important to determine how much of this account you’ll be relying on in retirement every year, and if you have other sources of income. Whether you’ll be distributing from it primarily or not is a key factor, since the more you need from the account every year, the faster the account will deplete. Knowing this will also help you make sense of how your account needs to be invest …

Article Attribution | Read More at Article Source

Share This