ouch! anyone else's wallet in pain?

[AGDee]

I've stopped checking the retirement account. I just keep chanting "that means I'm buying shares cheaper now". I have a lot of years before I can retire. It will have to go back up eventually, right? Right? RIGHT????? Of course it will. So, stop checking and ride it out.. yeah, that's my plan.

[DeltAlum]

Originally Posted by AGDee

I've stopped checking the retirement account. I just keep chanting "that means I'm buying shares cheaper now". I have a lot of years before I can retire. It will have to go back up eventually, right? Right? RIGHT????? Of course it will. So, stop checking and ride it out.. yeah, that's my plan.

It's a lot different when you look at from the vantage point of my age group.

[AKA_Monet]

I'm cashing out a few of my retirement accounts... Hayle, it's 30% hit. I can afford it now than later... And I hear many people are doing it now which means, it's going to hit these companies pretty hard...

My planner just told me that Longterm care insurance written like a whole life insurance plan can be front loaded, allowed to mature and borrowed on a loan against... And the money is tax free.

[windinthewillow]

Monet. Are you sure you want to do that? You lose nothing if you ride it out. You'll be selling at a loss and you'll have to pay taxes.

You should never touch your 401k ever, until retirement. Not even to borrow from it. If stocks are making you squeemish, transfer your 401k into cash. But keep it in the 401k.

[AKA_Monet]

Originally Posted by windinthewillow

Monet. Are you sure you want to do that? You lose nothing if you ride it out. You'll be selling at a loss and you'll have to pay taxes.

You should never touch your 401k ever, until retirement. Not even to borrow from it. If stocks are making you squeemish, transfer your 401k into cash. But keep it in the 401k.

Thanks for your concern and I spoke to my advisor, he feels like you. NOT ALL my retirement accounts will be cashed. Only 2 of them. The rest are rolling over. And one of the 2, I'm cashing in will be rolled over into my IRA and Roths.

Yeah, I'm taking a hit. But, I've got expenses that MUST be paid & I have started my own business. I also have a talk with my tax CPA's where I have a "quasi-justification" for cashing my funds... Yes, it sucks, welp, we have to do what we have to do.