Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Thanks for posting...I am with you...it is hard to know how to keep your financial assets safe...will have to make some hard decisions soon. Hopefully we will see some good advice...
regarding retired people with 401ks.....mine is split half stocks half bonds and I am assured that the stocks are defensive, conservative stocks......
what else would you do with it?....withdraw and pay huge tax and then what?...keep it in your top drawer?...
the govt has done very well to put us in knots and full control.....my wise brother, the one killed by the covid protocol, said decades ago that the govt doesn't give away anything free and now we know......try to use your own savings and they'll tax the hell out of it....
Well...you either withdraw and pay huge taxes or keep it all in and perhaps lose it all. We are retirement age but husband is still working at 71...it is crazy to have a nice 401K that seems somewhat unusable...taxes and then limits on amount of withdrawal...it is all very frustrating...