01-23-2022, 01:00 PM
Terrified for my Pops (57M)
<!-- SC_OFF --><div class="md"><p>After Covid, my Pops lost some money in his 401(k). I told him the market would come roaring back, but I also told him it felt like the government was propping up Main Street and consumer confidence. Specifically, I told him I was worried the market would crash early in 2022. At this point, it comes down to confidence. People will start pulling out because of FUD. Now I’m really concerned for him. </p> <p>He called a few months ago to say he finally hit the $1M mark after 20 years of saving. He is very worried about retiring in 3 years, but I’ve told him look: the house is paid off, your tax rate with drop, you won’t have a car payment for a long while, and you’ll get SS + my ma will get half of his entitlement separately. </p> <p>That said, what can he do to stave off the impending crash from decimating his 401(k)?</p> <p>Edit:</p> <p>Some of these comments really don’t grasp the sarcasm. I should /s I guess. </p> <p>I was really just looking for a good risk allocation plan for the old man. I’m not talking about pulling out of the market entirely or timing the market. I get the impression he’s 100% in the market and isn’t following the 110 rule or setting aside cash etc. The market is decoupled from Main Street, but you can see a confluence of terrible conditions that ripen the market for a correction. The government is done propping us up, tax season is here, earnings reports are coming out in the red, moratoriums are ending, hyperinflation is here, and people are dying… Wall Street is just a few years away from the top of the largest wealth transfer in the history of the world ($35T flowing to millennials who will be looking to cash out or ape into crypto). </p> <p>I’m just concerned for my dad. That’s all</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/TempestBinary"> /u/TempestBinary </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/sa8fgw/terrified_for_my_pops_57m/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/sa8fgw/terrified_for_my_pops_57m/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>After Covid, my Pops lost some money in his 401(k). I told him the market would come roaring back, but I also told him it felt like the government was propping up Main Street and consumer confidence. Specifically, I told him I was worried the market would crash early in 2022. At this point, it comes down to confidence. People will start pulling out because of FUD. Now I’m really concerned for him. </p> <p>He called a few months ago to say he finally hit the $1M mark after 20 years of saving. He is very worried about retiring in 3 years, but I’ve told him look: the house is paid off, your tax rate with drop, you won’t have a car payment for a long while, and you’ll get SS + my ma will get half of his entitlement separately. </p> <p>That said, what can he do to stave off the impending crash from decimating his 401(k)?</p> <p>Edit:</p> <p>Some of these comments really don’t grasp the sarcasm. I should /s I guess. </p> <p>I was really just looking for a good risk allocation plan for the old man. I’m not talking about pulling out of the market entirely or timing the market. I get the impression he’s 100% in the market and isn’t following the 110 rule or setting aside cash etc. The market is decoupled from Main Street, but you can see a confluence of terrible conditions that ripen the market for a correction. The government is done propping us up, tax season is here, earnings reports are coming out in the red, moratoriums are ending, hyperinflation is here, and people are dying… Wall Street is just a few years away from the top of the largest wealth transfer in the history of the world ($35T flowing to millennials who will be looking to cash out or ape into crypto). </p> <p>I’m just concerned for my dad. That’s all</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/TempestBinary"> /u/TempestBinary </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/sa8fgw/terrified_for_my_pops_57m/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/sa8fgw/terrified_for_my_pops_57m/">[comments]</a></span>Kind Regards R