SO..just curious...do you feel a sense of relief today?
People in different age groups have different considerations.
The older I get the more risk adverse I become..but still have much more risk tolerance than many...CLEARLY ...since I trade options. LOL
The word I would use is ‘safety.’ We are truly blessed that Mr. RightField has a good, old-fashioned pension. If the backer of that pension goes belly-up, we’ll have more than that to worry about anyway, I guess. We are debt-free and have a couple of debt-free rentals. If the worst scenario happens and Dem is elected this fall, we will take the tax hit on the IRA and get our cash out. I fear a Dem administration will orchestrate some takeover of the retirement funds out there. The Dems surely want to get their hands on that cash.
Interesting question. My better angel and I are 70. i retired 4 years ago. She is still working.
I convinced my wife to contribute the maximum to her 401k,
My wife gave me a blank check for managing her 401k account. She had all her dinero in cash.
I was able to put it all in a small-cap fund ( I rolled the dice ) that has never lost money since it’s inception. She made a tad over 31% on her money last year.
Since the Treasury inversion March of last year (now it’s inverted all over the place), i moved everything but 10% back into a stable fund.
The background that allowed us\me to take a shot is kinda weird.
I cashed out my 401k - took the tax hit and paid off all my non-mortgage debt(we since have paid off the first mortgage, small 2nd still exists) put the rest in the bank.
I have taxes taken out of my SS check to cover what the feds are taxing us.
I still have more net monthly spending money than when I was working.
We also used a SS goofy Clinton loophole,(now closed but those born prior to 01/02/1954 and earlier are grandfathered in) whereby by I filed for SS and my wife got a spousal benefit under my SS that was half of my monthly check.
She was still working so she banked it. This loophole(it’s called a “restricted filing”) works best if both are around the same age and around full retirement age
Her own SS accumulated 8% a year for 4 years, then she filed for her own SS and is now banking that.
So we had a cushion to take a shot...Mister Toad’s wild ride is driving her nutz...but she sees her position to lose has been minimal.
She should be ok financially should I pass today.