General Discussion

Farmer-Rick

(12,762 posts)

68. Looks like none of those advisors

Sat Nov 16, 2024, 03:54 AM

Nov 2024

Read the 2025 project or listened to Trump's words.

Will they advise the same action when Dumpy Trumpy abolishes the Federal Reserve and goes to "free banking"?

Without FDIC insurance just leaving your money in a bank savings account can have very high risk.

Trumpy Dumpy wants to abolish the Federal Reserve, stop business with the Federal Reserve banks through out the US. Abolish the board and let the president and Congress make day to day decisions on monetary policy and interest rates.

"Free banking" is what was in affect before the Great Depression. It was a very cumbersome and fragile system.

Add to that tariffs and him, Musk and Congress skimming off some of our national assets for themselves, and you have a perfect storm for an economic collapse.

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crimycarny Skittles

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Anyone else transferring their 401(k) funds to low-risk investments? [View all] Crowman2009 Nov 2024 OP

I am but I'm also going to be 64 Sundance1220 Nov 2024 #1

I hope you have met with a financial advisor. You need to maintain a diversified portfolio throughout your retirement beaglelover Nov 2024 #21

Yes, I have A LOT Sundance1220 Nov 2024 #29

if you're young enough, this could be an opportunity to buy low... cadoman Nov 2024 #88

No way! Johnny2X2X Nov 2024 #2

Why do you say this? AllyCat Nov 2024 #27

The economy is crushing it right now Johnny2X2X Nov 2024 #47

Thank you for the explanation. AllyCat Nov 2024 #58

Plus tRump is inheriting Biden's economy bif Nov 2024 #62

Agree Johnny2X2X Nov 2024 #64

Can you elaborate on other ways to reduce risk? flamingdem Nov 2024 #77

"they will be gradually brought in." ... says who? Trump who can unliterally up them to whatever at any time? Also, even uponit7771 Nov 2024 #78

Dumpy Trumpy wants to close down the Federal Reserve Farmer-Rick Nov 2024 #67

Yes, I'm also trying to figure out... Think. Again. Nov 2024 #3

Ketchup n/t Submariner Nov 2024 #6

What in the age of Trump is low risk? I have doc03 Nov 2024 #4

My husband moved ours to a higher risk category a little while ago Wingus Dingus Nov 2024 #5

Check out the Bond market. n/t Raven Nov 2024 #7

I wouldn't yet. I'd wait on that. kerry-is-my-prez Nov 2024 #60

Why? Raven Nov 2024 #65

I am but I am not sure what is considered low risk. Dwild Nov 2024 #8

Right now they are advising Johonny Nov 2024 #36

MDB mobeau69 Nov 2024 #83

No longer have a 401k, but yes I transferred a lot of money, Emile Nov 2024 #9

Not presently. We still have about a year of the Biden recovery before Trump nukes it. Gore1FL Nov 2024 #10

Thanks for that reminder flamingdem Nov 2024 #15

The market did well in 2017, stagnated in 2018, and recovered, even after the pandemic in 2020 onenote Nov 2024 #23

Won't trump's wet-dream tariffs hit businesses and consumers hard enough to slow the economy right away? nt albacore Nov 2024 #40

Tariffs can nuke it the first month, no one know what Benedict Donald is going to do uponit7771 Nov 2024 #79

Why would anyone reduce their retirement savings? nt LexVegas Nov 2024 #11

We have the biden economy, continued price gouging Chakaconcarne Nov 2024 #12

I'm considering moving some money out of the country, but I don't know how to. Scrivener7 Nov 2024 #13

If I figure it out leighbythesea2 Nov 2024 #22

Please do! I'll do the same. Scrivener7 Nov 2024 #44

Yes! leighbythesea2 Nov 2024 #66

Leighbythesea2, did you see the posts from albacore below? This seems like something Scrivener7 Nov 2024 #52

We invested in Canadian CDs...banks are more solid than ours. But trump is a world-economy-killer. Nt albacore Nov 2024 #41

Did you do that through a US institution? Scrivener7 Nov 2024 #45

We carried the money up North in a check. If you move money to Canada, be sure to fill out a FinCen form. albacore Nov 2024 #46

This is SO helpful! Thank you so much! Scrivener7 Nov 2024 #48

Do you mind if I ask what bank or investment house you used in Canada? Scrivener7 Nov 2024 #49

Scotiabank.. nt albacore Nov 2024 #50

Thank you!!! Scrivener7 Nov 2024 #51

I don't know what the rules are today, but I did it decades ago on a small basis DFW Nov 2024 #69

Thank you so much. Scrivener7 Nov 2024 #71

Timing the market is a fool's choice. Better to slowly make changes if at all especially if young Wonder Why Nov 2024 #14

hell no, not right now Skittles Nov 2024 #16

From my financial advisor--take it for what it's worth crimycarny Nov 2024 #17

Looks like none of those advisors Farmer-Rick Nov 2024 #68

If Trump abolishes the FDIC crimycarny Nov 2024 #72

But there be stupid crazy people running our country now Farmer-Rick Nov 2024 #82

It is terrifying crimycarny Nov 2024 #84

Anyone getting investment advice from actual professionals not someone on an internet message board onenote Nov 2024 #18

Yes, absolutely. It's important to hire a financial advisor a few years before you retire to make sure all of your beaglelover Nov 2024 #20

It's not rocket cilla4progress Nov 2024 #28

Absolutely NOT! And I'll continue to save up to the IRS maximums each year. Next year the catch up limit for my age is beaglelover Nov 2024 #19

Folks said the same thing about George W Bush in 2000 Yavin4 Nov 2024 #25

Did that starting the day after election day. Yavin4 Nov 2024 #24

I'm considering all cash also. Think. Again. Nov 2024 #30

Each day with these cabinet picks, the odds of some kind of epic catastrophe go up. Yavin4 Nov 2024 #34

I agree, We're not the only ones who would rather cash out and wait it out.... Think. Again. Nov 2024 #35

One of the finalists for Secy of the Treasury, Scott Bessent Yavin4 Nov 2024 #39

Do you think Money markets thinkingagain Nov 2024 #86

No. They're not. But if they go... Yavin4 Nov 2024 #87

I did. cilla4progress Nov 2024 #26

Not yet. Too early. paleotn Nov 2024 #31

Well now that you mentioned it, I'll still contribute my 401(k)'s max anount. Crowman2009 Nov 2024 #85

We're planning on doing that as well Bettie Nov 2024 #32

Contemplating how long to ride the Kool aid...but risky still JT45242 Nov 2024 #33

I'll stay in the stock market LogDog75 Nov 2024 #37

What is a low risk investment Tweedy Nov 2024 #38

Most of my stuff is in 6 month CDs....4.35% APR. I can pull the money out almost anytime. Is that a good idea? NT albacore Nov 2024 #42

I wouldn't put all my money in CDs LogDog75 Nov 2024 #43

Always have always will Klarkashton Nov 2024 #53

I'm young enough to recover drmeow Nov 2024 #54

Absolutely not! Groundhawg Nov 2024 #55

Yes bullimiami Nov 2024 #56

I thought we were all supposed to sell everything after the 2016 election ? MichMan Nov 2024 #57

I've had most in a money market fund, a little in a mutual fund kerry-is-my-prez Nov 2024 #59

Probably going to move 1/3 of my money to a MMF bif Nov 2024 #61

Just FYI, i did that in 2016 and missed out on a good bit of Scrivener7 Nov 2024 #63

Thinking of paying off my mortgage shanti Nov 2024 #70

Just put it in Index funds like VOO and leave it there. nt Quixote1818 Nov 2024 #73

This message was self-deleted by its author KewlKat Nov 2024 #74

I don't think so! Crowman2009 Nov 2024 #75

LOL Skittles Nov 2024 #76

I've been 66/33 stocks/bonds since 2022 but am slowly rebalancing back to 60/38. Shermann Nov 2024 #80

Yes. Mainly because of my age (55). texasfiddler Nov 2024 #81

I'm waiting on some treasury nominations, but slowly moving away from stocks. carpetbagger Nov 2024 #89