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November 8th, 2008 1:47 PM
Stop Worrying About Stock Market Losses
If you're worried about how much money you lost from your retirement account over the past few months, it’s time to refocus your thoughts.

The stock market will regain strength and your investments will grow over time, certified financial planner Chris Bird told a packed audience Thursday at the 2008 REALTORS® Conference & Expo in Orlando. Getting caught up in short-term fluctuations will only cause distress.

"Don't believe the talking heads who say the sky is falling," Bird said at the Women's Council of REALTORS® financial planning seminar.

Bird said a 401(k) account is the best vehicle for saving and growing money for retirement—offering far more benefits than an IRA.

Not only are annual deposit limits higher in a 401(k), but if you're 50 years old or older, you can put extra money into your account annually, enabling you to "catch up" for the years you missed.

The other beauty of a 401(k): flexibility to borrow money from the account without taking a tax hit. IRA plans, on the other hand, don’t allow you to borrow, only withdraw. And when you take money out, you’ll have to pay taxes and penalties.

So what if you already have an IRA and you need some extra cash right now?
Bird suggests rolling over your IRA to a 401(k) so you can write yourself a loan. It’s as easy as can be: "All you have to do is check a box," he said. "You don't even have to say what you're going to use the money for."
Posted by Gordon Robinson on November 8th, 2008 1:47 PMPost a Comment (0)

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