'Our IRAs and 401(k) balances are going to be down sharply the next time we check them. ...But if you are a regular retirement saver there are three things you can usefully do in a big plunge like today.'
These are the famous words on the front cover of the “Hitchhiker’s Guide to the Galaxy,” and they stand us all in very good stead on days like today when the stock market plunges.
Our IRAs and 401 balances are going to be down sharply the next time we check them. I have no idea how low this will go or how long this will last. Nor does anyone else. But if you are a regular retirement saver there are three things you can usefully do in a big plunge like today. 1. If you were thinking about converting your traditional IRA to a Roth, this is probably a better time to do it than a few months ago. You’ll be taxed on the value at conversion, so if your IRA is down 10% you will save that money on the taxes. The risk: You could do the conversion today and then kick yourself 6 months from now if the market keeps falling. The only sane way of dealing with this risk is to do it in stages.
2. A full-sale liquidation panic, like we seem to be seeing right now, is an excellent time for a portfolio do-over. That’s because everything goes down: U.S. stocks, international stocks, bonds, gold miners. The works. They won’t go down all at the same rate, but the discounts are good enough to give you some good opportunities to move money around, especially if you think you had the wrong asset allocation.
3. I wrote this in the fall of 2008 and I will write it again now: If you are really panicked by this sell off, you can always let Warren Buffett manage your money. The media sometimes talks about the great investor as if he runs an exclusive private fund accessible only to the rich. On the contrary, his Berkshire Hathaway BRK.B, +0.06% investment fund is a publicly traded company like Apple AAPL, +0.47% or Coca-Cola KO, +0.36% and the stock is down almost 3% today .
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