Protecting Your 401K - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Protecting Your 401K

Paul Boston, Happy State Bank Paul Boston, Happy State Bank

Investors worried about the current stock market question what they should do with their 401K to protect their retirement.

Lew Bradshaw isn't rushing to clean out his 401K account.. He is calm and collected.

"You can't panic, it's investment for 5,10,15 years so you gotta go through the weak times as well as the strong times. I feel competent in it. It's in for the long term, not short term, but I have full confidence that it will be fine." Bradshaw says.

A local trust officer says Bradshaw's attitude is just right.

Senior Vice President for Happy State Bank Paul Boston says, "In this market, fear is running rampant and fear is a strong motivator, but fear isn't always reliable, obviously. So it causes people to take actions that aren't always in their best interest."

Boston says if you are worried about losing it all... Lower the risk of your investment... To make sure not all of your funds are dependent on the opening and closing bell.

"It's a mixture, I have some in high risk but the majority of it is in medium risk to low risk." Bradshaw says.

Experts say know that when the market goes back up.. It's those, like Bradshaw, still invested in stocks that will regain cash and even see profits.

They advise you just take things slowly.

Boston says, "To see the market and become fearful of the future or what the next day may hold, and then to make a change based on that probably is not in their best interest." Boston doesn't believe those who keep their 401K risk high will lose it all... But there is a chance that the downturn could continue. "

He chalks it up to the constant cycle of the market.. And says history proves things will get better.

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