I posted earlier this year regarding about $200,000 I have in my 401K. It is still in cash. I was advised to put it in the market by posters on this forum, and I have not yet done that. And now, I watch the market go up and up, and I'm still hoping for a pullback that may not come so I can put the money in.
I'm 55, retired, and I will not need this money for fifteen years may not need it even then as I will have enough guaranteed income to live on and will have other savings. If I don't need it, it will go to my kids.
So why can't I bring myself to put the money in? I keep thinking as soon as I put it in, the market will have a big pullback, and I'll regret not waiting. But then I think, so what if it does? After all, I don't need the money for 15 years, if then. In that time, it's logical to believe the market will be much higher, isn't it? Or will it be higher? The market is at its high now. Some people say not to buy in, the insiders are taking their money out. I don't want to buy high. Others say it could be another big bull market. I know nobody really knows what will happen. I keep thinking there will be another crash, and I'd lose it. The market didn't do too much between 2000 and 2012.
I've made mistakes in the last crash. I kept it in until Dow was at 11,000, then I took it out. I also had money in a taxable account that I took out during the crash in early November, 2008. I took the loss and paid off my house, car, and land with the balance. I should have kept that in there, but I panicked big time. I'd have a lot more if I kept it in. Not very logical, I know. I believe I'm watching too much CNN. I know now the right thing to do is to let it ride until the market comes back.
Again, I'd like some advice on what I should do and why it makes sense to do it. I'm just really afraid of making another big mistake with my money. Thanks for any and all advice.