Husband and I are on Social Security.I have a 401k of about $225K, not a lot.
With the impending recession, probably during Q2 2023, husband wants me to withdraw $$$ (e.g. $8K) from 401k and put it into a savings account on the idea that it won't be 'lost to the stock market/Wall Street' when the recession hits later this year.
However, 401k is set with 'conservative' funds and it probably earns more %-wise (~3-4% I think) than what a savings account can earn (~1% I think).
What do people here advise to think about or do with this situation??
My own feeling is to always take as little as I can out out of the 401k besides the current monthly withdrawal, which will go into the savings account too to help with expenses etc. I don't want to drain the 401k so fast I have nothing left later on...
I am also thinking about my husband being disabled and various expenses to improve his quality of life...