How safe do you think a MainStay VP U.S. Government Money Market is? I have about 25% of my funds in this account and was considering on transferring 15% more into it from the MainStay VP MacKay High Yield Corporate Bond. This 40% fund amount is located in a NY Life SEP IRA account of mine. I know the junk bonds are not very safe, but I'm also suspicious of the govt money market since it is not FDIC insured. They have a Fixed Account, but I don't know if it is FDIC insured. I also have 35% of my funds in a self directed Charles Schwab IRA Rollover with 25% in cash (bank sweep that I believe is FDIC insured) and 75% in various stocks & ETFs (most in your recommendations). I have 15% of my funds in Northwestern Mutual American Funds that I take a hit on taxes when I withdraw. I have over the past 9 months withdrawn about half this account which makes up the remaining 10% of my funds (cash in a federal credit union). I feel like I should move the 40% NY Life IRA to the Charles Schwab IRA because they continue to recommend staying invested in their high risk, mostly US, high PE stock funds and riding the market down and then back up. I have also considered moving it to a gold IRA. Sorry for the long post. Any thoughts on it are appreciated. I'm trying to learn, but I feel overwhelmed.
Remember Sean warns us not to go on feelings "I feel like", but get the facts before making a decision.
You'd want to ask your broker what the money market is invested in and what they think about it. I'm not a pro on each firm's money markets. However, money markets in general are conservative instruments.
Corporate bonds in general carry a lot of risk right now because corporate America overall carries a ton of debt.
Yes, junk bonds are not safe and they're the riskiest towards the end of an economic/business cycle, in my opinion. And that's where we're at now.
Depending on where you hold your money market, it may be SIPC insured. But all of these are things you'd have to ask your specific broker about those specific products.
Like Warren Buffett, I'm not a fan of bonds. I may never own one in my lifetime.
I'm not sure why you've chosen to have your assets so spread out among so many different companies when one major brokerage firm could likely handle the bulk of what you do. The more assets you have with a firm, generally the more perks and better service that you get.
Don't commingle IRA's. If you want to transfer IRA's somewhere, talk to the broker that you want to go to and let them help you transfer it correctly. But these are all questions best answered by your broker who holds those specific products.