Think about this: 62% of Americans own stocks: What are they thinking now?

I suppose if you are middle class or lower with stocks in your 401 k you are wondering if you should hold or liquidate your stocks.

However, before you liquidate stocks just remember that if you live in California you might have to pay not only 20% in Capital Gains taxes and 10% in California Capital Gains taxes.

However, it's also true that if you are selling at a loss from your original investment in those stocks you might get some benefit from that too and pay less Capital Gains taxes if you sell.

Also, you should check if you put your cash into property like a house or apartment complex or something like that you might not owe Capital Gains taxes at all under some circumstances but I don't know exactly how this all works so you need to talk maybe to a CPA specializing in Tax Accounting to find out what you might need to do with your investments.