Holy 401k!!!

[4eyedstang]

wow i just checked my wife's 401k this morning after reading the newspaper.
and she had $14k in their on Friday and she now has $2200 :wow
I'm to scared to even look at my pension.
this must be absolutely devastating to anyone playing to retire soon.
at least i have anther 50 years of work ahead of me :(

[DurtyKurty]

Yeah, it is what it is. Keep in mind, anyone retiring now would have already had the majority of there money migrated out of the anything volatile. LOL@50 years to go. I thought another 30 years of work sounded bad!

[T-Bag]

**** my generation will never be able to retire

[wrath]

I'm down 21%. It hurts, but not that bad. I've only got a year of contributions in mine so I've "only" lost like $2500. But that's $2500 that I might have just as well burned as it never even made any interest.

[Crawlin]

I pulled all of mine out when I changed jobs. Have a certain time period to reinvest when changing companies. THANK GOD I didn't put anything back in yet!!!! Another CD or Money Market account, here I come... I'll take the penalty on the early withdrawal, haha

[GRNDNL]

If you've got extra cash get in the market NOW...........

[wrath]

If you've got extra cash get in the market NOW...........

I disagree. If you've got any high interest debt, pay it off now. High interest meaning > 6%. Inflation is drinking the blood of your greenbacks. Since low interest loans are "cheap" since they're less than inflation they're not hurting you. But to hang on to cash that is disappearing due to inflation at the cost of say a 8% car or credit card you might as well get rid of the debt and keep your cash from losing value.

There isn't much out there guaranteeing you better than inflation... except to pay off existing debt.

If you happen to be blessed with no high interest debt, then either give the money to me (tee-hee) or go be a loan shark.

[Silver350]

my 401k is down about $2000 since all this stuff happened not sure what it is today I am almost afriad to look.

[jbiscuit]

mine is down $3400 as of yesterday 4pm

[Silver350]

I just looked at mine now I am up 3500. Never really seems like I gain money or lose much. Everytime I look at it I pretty much laugh and say well looks like Ill be working for the rest of my life.

[Prince Valiant]

loses on paper are just that...on paper. Just like gains on paper. All's I know I'm still WAY up vs what I've put in.

[moels]

Haven't looked at my 401k yet, probably won't anytime soon either. lol

I have no debt other than my mortgage pmt. I have no credit card balance and no vehicle payments. I have some money that I could buy stocks with while the price is low and reap some quick benefits. Problem is, I am not hooked up with a broker and wouldn't know what would be good to buy. Anyone have any suggestions? Online trading or go to an investment person?

[Holeshot]

I am holding fairly steady. I only lost a few hundred. When the economy gets like this the automotive after market parts does well. People tend to hang on to their vehicles. Much cheaper to fix then to buy new.

[Karps TA]

Don't worry about it. The current administration reformed Social Security, as they promised in their re-election campaign, so your 401k really isn't needed anyways.

[07ROUSHSTG3]

Don't worry about it. The current administration TRIED TO reform Social Security BUT THE DEMS IN THIER ANTI-FREE MARKET GLORY DIDN;T ALLOW IT, so your 401k IS NEEDED MORE THAN EVER.

FIXED :thumbsup

[Prince Valiant]

Don't worry about it. The current administration reformed Social Security, as they promised in their re-election campaign, so your 401k really isn't needed anyways.It's not like they didn't try...and yet still you cynically put the blame on them.

Ever look up the definition of "Intellectually Dishonest" (http://brewcitymuscle.com/forum/member.php?u=19), karp?

[CPonyGo]

well I hope to retire in 6 years and through my pension at work I have a lot of hours(since it is based on a per 1000 hour) something like 32k hours..so I hope to stay busy for 6 years retire decent even with the 1% deduction per year early from 62. Then I can work part time up 600 hour a year so on top of over 18k extra earnings it will also pay for my ins...Just wish I had a tad more free cash but thats building. I have no bills right now.

[Karps TA]

It's not like they didn't try...and yet still you cynically put the blame on them.

Ever look up the definition of "Intellectually Dishonest" (http://brewcitymuscle.com/forum/member.php?u=19), karp?

Have you ever heard of sarcastic joke?

Both sides have been talking SS reform for years.

[tommyt5078]

wow i just checked my wife's 401k this morning after reading the newspaper.
and she had $14k in their on Friday and she now has $2200 :wow
I'm to scared to even look at my pension.
this must be absolutely devastating to anyone playing to retire soon.
at least i have anther 50 years of work ahead of me :(

Can you let us know who the 401K is with?


If it in high risk then thats more then likely the reason!


For the year I'm down what I put in which sucks big time, but I should recover!!!!!

[Want_Notch]

I'm up........

[Prince Valiant]

Have you ever heard of sarcastic joke?

Both sides have been talking SS reform for years.
No, one side has been saying "SS is fine...it won't go insolvent", hence the defeat of the SS bill.

[Rocket Power]

I'm within a few hundo of where I was last week. But also pretty much the same as last year since losses have eaten the money put in:rolf

[u_say_go]

I was down $8000 for the year, profit sharing was deposited this week so I regained some of that. Been like this for a while now, up and down....more down than up though.

[DRK]

loses on paper are just that...on paper. Just like gains on paper.

OFT! Unless your taking it out tomorrow you have lost nothing.

[Fast SVT]

Makes me glad to be in the service right now. 20 years and I retire with a pension, plus I put money into the federal version of a 401K called a TSP. Not to mention the health care benefits and life insurance I have.

I'm not even going to consider getting out before 20 unless the market turns around. I was originally planning on taking a serious look at getting out in 2 years, but the economy and job market has a bit of healing to do before I jump that boat.

[Al]

Are all of you diversifying your 401Ks?

What do all of you think of using brokers?

[GTSLOW]

Makes me glad to be in the service right now. 20 years and I retire with a pension, plus I put money into the federal version of a 401K called a TSP. Not to mention the health care benefits and life insurance I have.

I'm not even going to consider getting out before 20 unless the market turns around. I was originally planning on taking a serious look at getting out in 2 years, but the economy and job market has a bit of healing to do before I jump that boat.

x500000 I'll be a recruiter for 3 years. If the economy hasn't changed by then I'll be re-uping or going indef.

[Holeshot]

I see the feds are bailing out AIG now too. We just pulled my wifes 401k out of there and moved it to a IRA at our bank just after we bought the house. Thank God !!

[Cryptic]

from Sept 2007 to present
IRA = down 13k
Mutual Funds = down 9k

:crying What a fricken kick in the nuts. I'm only 30 yrs old but still.

[GTSLOW]

^ ouch!! :(

[Z28Roxy]

FIXED :thumbsup

:rolf wait....... :rolf

[Sprayaway Fox]

What would theoretically happen if they did not bail out these banks? I always here about the bailouts but never the other side of the coin?