retirement fund
- Thread starter vinnie
- Start date
Right there with you. I'm down huge!
I guess everything goes to a buck and we start over.
If I had Apple right now, I'd be puking. It's gotten crushed these last 3 weeks.
No light at the end of the tunnel either.
Sucks!
nole
I guess everything goes to a buck and we start over.
If I had Apple right now, I'd be puking. It's gotten crushed these last 3 weeks.
No light at the end of the tunnel either.
Sucks!
nole
Retirement accounts have lost $2 trillion :scared :scared :scared
By JULIE HIRSCHFELD DAVIS, Associated Press
WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.
The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.
As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined.
Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts ? like 401(k)'s ? have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added.
"Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.
A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.
By JULIE HIRSCHFELD DAVIS, Associated Press
WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.
The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.
As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.
"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."
More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined.
Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts ? like 401(k)'s ? have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added.
"Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.
A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.
I looked this morning. :scared
I don't dare look tomorrow. Quarterly statements are starting to arrive and it doesn't look good so far.
I don't dare look tomorrow. Quarterly statements are starting to arrive and it doesn't look good so far.
Don't look bro. Just put the statements in your files and hope it turns around. You look, you don't sleep. Trust me. My new best friend is Zolpidem. ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
nole
Just checked mine. I have two accounts one in Vanguard I maintain and one through Ameriprise.
YTD
Vangaurd -18%
Ameriprise -27% :scared
Going to give my advisor a call tomorow and ask her why the hell I gave her may money.
Her answer, "It's not just you, it's everyone!" "But, what a great time to buy!". If she says that, dump her ass!
"Greed, for a lack of a better word, is good".
Gordon Gecko.....love that guy.
Hope it works out for you.
nole
didnt open any statements from 6/2000- 10/2005, finally came all the way back in early 08, the big problem......... NO GROWTH IN THAT PERIOD , JUST RECOVERY, and here we go again, im 57 yrs. old WTF, why again does my 401k turn into a 201k.
I took 1/2 to cash 2 weeks ago, if the dow goes to 9000 I will start to move the 1/2 cash position back into stock funds, then forget any additional transfers.
New funds still goes to 80% stock, 15% bond and 5% real estate funds.
Really don't know what to think about this market, when companies like AIG go down I guess the SEC and AM Bests of the world did not help protect the average investor at all.
New funds still goes to 80% stock, 15% bond and 5% real estate funds.
Really don't know what to think about this market, when companies like AIG go down I guess the SEC and AM Bests of the world did not help protect the average investor at all.
