My 401K is killing me!

[Elga]

I've lost $316 in the last two days. The one fund tanked $153.
This blows.

And I just did a report, since the beginning of October I've lost $650.
I need to move some money around methinks!

 

[Crazy Fireball]

Ive never really bothered to ask this untill this finacal cricis. What is the 401K plan?

This is why, sorry to offend anyone, bush sucks.

 

[Elga]

No offense taken..

In the United States of America, a 401(k) plan allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal. The employee elects to have a portion of his or her wage paid directly, or "deferred," into his or her 401(k) account. In participant-directed plans (the most common option), the employee can select from a number of investment options, usually an assortment of mutual funds that emphasize stocks, bonds, money market investments, or some mix of the above. Many companies' 401(k) plans also offer the option to purchase the company's stock. The employee can generally re-allocate money among these investment choices at any time. In the less common trustee-directed 401(k) plans, the employer appoints trustees who decide how the plan's assets will be invested.

Fellow co-workers say that I should just keep my money where it's at and eventually it will go back up. BUT When the stock market continues to drop, the more money I will continue to lose. So Hile, how is your SIRIUS/XM stock going btw?

 

[Trish]

Please keep personal political views out of these forums.

That said.. hubby's 401 doesn't look to be affected too much by this so far. But I had it all prety safely invested, nothing too risky.

 

[Granjell]

Yes, I'd have to say, safer investments are just that - we have stayed pretty stable here.

 

[Hile]

A 401K is where you put in part of your paycheck into bonds and/or mutual funds and the employee usually matches it with company stock. This is what we get instead of pension funds.

Be thankful not to be at retirement age. They are screwed. That's the problem with 401K's. How well it goes will depend on when you retire.

Elga, still keep putting in money. You're a long ways from retirement and anything put in now will be buying stuff cheap at least.

Oh, man Sirius stock is under a dollar now. It's really tanked. All I can do is hope sometime it'll turn around.

 

[Trish]

Oh, man Sirius stock is under a dollar now. It's really tanked. All I can do is hope sometime it'll turn around.

And I can't even laugh at you That ain't right.

 

[Elga]

All radio stocks right now have tanked it seems. Even since Sirius owns XM now, that's sad it hasn't rebounded. I still pay my $12.95 a month, so their is still hope! Since they resigned Opie and Anthony, I'm staying a loyal customer..

 

[Stubby]

My husbands retirement fund is all from Publix stocks. We needed that money to catch up our mortgage payments to fend off forclosure. We are both WAY to afraid to see how much it is worth right now. We need several thousand, but I don't think its gonna be there now. We can't touch it until November, so we are hoping it will go back up, (if it did go down).

 

[ATIV7220]

My wife and I have been saving for 10+ years. We've got lots of time before retirement and I expect will see several more market cycles. However, between our IRA's and our kids college funds, I'm looking at about a $30k loss. This follows three years of paying two mortgages because the housing market took a dive about a month after we bought the house we are in now, and our wonderful sensationalistic media had most of our potential buyers worried about high tension power lines beyond the end of the property that, in reality, are less likely to cause cancer than drinking bottled water or standing next to your microwave! Finally dumped the old house this past May but we'll be digging ourselves out of debt for the next 10 years!



Thanks, I feel a little better now...