Retirees tell me they have lost over 50% of their 401K Balance in the last year! (depression, years)

[Jara]

Happy Texan.......Thanks for clearing some of these issues that concern me and my neighbor on 401k's and mutual funds. It's a "Big Bear Out There!"

[taurus430]

Originally Posted by Jara

I'm on pension, but my neighbor is on 401k. She is upset because she was told that they are not insured something she forgot about. She was given a choice of high risk, medium risk, and low risk on her 401k. She chose the low risk. This is something I don't understand, if the stock in the store she works at goes down, so will the 401K? Then it would effect all levels? This concerns me because my sons won't have anything to do with the 401k's. Also if the government privatized SS it would be no different then the 401k banking on the stock market for yields. Gezzzz Louise!

Just remember one thing: the faster they go up (big yield), the faster they drop. Low risk could be something like I had, an income dividend fund. So when I pulled out 2 weeks ago, the price per share dropped, but not as bad as some others, plus I was getting dividends (income) all along. Also, it's not just 401ks, but pensions are tied up with stocks and there is nothing you can do about that. I hope SS will be ok for me as I apply in FEB, I will be 62 in Apr. Fortunately, my unemployment benefits ran out this week but I go on the extension the Feds gave us.

[nancy thereader]

It worked out better for me to open CDs and a money-market savings account. Everyone has to analyze their financial situation according to their own needs, etc. October 3rd.

See how Katie knew what she was doing?

[Keeper]

Toasters.. Hah..we gave away 'genuine sterling silver tea sets and trays' at the S&L I worked for in 1981!!! Yeah.. those were the days.

Well, I guess I am pretty well screwed for now. Hopefully the market will recover enough to a point where I can rollover the money to an IRA.

[HappyTexan]

Originally Posted by Keeper

Toasters.. Hah..we gave away 'genuine sterling silver tea sets and trays' at the S&L I worked for in 1981!!! Yeah.. those were the days.

Well, I guess I am pretty well screwed for now. Hopefully the market will recover enough to a point where I can rollover the money to an IRA.

Keeper..keep watching the market. There may be a dead cat bounce or sucker rally (a day where the market could go up 300-400 points for no real reason) and that's where you can get out..sell on strength.

Have all your account info and trading info ready so that you can move quick when you see a rally (big UP day).

Economies go through boom and bust periods..the bigger they boom the harder they bust and we had a doozy of a boom with house prices skyrocketing these past years.

[Jara]

Originally Posted by Keeper

Toasters.. Hah..we gave away 'genuine sterling silver tea sets and trays' at the S&L I worked for in 1981!!! Yeah.. those were the days.

Well, I guess I am pretty well screwed for now. Hopefully the market will recover enough to a point where I can rollover the money to an IRA.

I remember the S&L's padlocking the doors having an armed guard in front. Harlingen Texas. (1985) My neighbor had more foresight what was going on and told me to get my money out of Harlingen State Bank (S&L) and put it in Wells Fargo. People were crying, because they couldn't get to their money. The pawn shops were doing great business. Houses didn't move. I'll take my toaster and electric can-opener and run for the hills.

[LynnKK]

What did we learn from this debacle? Do not trust your financial planner to keep track of your "stuff".....you have to do it because you are the only one who gives a rip about your money in the long run. Financial planning is a job like the weatherman...they don't have to be correct, don't have to really do much and get paid ....mine let me down terrifically in this market. I will be in control from now how. Heck, I couldn't do worse. ...

[Fnix]

I wasnt feeling the pain of the stocks myself until my grandpa told me that he lost alot of his 401k that he's leaving for us when he dies.

[Bette]

Tonight, I heard Mike Huckabee on Fox News. Either he or a guest made an interesting comment that the past few days (downward stock market esp at the end of the day) could be manipulated by terrorists. What a scary thought.

If this was January 2008 now and the economy was like this, I bet everything I own that we would have 2 different candidates for President.

[GLS]

Originally Posted by Bette

Tonight, I heard Mike Huckabee on Fox News. Either he or a guest made an interesting comment that the past few days (downward stock market esp at the end of the day) could be manipulated by terrorists. What a scary thought.

If this was January 2008 now and the economy was like this, I bet everything I own that we would have 2 different candidates for President.

I absolutely agree with you. Without trying to start a fight on this thread with Democrats, the person that I think has the best understanding of the market, economics, and political process is Newt Gingrich.