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Author Topic: 401k? I don't need no steenking 401k...  (Read 1717 times)
aj_law
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« on: Oct 10, 2008 at 12:45 »

 Angry
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vinman3
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« Reply #1 on: Oct 10, 2008 at 13:05 »

Sure glad we bailed the fat cats out. Fucking Retards!
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Finnegans Wake
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« Reply #2 on: Oct 10, 2008 at 13:08 »

I have an idea.

Let's privatize Social Security! 

You'll earn much more than you would with Government retirement funds!
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vinman3
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« Reply #3 on: Oct 10, 2008 at 13:10 »

I have an idea.

Let's privatize Social Security! 

You'll earn much more than you would with Government retirement funds!

Still think that a portion should be privatized. Still have confidence in the long term market. Though the older I get, the shorter the long term gets.
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Finnegans Wake
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« Reply #4 on: Oct 10, 2008 at 13:38 »

Here's the thing.

No one in their right mind is planning for a comfortable retirement based on SS.  It serves as a safety net, for those who basically got nothing, and increasingly, for those who get screwed by the caprices of the market.  For someone working for Enron, for example, who sees their retirement turn into toilet paper...

IMO, you write off SS as gone money.  And you plan accordingly.  Part of the idea of speculation is that markets do go up and down, though never as wildly as this shit.  If you're close to retirement, this truly bites.  For most of us, we can ride it out and hope for the best.  Might be a while for the rebound.
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aj_law
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« Reply #5 on: Oct 10, 2008 at 14:09 »

IMO, you write off SS as gone money.  And you plan accordingly.  Part of the idea of speculation is that markets do go up and down, though never as wildly as this shit.  If you're close to retirement, this truly bites.  For most of us, we can ride it out and hope for the best.  Might be a while for the rebound.

Um, is there any other option?  Is anyone out there really thinking to themselves that they'll be able to sustain any sort of lifestyle based on what they'll receive from SS?  If so, I guess that's one way to thin out the herd.

I'm not close to retirement, but this fucking hurts.  My 401k is pretty diversified amongst 4 funds, but even then, I was down 22% earlier this week.  I'm literally afraid to look at it today.  I'm guessin...30...maybe 35%?

*vomit*

What makes matters worse is that my employer offers a Fixed Income option which guarantees 6% and change a year.  Basically, it's where folks who are within 5-7 years of retirement put about 50-70% of their funds.

At the beginning of the year, I poo-poo'ed it.  Now?  I'd give a teste to be able to go back and move everything into it.
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jonzr
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« Reply #6 on: Oct 10, 2008 at 14:16 »

I'm afraid to look at my 401K.  It was in ML who just got bought by B of A where I have my checking and a small savings account. 

Just don't sell anything and you won't realize the losses is all I can figure.  It's only numbers on paper at this point.  Unless, as you said, one needs to turn those numbers into $$$ now.  Sucks to be that person.

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Finnegans Wake
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« Reply #7 on: Oct 10, 2008 at 14:42 »

IMO, you write off SS as gone money.  And you plan accordingly.  Part of the idea of speculation is that markets do go up and down, though never as wildly as this shit.  If you're close to retirement, this truly bites.  For most of us, we can ride it out and hope for the best.  Might be a while for the rebound.

Um, is there any other option?  Is anyone out there really thinking to themselves that they'll be able to sustain any sort of lifestyle based on what they'll receive from SS?  If so, I guess that's one way to thin out the herd.

I'm not close to retirement, but this fucking hurts.  My 401k is pretty diversified amongst 4 funds, but even then, I was down 22% earlier this week.  I'm literally afraid to look at it today.  I'm guessin...30...maybe 35%?

*vomit*

What makes matters worse is that my employer offers a Fixed Income option which guarantees 6% and change a year.  Basically, it's where folks who are within 5-7 years of retirement put about 50-70% of their funds.

At the beginning of the year, I poo-poo'ed it.  Now?  I'd give a teste to be able to go back and move everything into it.

Well, I don't think anyone on this board is stupid enough to count on UFOs bringing gilded piles of Social Security wealth undreamt of, etc.  But the national discussion over privatization probably will have a brand new set of talking points.

The statement I got was eerily similar to yours, law, but it's a closed account.  As in, I can't add to it or tap it until I'm a true geezer, but its value goes up or down with the funds invested in.  (The Mrs. and I also have active accounts through the current jobs, which are not as transparent in how the money accrues or any such, but seems to be very stable.)  The closed account had been doing very well, mutuals with different levels of risk/reward, and it looked like I had picked well.  Well.  Until.

It's fucking nerve-racking, for sure.  This must be what it's like to be a Bengals fan, or a Browns fan.  Life sucks, then the next day life sucks, and then the next day life sucks some more.  And then one day, a birght ray of hope enters... And is quickly snuffed out by massive suckage.  A world of shit.

Oh well.  I got a freezer full of beef and a new set of distilling apparatus.  If all else fails I'll grill some burgers and brew dandelion wine.
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aj_law
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« Reply #8 on: Oct 10, 2008 at 14:59 »


Well, I don't think anyone on this board is stupid enough to count on UFOs bringing gilded piles of Social Security wealth undreamt of, etc.  But the national discussion over privatization probably will have a brand new set of talking points.

Nah, I didn't mean here.  I meant generally.  Even with privatization though, anyone counting on it has their head in the sand, IMO.  If it happens...think of it like that inheritance of a long lost rich relative you mentioned on the other thread.  At least, that's how I'm looking at it.

The statement I got was eerily similar to yours, law, but it's a closed account.  As in, I can't add to it or tap it until I'm a true geezer, but its value goes up or down with the funds invested in.  (The Mrs. and I also have active accounts through the current jobs, which are not as transparent in how the money accrues or any such, but seems to be very stable.)  The closed account had been doing very well, mutuals with different levels of risk/reward, and it looked like I had picked well.  Well.  Until.

You never rolled over the old account?  Might be a good chance to get in on the ground floor (HA!) when we get to the bottom (HA!!).

It's fucking nerve-racking, for sure.  This must be what it's like to be a Bengals fan, or a Browns fan.  Life sucks, then the next day life sucks, and then the next day life sucks some more.  And then one day, a birght ray of hope enters... And is quickly snuffed out by massive suckage.  A world of shit.

Oh well.  I got a freezer full of beef and a new set of distilling apparatus.  If all else fails I'll grill some burgers and brew dandelion wine.

Yeah, that's 'prolly a good way to put it.  Although, I think there's more hope in the markets.  I mean, what'll happen first?  A market rebound or another winning season for either of those clowns??
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« Reply #9 on: Oct 10, 2008 at 15:04 »

The old account had all these funky rules.  I wanted to see about rolling it, but it became this hermetically sealed entity.  It was for a relatively short period of employment, about 5 years, so it's just an icing type o' thing.

The sad truth is, I think the market may rebound before either Ohio team.  Interesting question. 
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Big Virgil
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« Reply #10 on: Oct 11, 2008 at 09:31 »

SS certainly won't allow me to continue any kind of lifestyle I desire, but in today's dollars, if you were currently retired and getting $1000 per month, that is a nice extra chunk of change.  My idea of retirement is not having a mortgage payment, not paying for daycare, obviously, no credit card debt, and a maximum of one installment loan (house repairs, car pmt, etc).  Having said that, if I'm not driving to work every day, going out to lunch occasionally, and whatever else, I figure I can still do some traveling and have a decent lifestyle at 3,000 per month.  That actually sounds like a lot.  If 1/3 of that is SS, then that is decent.  Certainly not what it was envisioned to be back in the day.  The X factor is will ther be anything left after the boomers.

Privitization?  I worry about the privater sector bilking the piss out of it.  Someone will gladly take it over and manage it, with 75% of the funds going to administrative costs.

Current market - Buy low baby!!!!!!!!

I have an annuity through an insurance company (hybrid life insurance and annuity wrapped together) that was kicking the crap out of my 401K, before last week.  Might look at throwing some more money at it.
« Last Edit: Oct 11, 2008 at 09:33 by Big Virgil » Logged

Looks like you've been missing a lot of work lately.
I wouldn't say I've been *missing* it, Bob.
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