401k? I don't need no steenking 401k...

[aj_law]

 

[vinman3]

Sure glad we bailed the fat cats out. Fucking Retards!

[Finnegans Wake]

I have an idea.

Let's privatize Social Security! 

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

[vinman3]

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.

[Finnegans Wake]

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.

[aj_law]

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.

[jonzr]

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.

[Finnegans Wake]

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.

[aj_law]

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??

[Finnegans Wake]

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.