401k???
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Hotshot
Joined: Apr 2004
Posts: 13,589
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From: NW burbs of chicago
401k???
I still havent started a real retiremement investment aand right now II'm not so sure that I want to...
Meltdown calls 401(k)s into question - MSN Money
Meltdown calls 401(k)s into question - MSN Money
Post Fiend
Joined: Nov 2001
Posts: 7,698
Likes: 4
From: Neenah, Wisconsin
If your a few years from retirement....then this meltdown has caused a huge problem....
If you have 20-30 years till retirement...the market will rebound and all that money lost will come back, it may cost you a bit....but far less than it would have cost you had you just put it in a money market at 1%
If you have 20-30 years till retirement...the market will rebound and all that money lost will come back, it may cost you a bit....but far less than it would have cost you had you just put it in a money market at 1%
Moderator
Joined: May 2007
Posts: 158,670
Likes: 12,081
From: Greenfield, MA
Depending on your age...a 401K can still be a good bet. Don't forget...the money isn't taxable until you retire. A Roth IRA could be a good bet for some...after age 59 1/2 your deductions aren't taxed.
Posting Guru
Joined: Sep 2002
Posts: 2,420
Likes: 3
From: Langhorne, PA
the 401K was invented by some good old boys in congress to take care of some rich friends at 2 corporations. It was a tax loophole, designed specifically for some fat cats that lobbied and whined until they got their tax break. It was one page extra of tax code, and then later, someone had the wonderful idea, that millions of workers would start a 401K plan, based on a few flimsy paragraphs of tax law. Well, it worked, we got sucked right in by Wall street.
The 401K scam is feeding money to thousands of fat cats now, we have been brainwashed into thinking it is our only chance to retire comfortably.
The workers pump billions into 401's every year, and about every 5 years the fat pigs take it away, and say.."Oh we're sorry, the market crashed today, but in the long run it is still a safe program".
The 401K sysytem is pure %@#$@$@ ing garbage
DON"T EVEN GET ME STARTED! AAAARGGGGGHHHHH!!!!!
see this...http://www.pbs.org/wgbh/pages/frontl...tirement/view/
The 401K scam is feeding money to thousands of fat cats now, we have been brainwashed into thinking it is our only chance to retire comfortably.
The workers pump billions into 401's every year, and about every 5 years the fat pigs take it away, and say.."Oh we're sorry, the market crashed today, but in the long run it is still a safe program".
The 401K sysytem is pure %@#$@$@ ing garbage
DON"T EVEN GET ME STARTED! AAAARGGGGGHHHHH!!!!!
see this...http://www.pbs.org/wgbh/pages/frontl...tirement/view/
Temporarily Deactivated
Joined: Sep 2008
Posts: 526
Likes: 0
From: North Carolina
You need to max out your contributions to an IRA FIRST. and NEVER mess with a so called "financial planner" Only thing they plan is ways to take money from your account and put it into their pockets.. Most are crooks
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Elder User
Joined: Nov 2003
Posts: 963
Likes: 1
From: wichita kansas
I agree with the IRA first and a 401 is still about the only other option for many people. Finding a good place to go through is hard though. Many are crooks, but some are decent. Ask around to people you know and trust and get opinions. I wouldn't go and put everything with one though. I'd split them at least between two places so that you have less of a chance of getting burned. My wife has a uncle that did his own buying of stock and has done good, but I think it is more for those that are interested in that kind of stuff.
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From: None of your business
Mike
Postmaster
Joined: Sep 2002
Posts: 3,077
Likes: 1
From: None of your business
So then that's not all of your retirement, it's barely even a start.
If you continue to contribute now, you're buying much more with your money than you ever were when the market was high. Instead of buying one share of a company at $100 a share, you're now buying that company at $20 a share and getting 5 shares. So now if the price goes up $1, your making $5 instead of $1.
The market will turn around. It has never gone to 0. You're buying real companies with your money (as well as bonds, mutual funds, etc) and as long as you are invested in quality companies, they will still be around to make you money long term.
The bad thing for you is that you started investing on the up side of the bubble and you got popped.
Mike
If you continue to contribute now, you're buying much more with your money than you ever were when the market was high. Instead of buying one share of a company at $100 a share, you're now buying that company at $20 a share and getting 5 shares. So now if the price goes up $1, your making $5 instead of $1.
The market will turn around. It has never gone to 0. You're buying real companies with your money (as well as bonds, mutual funds, etc) and as long as you are invested in quality companies, they will still be around to make you money long term.
The bad thing for you is that you started investing on the up side of the bubble and you got popped.
Mike
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