401(k)...What was I thinking...

[Bird Hunter]

My company finally got me to start my 401(k) about 2 years ago because it is a great retirement tool... Well, my savings account is going strong and has not been thoroughly raided and ravaged like my 401k has... What a freaking joke....

Anybody out there about to retire and had the rug pulled out from under them ??

 

[skydivr]

I am down about 50%, will have to wait it out.

 

[Aquaman]

if you are about to retire, u are screwed! I lost about 40%, but i'm only a young 44 yr old..I say i just need to ride the wave...

 

[Bird Hunter]

Yeah, I'm 40 but I have a friend who wanted to retire, now he is screwed big time.. The whole 401k thing is pretty crappy it seems. What would of happened if he had retired just before all this hit, thinking his 401k was going to keep him going for the rest of his life...

 

[BlueHaya]

You should have your money in a less agressive fund about 3-4 years before retirement.

Only us youngsters should ride the market.....course I am to conservative with my 401k and have 98% in a managed account. I only lost about $2500 on the market drop. I know people who have lost close to 60%.

You need to wait for the upswing now


at 40 you are ok

 

[Bird Hunter]

You should have your money in a less agressive fund about 3-4 years before retirement.

Only us youngsters should ride the market.....course I am to conservative with my 401k and have 98% in a managed account. I only lost about $2500 on the market drop. I know people who have lost close to 60%.

You need to wait for the upswing now

Yeah, I have mine scattered out from aggressive to safe and have lost about 30% so far.. I changed my deposits to go only in the safe to medium risk funds for now, I just hope it all doesn't come crashing down and goodbye to all of it...

 

[Projekt]

You should have your money in a less agressive fund about 3-4 years before retirement.

Only us youngsters should ride the market.....course I am to conservative with my 401k and have 98% in a managed account. I only lost about $2500 on the market drop. I know people who have lost close to 60%.

You need to wait for the upswing now


at 40 you are ok

Exactly, anticipate retirement and use strategy to minimize risk and volatility a few years out.

 

[BusaWhipped]

I switched my 401K to the Guaranteed Growth fund a few years ago in anticipation of the crashing of the same wave that happened in the 80's.

 

[Bird Hunter]

Exactly, anticipate retirement and use strategy to minimize risk and volatility a few years out.

I got ya... I wish I knew more about it, looks like I need to start reading up more on it.. I see where my safest retirement fund is actually better off right now than I have ever seen it. The rest are getting hammered...

 

[runeight]

I would like to thank Barney Franks and Dobbs.

Media Mum on Barney Frank's Fannie Mae Love Connection

Then today he spins it around. Not his fault!

Barney Frank says U.S. is in ‘serious recession’ - BostonHerald.com

Like Brendanp said I will have to ride it out now. To late for guarantee funds.

r8

 

[Aquaman]

you should have your money in a less agressive fund about 3-4 years before retirement.

Only us youngsters should ride the market.....course i am to conservative with my 401k and have 98% in a managed account. I only lost about $2500 on the market drop. I know people who have lost close to 60%.

You need to wait for the upswing now


at 40 you are ok

+100
look, if you are still young, buy cheap..it will come bakk! you have to ride out the storm!!

 

[Bird Hunter]

+100
look, if you are still young, buy cheap..it will come bakk! you have to ride out the storm!!

Do you think it would be wise to go ahead and start putting money back into the aggressive funds to be able to buy more shares for the $$ ??

I was reading where some rich people are doing that, I just don't want to risk losing it all..

 

[MelodicMetalGod]

Like many, I've lost about 30% since late September. However, I have only lost money that my company matched (which I wouldn't have anyway had I not invested in the 401k). Therefore, I still have more than if I hadn't gotten into the game. My own contributions have yet to be impacted by recent market conditions. That said, had I seen the big slide coming, in mid-September I would've been smart to re-allocate to a guaranteed fund from my high-risk/high reward allocations.

At this point, I expect to ride this downturn and, with history as a guide, the market will rebound and so will the 401k landscape. The only real losers here are those who are a) about to retire or b) those who panic and get out before the market rebounds.

Best of luck!

 

[Projekt]

The only real losers here are those who are a) about to retire or b) those who panic and get out before the market rebounds.

Best of luck!

What he said!

 

[Wag]

Generally speaking, I wouldn't move any existing money because then you lock in losses. However, if you evaluate and you decide you have time before retirement, move to more volatile funds. At least within the next three months.

If you're close to retirement, I'd still hang tough. If you have to start making withdrawals in the near future as you retire, just take what you need and leave the rest to grow as it may. It's a tough call. Get some expert advice but be aware that a historical perspective is critical. Get someone who has been around long enough to remember other times like this.

As for me, less than 1% of my retirement is in the stock market. Everything else is in real estate. That may not be so good either but again, as long as we don't sell, there aren't any losses.

Just thinkin' out loud.

--Wag--