401 K

[Natural Elements]

Retirement Dreams Disappear With 401(k)s
http://www.cbsnews.com/stories/2009/...n4951968.shtml

[Atom]

That's four hundred and one thousand in technical terms. Just a FYI.

[Natural Elements]

Watch the video if you have the time, and see how the financial industry stolen the money from people retirement 401K savings. Listen how many hidden fees they are taking from them, people don't even know the real numbers, that's pathetic.

http://en.wikipedia.org/wiki/401(k)

[Atom]

Ok, I'll watch it. After I have my Irish coffee.

[Atom]

Hmm..

ok well I guess we can forget about the 401 K's eh?

I must admit that I didn't watch it all, I've a short attention span today.

[Atom]

I think it's the chlorofluorocarbons.

[chaka42]

I think 401k's are still a great retirement option and will keep contributing. On average, most people have lost 30%-40% of what they had in their accounts. I know some that have only lost 20%. A lot of what determines how much you've either lost or gained, which in these times you'd be hardpressed to have gained, is where you have allocated your money. That guy in the interview lost 50%! I don't know what funds he had his money in but they were a bad idea. He probably just listened to his company's broker instead of doing the research himself.

I'm not sure what fees you are referring to, because the only fees applicable to a 401k come when you have borrowed money from it, or have taken it out before age 59 1/2. Which is also just idiotic to do.

While I feel bad for the folks who have lost much of their savings, the fact of the matter remains. Those who have lost more than the average weren't diligent enough to find the best funds for their money. And, in reality, those folks who's employers match, what they have lost is not nearly as much as they think. They simply lost the match.

Sorry, but I will just not participate in the victim mentality that people are taking. I'm sick of it frankly. We have lost 30% on our money, but it's not the end of the world. And, I'm also of the opinion that things will bounce back as they always have.

[Natural Elements]

Originally Posted by chaka42

I think 401k's are still a great retirement option and will keep contributing. On average, most people have lost 30%-40% of what they had in their accounts. I know some that have only lost 20%. A lot of what determines how much you've either lost or gained, which in these times you'd be hardpressed to have gained, is where you have allocated your money. That guy in the interview lost 50%! I don't know what funds he had his money in but they were a bad idea. He probably just listened to his company's broker instead of doing the research himself.

I'm not sure what fees you are referring to, because the only fees applicable to a 401k come when you have borrowed money from it, or have taken it out before age 59 1/2. Which is also just idiotic to do.

While I feel bad for the folks who have lost much of their savings, the fact of the matter remains. Those who have lost more than the average weren't diligent enough to find the best funds for their money. And, in reality, those folks who's employers match, what they have lost is not nearly as much as they think. They simply lost the match.

Sorry, but I will just not participate in the victim mentality that people are taking. I'm sick of it frankly. We have lost 30% on our money, but it's not the end of the world. And, I'm also of the opinion that things will bounce back as they always have.

You are optimistic, even when you are losing money, that's brilliant.

[chaka42]

Originally Posted by Natural Elements

You are optimistic, even when you are losing money, that's brilliant.

I can be optimistic because I know that, since the inception of the stock market, you can take any 10-year period and see that it's gone up.

[Natural Elements]

I guess you are right, personally I stay away from any stock market investments, so I don't have any unpleasant surprises