Loss of retirement money is upsetting.

[klmall]

Yeah! It is all timing isn't it? We're at retirement age and can't! We've lost 50% of our money and can't sell our house in this market. We bought land to build our retirement home on and can't build unless we sell so we're stuck in a house we have to work to support!

I did retire for a year but I was lucky enough to find a decent job.

At least we have our health and decent insurance but DH can't retire unless he goes out and finds a job too. DS graduated from college last year and has a job but he doesn't really like it. We're really encouraging him to hang in there!

Our financial advisor's brother has 3 children in college and just lost his job. He is 55 and little hope of finding a job in Michigan.

So we're trying to get used to the fact that our house is worth only 3/4 of what it was 1 year ago and our TSAs etc. are worth only 1/2 as much as they were a year ago!

 

[mickeysgal]

TRUE[/B] Bailout plan would allow people to take some $ out of their 401K's (for financial help & to salvage something) without any penalties.

THANK YOU!!! I've been saying that all along.

I guess it's ok for the 401K to go down the drain in the market, but not ok for me to use it (without payment) to payoff major investment items - like my house.

 

[punkin]

Can I cry about my kids' college savings? At least my retirement has another 25 or so years to recover. My kids need their money NOW.

 

[mickeysgal]

What bothers me is all the experts saying that things will recover. Sure they will, but how many years, if not decades will it take to recover to the place that we were? Many of us were still building on our retirement, not done yet with the overall savings needed. We may recover, but our investments will not be at the point they need to be to adequately retire.

Where will that leave people when they need to retire? They may know that they have to work, but they may not be physically able. It will leave them holding onto whatever they managed to salvage financially and banking on social security (yeah, right).

 

[wilderness01]

I'm sick about it as well. All these years of sacrificing and at least 40% is also gone. My kids took a huge hit in their college funds as well. Retirement is 9 years away for my husband so yes, I am a little worried.

 

[JimFitz]

In general you really haven't lost anything as long as you do not lock in your losses by pulling out now.

The market of course will go back up.

If you are near retirement and need to start pulling it out then there would be more concern.

I'm actually increasing my contribution soon while prices are low to try to make up for the 6-9 months of growth we've lost.

There is no guarantee the market will go back up.

 

[MarkBarbieri]

It is definitely depressing. I have an annual exercise in which I project out our retirement savings, social security, and pension and estimate when I can retire at various income levels. I had to add several years and reduce my expected retirement income. I've still got many years before I retire, so I'm hoping that things recover.

I'll say this. I won't soon forget this lesson. I'll be much more careful about how I allocate my portfolio as I get closer to retirement.

 

[wdwmom0f3]

My dad went to his broker today and was so upset to see that he is down 500 thousand. He knew it was bad, but that's just awful. He just retired too. I pray for things to turn around fast. Right now, it looks like there is no end in sight. It's a very sad situation.

 

[DisneyBamaFan]

My dad went to his broker today and was so upset to see that he is down 500 thousand. He knew it was bad, but that's just awful. He just retired too. I pray for things to turn around fast. Right now, it looks like there is no end in sight. It's a very sad situation.

Wow! I hope to, some day, have enough to lose that much.

 

[wdwmom0f3]

Wow! I hope to, some day, have enough to lose that much.

Me too, but he has had this money in there for a while. It's just over half of his retirement that he lost in a year, and the market was down again today. I almost hate talking to him on the phone because he updates me everyday. I know if it's stressful for me, I can't imagine how he feels.

I'm keeping mine in the bank.

 

[Cool-Beans]

I know I sound like a broken record, but here goes (again): The smart money is betting against America.

If you gamble your money on Americans, you'll lose it. The country is sinking and will go belly up eventually...starting to look like sooner rather than later.

The folks who have been betting against America are already starting to see the rewards of that.

If you can't play to win because it is too complicated, at least hold on to your dough and don't gamble it on the losing team.

It is one thing to love your country; it's another to go down with the ship.

That's my opinion, FWIW.

 

["Got Disney"]

DH and I have been saving in our retirement funds since we were 22 ...we are know 51 and 54. We have lost hundreds of thousands 4 times already....we are done throwing our money in the market.

We have not even looked this time to see what we have lost. The market is so batty that I get a headache watching it go up than down up than down...and when it goes up it only makes it to about 200 before it dives again.

We will not take what is in there out but we are also not investing very much each mo. anymore....maybe $200 at the most. We are sick to death about this AGAIN....but that's the market for ya....

WE have virtually no debt...not credit card debt at all....we have a roof over our heads and we still feel blessed.

The kids college funds are shot also after this fiasco. We will be saving the cash in the bank from know on for that. They are 15 and 12 and so hopefully we can save what was lost for college.

Hang in there everyone.... and watch Suzy Orman

 

[OctMtnWoods]

Yesterday we ended up moving the money in DH's TSP account from 3 stock related funds (C,S & I) to hopefully a somewhat safer G fund. I'm kicking myself for not thinking about doing that earlier. That could have saved some of it at least. Someone suggested it to me on the DIS yesterday morning. Oh how I wish I had asked that a year ago.

I also changed future contributions to the G fund, but DH wants to keep them going into C,S & I to buy at these sale prices. We'll make a decision on that & change it again.

Hopefully, as market continues to fall, our losses won't be as large now. Fingers crossed.

My 78 yr old dad moved his out of market yesterday and into money market & will be splitting some into CDs. He's done. Has to suck it up & pay the taxes on it. He also lost 50% but says he'll be ok. It wasn't money they live on, nor were the earnings.

With Europe & China being worse off than us right now, I don't really see the US turning around before getting worse. And Obama really doesn't make me feel any better about the situation every time he speaks.

 

[DawnCt1]

I know I sound like a broken record, but here goes (again): The smart money is betting against America.

If you gamble your money on Americans, you'll lose it. The country is sinking and will go belly up eventually...starting to look like sooner rather than later.

The folks who have been betting against America are already starting to see the rewards of that.

If you can't play to win because it is too complicated, at least hold on to your dough and don't gamble it on the losing team.

It is one thing to love your country; it's another to go down with the ship.

That's my opinion, FWIW.

America isn't sinking. It is being torpedoed by an Administration who is providing no direction. Paul Volcker has been hidden in the attic. Obma is now heading on disasterous course of tax and spend, more government programs, etc. Everything Obama has proposed has hurt the market. It is an outrage. This is a radical administration supported by a radical congress who lines their own pockets. Until they take care of the bank problems nothing else matters. What are they talking about now. Cap and Trade. More taxes for corporations, more taxes for Americans, more dependency on foreign oil because we can't drill here or off shore. He is an unmitigated disaster.

 

[Carly_Roach]

America isn't sinking. It is being torpedoed by an Administration who is providing no direction. Paul Volcker has been hidden in the attic. Obma is now heading on disasterous course of tax and spend, more government programs, etc. Everything Obama has proposed has hurt the market. It is an outrage. This is a radical administration supported by a radical congress who lines their own pockets. Until they take care of the bank problems nothing else matters. What are they talking about now. Cap and Trade. More taxes for corporations, more taxes for Americans, more dependency on foreign oil because we can't drill here or off shore. He is an unmitigated disaster.

Cool! Then we know how to solve the problem now, don't we? Kill Obama and then everything will go back to being sweet again.

 

[mickeysgal]

If you can't play to win because it is too complicated, at least hold on to your dough and don't gamble it on the losing team.

It is one thing to love your country; it's another to go down with the ship.

That's my opinion, FWIW.

Hold it where? Where is it truly safe?

 

[DawnCt1]

Cool! Then we know how to solve the problem now, don't we? Kill Obama and then everything will go back to being sweet again.

What an absurd comment! The congress and senate are complicit in this travesty and Obama doesn't know what he doesn't know. Its an awful combination. I do agree though, we got here in part by greed. Greed on the part of many people who voted for this, hoping to get something more for "free". Something that they don't earn and have no equity in. Obama waged an election using class warfare. He has taken it to an art form.

 

[hentob]

Kill Obama and then everything will go back to being sweet again.

Oh my.

Wink smiley or not, please give me a break.

 

[Teejay32]

I know I sound like a broken record, but here goes (again): The smart money is betting against America.

If you gamble your money on Americans, you'll lose it. The country is sinking and will go belly up eventually...starting to look like sooner rather than later.

The folks who have been betting against America are already starting to see the rewards of that.

If you can't play to win because it is too complicated, at least hold on to your dough and don't gamble it on the losing team.

It is one thing to love your country; it's another to go down with the ship.

That's my opinion, FWIW.

I disagree, FWIW. My stocks, 401K and kids' college funds have tanked as well. I'm at least two decades from retirement, but I've owned stocks since 1975. (A gift for starting Kindergarten. My family's a little odd.) I don't have a lot though, and what I do have took a long time to accumulate. In typical fence-sitting fashion I've lately switched to cash accounts and bought stocks, sometimes in the same week. I have no reason to bet against this country, and very little understanding of why people would. My main priorities were getting rid of debt and having access to about 6 months in living expenses. That having been settled, I'll be going along for the full ride.

 

[DisneyBamaFan]

Cool! Then we know how to solve the problem now, don't we? Kill Obama and then everything will go back to being sweet again.

We all know that you are joking, but the Secret Service might not believe you...