how are other's doing? I've been putting in the max contrib for 8+ years. in the past few weeks my 401K has gone down almost more than what I make in a year (before taxes). it's 69% of what it was before. sucks cause I was finally over the $100K line and now I'm not.

i dont have one, but my friend lost 8 grand last month alone.

is he retiring soon?

no, so his financial planner told him not to sweat it. but still, thats an ass load of money.

this is all money that I can't touch for how many years?

I'm gonna have to check on mine soon I guess since I don't pay attention to it. I started it when I turned 21 and I think I'm up to over $10k.

lost 9 grand in 2 weeks. Been putting in the max too. I know it's actually a good thing since I'm not retiring anytime soon and I'm buying more shares at a lower price but it just sucks to see your investment instantly cut in half like that.

now is the time to buy stock. get as much of it as possible.

You can take it out at any time you will just be in a higher tax bracket than if you were at retirement age and lose more in taxes. You can use it as equity to borrow money too.

I didn't lose any money in my 401k. pwned.

I looked at originally getting into the 401K thing years ago and with taxes/employer contrib/etc.. it was basically, I put in $350 and it only cost me $75. you would be an idiot not to do that. If you put money in from age 24 to 29, with interest, it will be worth the same at retirement as if you put in month from 30 to 65.

Just started this year, only put in 5% a week, which works out to 20 bucks. I don't make that much so anythings good. I'd put more in but bills stretch me thin. But puttting it away lowers my total income putting me in a lower bracket.

so i'm 23, are you saying i should wait til i'm 30 to start putting in? i'm already on a state retirement plan but of course i'm looking at this too.

I'm 24.

i was the only one at my last job not to contribute to the 401(k) program they had because of shit like what is going on right now.
that is all.

yeah, but if you start putting in now, you are buying SUPER low

I haven't opened my statements in months; I'm afraid to see where my balanace is at this point. I'm just going to wait until things get back to normal (they will) before I start looking again

throw all of your funds into a "non risk" plan

no, then I get all the --- and none of the +++. you switch over at the top of a market. not the bottom

401ks are really dangerous. At least now they are. There really is nobody in the world who can tell you with a certainty that it will go back up. Matter of fact, there isn't a chance of that happening anytime soon. And of course your financial advisors will tell you not to worry bout it, if you pull out then they lose money. My boss just took almost a 15grand hit on taxes, but got his all out, and re-invested in very low risk/gold. I know it sounds crazy, but really really crazy things are happening to the market. All my clients (mostly lawyers) are talking CONSTANTLY now about whether they should pull there 401ks. Tough decision.

anyone else use ING?

this statement is true when there is a foreseeable point in the future when the market should be getting healthier again.

what a coincidence, I just got a call from the financial advisor that works with half of my office. Trying to set up a meeting with me. fuck him.

well, I hope you got my call

I just got my 401k statement in festerday, I lost $1,400 on the last qtr. Not happy.

Yeah I have an ING savings account too. They just lowered the rate again to 2.75%. Lame! It was at like 5% when I first started it and they've done nothing but drop the rate. At least that is FDIC insured up to $100,000 (or now up to $250,000 according to the new bailout plan).

i was thinking about using ING a long time ago

investing in gold? wow, someone's been listening to the shitty commercials on WTKK!

Should've sold heavy industries, short.

well, far as i know it's through an investment firm. And it's serious business. Take a look at what the value of gold has done compared to your 401k.

at the current market value, gold is over priced.

even though i've only had mine for a couple years according to my last statement i didn't lose any money at all. I fucking rule

what was the date on your last statement?

Invest in weapons ;)

My boss made new cookies that say "My 401k" and then there's a big brown pile of shit icing under neath the words. made me lol.