prole Posted October 7, 2008 Share Posted October 7, 2008 It ain't happenin'. Retirement accounts have lost $2 trillion By JULIE HIRSCHFELD DAVIS, Associated Press Writer 21 minutes ago WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office. As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States. "Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis." More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined. Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts — like 401(k)'s — have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added. "Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said. A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works. Quote Link to comment Share on other sites More sharing options...
ashw_justin Posted October 7, 2008 Share Posted October 7, 2008 Is anyone else becoming annoyed with how intently the media has been trying to construe the fluctuations of imaginary (excuse me "unrealized") inflated market prices as a "loss in wealth?" That "wealth" never existed. Just like at the bank. Quote Link to comment Share on other sites More sharing options...
RuMR Posted October 7, 2008 Share Posted October 7, 2008 hey asshole...why don't you talk to my dad about this?? He was set to retire this year...yeah, it may have been inflated, but the losses sure aren't...you fuckin' douchebag... Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted October 7, 2008 Share Posted October 7, 2008 Yeah. Fuck off, AshHole. Quote Link to comment Share on other sites More sharing options...
ashw_justin Posted October 7, 2008 Share Posted October 7, 2008 Look, my shit is down %30+ on the year too. But give me a fucking break. It's time to stop playing victim and take responsibility for the investment choices we made. We all had the option of buying low-risk bonds and such, but most of us invested in overpriced stocks instead, because we were seduced by the idea of a higher return. Well guess what: higher return usually comes with higher risk. The stock market has experienced dramatic "corrections" three times in my relatively short lifetime, and at least twice before. Don't act surprised. Can't take out a big loan right now? That might be good thing, debt is often a symptom of living beyond one's means. The glass is half full guys. There are healthier and more constructive ways of dealing with the downsides. Quote Link to comment Share on other sites More sharing options...
Stefan Posted October 7, 2008 Share Posted October 7, 2008 My retirement may be down over the last 3 years.... but my retirement is still up over the last 7 years.... Call me when the stock market gets to 3000points. Otherwise, I will retire in about another 30 years. Quote Link to comment Share on other sites More sharing options...
prole Posted October 7, 2008 Author Share Posted October 7, 2008 Can't take out a big loan right now? That might be good thing, debt is often symptom of living beyond one's means. Debt is a symptom of two or three paychecks per family not being enough to afford what's shoved down people's throats as an acceptable quality of life in 21 century America. Quote Link to comment Share on other sites More sharing options...
Stefan Posted October 7, 2008 Share Posted October 7, 2008 hey asshole...why don't you talk to my dad about this?? He was set to retire this year...yeah, it may have been inflated, but the losses sure aren't...you fuckin' douchebag... did he move his money over the past couple of years away from risky stocks and into money market funds and tbills? If he plays with the stock market...then that is the risk you take. Quote Link to comment Share on other sites More sharing options...
RuMR Posted October 7, 2008 Share Posted October 7, 2008 yeah...you punks are right, more power to wall street, they knows what they is doin' alrighty... Quote Link to comment Share on other sites More sharing options...
prole Posted October 7, 2008 Author Share Posted October 7, 2008 If he plays with the stock market...then that is the risk you take. Unless you're "too big (rich) to fail"! Quote Link to comment Share on other sites More sharing options...
ashw_justin Posted October 7, 2008 Share Posted October 7, 2008 Can't take out a big loan right now? That might be good thing, debt is often symptom of living beyond one's means. Debt is a symptom of two or three paychecks per family not being enough to afford what's shoved down people's throats as an acceptable quality of life in 21 century America. Is debt freedom or slavery? There's a fine line. It seems like debt is just as liable to worsen the financial situation of the Average Working American as it is to improve it. Not to mention the role of relaxed lending standards in promoting price inflation. Quote Link to comment Share on other sites More sharing options...
ashw_justin Posted October 7, 2008 Share Posted October 7, 2008 I'm leaving "all" of my money in the bank for you fuckers Quote Link to comment Share on other sites More sharing options...
akhalteke Posted October 7, 2008 Share Posted October 7, 2008 I am up 4.67% in the last month. Quote Link to comment Share on other sites More sharing options...
akhalteke Posted October 7, 2008 Share Posted October 7, 2008 hey asshole...why don't you talk to my dad about this?? He was set to retire this year...yeah, it may have been inflated, but the losses sure aren't...you fuckin' douchebag... Perhaps your father should have been more diversified in his stock choices. May I suggest a spoiler stock such as precious metals? 8D Quote Link to comment Share on other sites More sharing options...
RuMR Posted October 7, 2008 Share Posted October 7, 2008 he has his military retirement still... Dad wasn't playing high stakes...that's the laugher... i hate wall street... Quote Link to comment Share on other sites More sharing options...
akhalteke Posted October 7, 2008 Share Posted October 7, 2008 $1 scratch tickets? Quote Link to comment Share on other sites More sharing options...
Choada_Boy Posted October 7, 2008 Share Posted October 7, 2008 I just hope the market tanks even more, so I can further pad my retirement portfolio. Buy Low!!! Quote Link to comment Share on other sites More sharing options...
akhalteke Posted October 7, 2008 Share Posted October 7, 2008 I am in the same boat man. Kicking it with the bonds while I wait for my moment. I can feel it coming... Quote Link to comment Share on other sites More sharing options...
RuMR Posted October 7, 2008 Share Posted October 7, 2008 laugh it up soldier boy... my dad is 70, he's worked his whole life and wants to just sit back and ski some... its fine when you're young and can wait this out...what are folks that are retirement age supposed to do??? Quote Link to comment Share on other sites More sharing options...
prole Posted October 7, 2008 Author Share Posted October 7, 2008 Yeah, get fragged. Quote Link to comment Share on other sites More sharing options...
dberdinka Posted October 7, 2008 Share Posted October 7, 2008 (edited) its fine when you're young and can wait this out...what are folks that are retirement age supposed to do??? Move in with their children? Edited October 7, 2008 by dberdinka Quote Link to comment Share on other sites More sharing options...
tomtom Posted October 7, 2008 Share Posted October 7, 2008 Look, my shit is down %30+ on the year too. Try adding more fiber to your diet. Quote Link to comment Share on other sites More sharing options...
prole Posted October 7, 2008 Author Share Posted October 7, 2008 its fine when you're young and can wait this out...what are folks that are retirement age supposed to do??? Move in with their children? BINGO! Quote Link to comment Share on other sites More sharing options...
ashw_justin Posted October 7, 2008 Share Posted October 7, 2008 Investing: put all of your eggs in a basket, throw it into the air, expect it to grow wings because nobody else's baskets have hit the ground yet. As the imaginary money vanishes, it seems most sane to reconsider how much real wealth that money represented in the first place. Sooner or later mavericks will get burned leveraging short positions. What goes around comes around. Quote Link to comment Share on other sites More sharing options...
akhalteke Posted October 7, 2008 Share Posted October 7, 2008 Yeah, get fragged. Fragged? Oh, you must be one of those pathetic pimple-faced nerds that plays computer games depicting what I do for a living. You know how many times that I have heard/used that phrase in my live of work? Fucking zero homey. If you really want me "fragged" that badly. I will be at Sea-Tac 15 December 08 at 2100. Have fun with the counter strike kiddo... and go easy on the hot pockets and mountain dew. Quote Link to comment Share on other sites More sharing options...
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