Wall Street retirement accounts lose $2,000,000,000,000
This is a fucking shame!
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.
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Coin-er of "Soup"
Coin-er of "Windbreaker"
Betamax will make a comeback!
One of the guards at the gate coming into my community, is 85. He had to get that job b/c of the market and his losses. Sad, said he had about 1M between Roth and other options, and is down to about 200K now. And my grandparents neighbor, guy is 90 and still works investing, but has lost millions, and the other day lost over 1.5M. He's burning through all his cash as now expenses are beyond income, his wife is in a special care home at almost 10K a month alone.
One of the guards at the gate coming into my community, is 85. He had to get that job b/c of the market and his losses. Sad, said he had about 1M between Roth and other options, and is down to about 200K now. And my grandparents neighbor, guy is 90 and still works investing, but has lost millions, and the other day lost over 1.5M. He's burning through all his cash as now expenses are beyond income, his wife is in a special care home at almost 10K a month alone.
How did the old guard lose 80%? The old coot would have to been playing in some very risky shit to lose that percentage. Stupid to do at his age.
I have been advocating all year for people to get into cash in their 401k's. We are in a protracted bear market for the foreseeable future. Sell the rips and buy the dips.
This week we should see a capitulation sell off followed by a strong surge. Maybe even tomorrow morning. I will play the surge and sell it quick.
How did the old guard lose 80%? The old coot would have to been playing in some very risky shit to lose that percentage. Stupid to do at his age.
I have been advocating all year for people to get into cash in their 401k's. We are in a protracted bear market for the foreseeable future. Sell the rips and buy the dips.
This week we should see a capitulation sell off followed by a strong surge. Maybe even tomorrow morning. I will play the surge and sell it quick.
Said took the losses over the last year, was whatever his advisor placed/told him to do and said he made some bad choices himself. Seeing that a lot down here, theres a few things going on where elderly people are going after their advisors. Now in the papers they have advertisements everywhere for lawyers that say something like "did you lose X amount of dollars in this market" or "did your advisor lose X amount blah blah" call so and so.
80 and 90 year old guys playing the market hard and risky with money they can't afford to lose? Isn't that Wall street's job?
Some of the best advice I've ever seen is hold your age in fixed income(bonds, etc.) The 90 year old would then have 10% available to play, and the 80 year old would still have 84% of his net worth.
There are fabulous opportunities coming in stocks and real estate for those with cash.
How did the old guard lose 80%? The old coot would have to been playing in some very risky shit to lose that percentage. Stupid to do at his age.
I have been advocating all year for people to get into cash in their 401k's. We are in a protracted bear market for the foreseeable future. Sell the rips and buy the dips.
This week we should see a capitulation sell off followed by a strong surge. Maybe even tomorrow morning. I will play the surge and sell it quick.
Day traders should be subject to a 50% capital gains tax.
You coming to Bradenton? Richie old me he was trying to talk you into it. The two people I would really like to meet are you and Norm. That should make you feel better.
80 and 90 year old guys playing the market hard and risky with money they can't afford to lose? Isn't that Wall street's job?
Some of the best advice I've ever seen is hold your age in fixed income(bonds, etc.) The 90 year old would then have 10% available to play, and the 80 year old would still have 84% of his net worth.
There are fabulous opportunities coming in stocks and real estate for those with cash.
Current bond prices are really gonna suck when interest rates start to go back up. There is really no place to be in the market right now except CD's and goverment money markets and the returns are shit!
Another glass of wine tonight......well maybe a bottle or two.......this hole deal is bad for everyone......rich, middle, poor......everyone will feel this before it is done...
Current bond prices are really gonna suck when interest rates start to go back up. There is really no place to be in the market right now except CD's and goverment money markets and the returns are shit!
You can make money in either direction. TWM or SDS are ETF double shorts on the Russell 2000 and S&P. Buy and sell them like stocks. I'm not a day trader but in these volatile markets you have to move very fast if you are going to trade at all. I'm playing with about 10% of my portfolio and only sparingly at that. The government changes the rules daily making it a real crap shoot. I do think the trend for the next twelve months is going to be down.
I shit canned financial advisers after all the good advice I received during the tech bubble collapse. It's not that hard to educate yourself on the markets and manage your own portfolio. I've done far better myself than any adviser ever did while charging me a fee.
80 and 90 year old guys playing the market hard and risky with money they can't afford to lose? Isn't that Wall street's job?
Some of the best advice I've ever seen is hold your age in fixed income(bonds, etc.) The 90 year old would then have 10% available to play, and the 80 year old would still have 84% of his net worth.
There are fabulous opportunities coming in stocks and real estate for those with cash.
The 90 year old guy is crazy, still works non-stop although most of the biz is now in his sons hands, I met him and thought he was on a crazy amount of energy drinks, or crack lol. I agree by that age I would have hoped to retire long before with fixed income but the guy just loves investing....just bit him in the ass big time now
Quote:
Originally Posted by sdaddy
Current bond prices are really gonna suck when interest rates start to go back up. There is really no place to be in the market right now except CD's and goverment money markets and the returns are shit!
They need to come out with some type of cd that pays just 1-2% month, not annual bs. They do that, and I'll never touch a stock or other investment again lol.
I shit canned financial advisers after all the good advice I received during the tech bubble collapse. It's not that hard to educate yourself on the markets and manage your own portfolio. I've done far better myself than any adviser ever did while charging me a fee.
My fam has been with Fidelity for something like 20-30 years, along with a few other places. I think their going to be handling everything themselves from now on, especially my grandparents, they've come out ahead on personal stuff vs investment firm/advisor's especially when you take into account the extra mngt fee's and losses. My stuff is at Fidelity as well, pulled out everything but still have Roth account there and account in disciplined equities.
I knew someone with Ameriprise and to me operated like a cookie cutter machine.
You can make money in either direction. TWM or SDS are ETF double shorts on the Russell 2000 and S&P. Buy and sell them like stocks. I'm not a day trader but in these volatile markets you have to move very fast if you are going to trade at all. I'm playing with about 10% of my portfolio and only sparingly at that. The government changes the rules daily making it a real crap shoot. I do think the trend for the next twelve months is going to be down.
You are gonna have to start teaching me this No Man...
Well the good news of this crashing and burning market is it is a grand opportunity to buy stocks on the cheap. I personally am gonna buy stock in Starbucks, since caffine is addictive so you know you are gonna go back. Plus they already had their big decline from opening too many stores too fast.
Probably buy Ford stock as it is pathetically low at almost 2 dollars a share. Figure it is a blue chip, doubt it will go bankrupt as the governement will bail it out if it gets too dangerous.
Bank of America also looks relatively ripe for picking a stock that pays dividends.
Of course I just dabble with chump change. Few thousand in stocks ain't gonna break me if I lose it all, but if I can double or tripple my investment in 5 years I will buy a Ford GT
I would buy stock in Chrysler but that seems to risky with a company that is very uncertain.
No likey GM so blah to them. GE also looks appealing.
The market is like a roller coaster ride. Buy low and sell high.
Of couse my IRA's and 457 are taking a pounding, but I am only 37 and don't plan to retire for another 20 years so I just look to up my contributions now while things are low, then ease off when things go back up.
