401k question

Discussion in 'The Lounge' started by hardwaterfan, Oct 9, 2008.

  1. hardwaterfan

    hardwaterfan Twinsburg, OH (NE OH, northern edge of Summit Co.)

  2. When I started my 401k I had talked to a money advisor from our company and he told me to always split your 401 into 3 to 4 pieces that was if one takes a hit you don't have large down fall and it has helped with the latest wall steet debacle. But on another note if you can afford it buy buy buy stocks are dropping and you can get in without selling the house. Look AIG was at $1.25 3 weeks ago and their 52 week high was 70.13. Just a thought.

  3. The market is going to rebound, if you have your investments in the right sectors of the market you will stand to make some good money. People see this as a down time, which times are going to be tough, but if you play it smart you can make some good money. When do you buy? When the market is down. All you need to do is take advantage of it!

    Like the post above, diversify!!
  4. got my 401k statement today. i get a statement every 3 months. last 3 months i lost a grand
  5. ParmaBass

    ParmaBass Kiss The Converse

    I'm awaiting my quarterly statement, should be getting it any day now. I usually just glimpse at the bottom line and file it away. I'll be taking a closer look at it this time!

  6. I'm down over 10 grand in the same time period. Notice I did not say lost, lost is something you actually had. This money is "only" on paper.

    I am going to hold course where I am and wait for the eventual recovery. As a matter of fact I just upped the amount of money I put in to take better advantage of this down turn.

    Now with that said, if I were within 5 years of retirement I would surely move the money around to more secure investments.
  7. viper1

    viper1 Senior Member

    The best advise today is if you are retiring with in the next 3-5 years or have retired is to cut your Loses and run. But if your in for the long run 10 years or better ride it out. You don't lose anything till you take it out. The market will come back but probably not for 2-3 years. Right now the biggest loses is from people getting scared and pulling it. I am pulling mine tomorrow because I am disabled and need it to live on now. If I wasn't I'd be buying all I could afford while these prices were down. It would make you tons of money when it rises. I've lost over 40,000. while waiting to see if it was going to be soon.Just my thoughts and a few brokers I know.
  8. harle96

    harle96 Draggin Meat

    You may be down now. If you pull it and change stocks you lose every penny.

    If your young enough to let it sit, your shares are there, just not not woth as much. If it goes up your investment goes back up. I say ride it out.

    Not a financial person at all, but thats the basics. I could be dead wrong.
  9. I am no financial expert either.... but I did stay at a Holiday Inn last night!

    I am only 30 years old. I have been putting into my 401K since college.

    Since the first of this year i have lost (or am down as Weatherby put it) 13K. I know it is not alot as compared to Viper's 40K..... but I have lost almost a 25%.

    It hurts to look at my statements..... but I am sure the market will rebound, therefore I have actually increased my contributions. I am not planning on retiring for another 20 - 25 years.... but in the mean time, I have vowed to NOT look at my syatements, because it makes me sick.

    The only thing good that I have going for me, is that I also have Profit Sharing.... and I work in the Oil Refinery business.... and we all know how they are doing.
  10. going to leave my 401k the way it is.before this country stock market problems i was doing pretty good. i did start me a high interest savings account and 50.00 goes in that account directly for my paycheck. kinda like my backup 401k.
  11. triton175

    triton175 STX 206 Viper

    I'm going to max out my contributions to my 401(k). Stocks are on sale now with all of the panic selling going on.

  12. Buy Buy Buy!!!! Hot Pick FSNGX. Buy Buy Buy!!!!!!!!!
  13. ezbite

    ezbite the Susan Lucci of OGF

    im afraid to look at mine. i lost part of my azz last time these retirement funds were in trouble, this time their saying there even in worse shape than before. i saw 2 articles saying 2 TRILLION(yes trillion) has been lost from retirement accts so far.....so far?? i guess by that statement, its going to get worse. oooh i cant look. im just going to ignore it and look in 10 years.lol.:confused:
  14. Now is not the time to get out. as every one has said (the nervous
    people that are) is compounding the decline in prices.
    Remember that your statement shows "unrealized" gain or loss it's
    only realized when you sell. The market will rebound in time (it always
    has even after 1929) if your holding stock hang on for the ride.
    Soon the wealthy will begin to buy (at thies low prices) and they
    will start climing back up.
    Since Dec. 2007 I've lost about 1/3 of my 401K (unrealized) if I get
    out now it would be a real loss. I'm nevous myself but time is on my
    side, I won't be looking to retire for 12 -15 years.
  15. hardwaterfan

    hardwaterfan Twinsburg, OH (NE OH, northern edge of Summit Co.)

    hopefully i wont have to take my money out for about 26-30 years. i feel terrible for people who have lost a lot and are near retirement. reason being theres no way to predict this kind of swing. well i didnt see it coming.
    i have also upped my % contribution.

    what gets me is in my day to day life everything seems stable and the same from day to day but click CNN or whatever and "wall street" acts like the world is coming to an end.

    looks like the 700 billion taxpayer bailout really helped calm the markets, eh?

    i want my 700 billion back. :D

    part of me thinks after the elections this will all calm down but i could be wrong.

    where is the bottom? is it now do you all think? or is there still more panic selling and margin call selling going on for a while.
  16. 26-30 years to go??? Like everyone says, hang tight right now. If you are getting a little nervous, I would suggest talking with a financial advisor. You are young enough where many people would suggest a more aggressive approach (higher stock content plans) because the risk is higher, but the rewards can be greater, over a longer period of time . As someone also suggested, if you are that nervous, diversify more (send more to the more stable, but lower return, mutual type funds). Now is going to be the time to start investing more, because when it rebounds, the values will start improving quite nicely (remember the old addage..."Buy Low...Sell high".

    The RICH walk amoung us...sorry ltfd596, couldn't pass that one up;) ;)
  17. I've lost the same amount. I'malready maxed on my buys so unless I get into the "sock" I can't put anymore in. I am going to watch it for a few days or so then jump with all I can muster. Guys at work are talking about pulling it all out before they loose it all. I told them if it all goes your 401k will be the least of your worries. You best be worrying about feeding your family.:p

    MLAROSA Loving Life

    I expect to see a bottom in the dow between 4,000 and 6,000 points. There are many advisors and talking heads on TV who see dow reaching the 3,000 level and some even as low as 1987 levels (dow 2,000).

    What we personally done was take all of our 401k and annuities out last year and converted them to hard physical assests.

    Right now the market is in a deflationary phase where prices of everything seem to be cheap. Stocks as well as commodities appear to be extremly over sold right now, and thus we have began contributing the max in our 401k's again. What I expect is a strong inflationary period to occure sometime in the next two years. I expect this inflationary period to be much like things were in the late 70's early 80's, where you have high unemployment, fuel shortages and high intrest loans for homes.

    If your planning on needing your money in your 401k's in the next 5 years, I would probably take it out now and pay the penalty. If you are young and patient enough to wait it out, I would continue to contribute to your 401k's and maybe even increase your contributions.

    Remember one thing when you talk to a 'finacial advisor', they only get paid when you have money in an account with them. Ask yourself if the advice you are recieving is benificial to you, or them.

    I think it's best to spend time doing your own research and making your own decisions on whats best for you and your family.