1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Are you worried?

Discussion in 'BBS Hangout' started by DaRock1, Sep 29, 2008.

  1. DaRock1

    DaRock1 Member

    Joined:
    Aug 20, 2007
    Messages:
    588
    Likes Received:
    0
    ...about your retirement...the 401K...the SEP-IRA...etc...?

    With the way that the stock market is crumbling, I am thinking I may have to delay my retirement by 5 years.
     
  2. mic

    mic Member

    Joined:
    Feb 22, 2008
    Messages:
    2,405
    Likes Received:
    28
    Of course I'm worried. I'm a college graduate who barely makes sh-t to begin with, and what little retirement I've saved/am saving up ... well, let's just say I'm expecting the worst.

    I'm not panicking, but I'm certainly concerned.

    Concerned for my parents, too.
     
  3. Franchise3

    Franchise3 Member

    Joined:
    Apr 9, 2000
    Messages:
    3,138
    Likes Received:
    30
    Going to graduate from law school next spring with 6 figures in debt. So yeah...I'm very concerned.
     
  4. Air Langhi

    Air Langhi Contributing Member

    Joined:
    Aug 26, 2000
    Messages:
    21,945
    Likes Received:
    6,696
    I took all my money out of the market the time when the market jumped to 11.5k. I am up 10% for the year. I am just waiting for the right sign to jump back in. I might do it today or tomorrow.
     
  5. SwoLy-D

    SwoLy-D Member

    Joined:
    Jul 20, 2001
    Messages:
    37,618
    Likes Received:
    1,456
    In MEXICO, when the dollar was up to 3000+ pesos, banks were empty. :eek:
     
  6. Davidoff

    Davidoff Member

    Joined:
    Feb 18, 2004
    Messages:
    5,643
    Likes Received:
    9
    Nah, we'll have social security to take care of us.. :rolleyes:

    I'm down 15% for the year in my retirement.. YAY!!!!
     
  7. ima_drummer2k

    ima_drummer2k Member

    Joined:
    Oct 18, 2002
    Messages:
    36,425
    Likes Received:
    9,373
    Not worried at all. I’m leaving all my retirement money in mutual funds. I’m not going to use it for another 30 years or so, so why should I worry about what’s happening now?

    The sky is not falling.
     
  8. rrj_gamz

    rrj_gamz Member

    Joined:
    Aug 15, 2002
    Messages:
    15,595
    Likes Received:
    198
    We switched companies this year and one of the smartest things I did was to do nothing and leave my money in the low risk bonds it automatically put it in...

    capital preservation I say...
     
  9. JuanValdez

    JuanValdez Member

    Joined:
    Feb 14, 1999
    Messages:
    35,066
    Likes Received:
    15,245
    I'm not worried about my retirement. It is decades away.
     
  10. Supermac34

    Supermac34 President, Von Wafer Fan Club

    Joined:
    Mar 31, 2000
    Messages:
    7,110
    Likes Received:
    2,457
    People under 40 shouldn't be all that worried. Look at it as a time to buy up underpriced stuff in the next 18 months or however long this lasts.

    People close to retirement? It'll hurt bad.
     
  11. RocketMan Tex

    RocketMan Tex Member

    Joined:
    Feb 15, 1999
    Messages:
    18,452
    Likes Received:
    119
    Not worried. I'm 47. I've still got 13+ years until it's time to retire. Just wish I would have gone to all cash a little sooner.
     
  12. Hayesfan

    Hayesfan Member

    Joined:
    Nov 3, 2006
    Messages:
    10,911
    Likes Received:
    377
    Personally since I was silly enough to not contribute to a 401k and I have no investments the only thing I am worried about is the value of my house and becoming unemployed.

    I have heard that the only people who have to worry are the ones with over 50k invested in IRAs or 401ks.

    That doesn't mean it's right, just means that's what I have heard
     
  13. ScriboErgoSum

    ScriboErgoSum Member
    Supporting Member

    Joined:
    Aug 5, 2002
    Messages:
    3,149
    Likes Received:
    387
    You have to be concerned about the short term losses that are you sure to pile up. Long term I have moderate faith in the American economy to right itself, although it's clear we have been in an artificial bubble of growth. Markets will recover, and people will have money again, but don't expect recovery to shoot back up today's levels for quite some time.

    A lot of people will still lose their homes. That affects my wife and me. We wanted to put our house up on the market this year to get a place more appropriate for a small child. We've got a fixed loan, so we're not worried about that. However, it will probably be summer 2010 or beyond before we actually put it on the market. A lot of people are going to be in this position. Why sell your home when you'll take a beating for it? At least we're fortunate enough to be able to afford it.

    My 401(k) has consistently been losing money, although I managed my funds to be in less risky funds and recently switched to guaranteed income funds. GIC's have a low return values, but better a small positive than a large negative return.

    The company I work for manages 401(k)'s and other retirement plans (from compliance, IRS, and government regulations; we don't deal on the investment side of things). We get some of our money directly through the clients, but we also get percentages of total client assets with various vendors (John Hancock, ING, Hartford, etc.). Market values are crashing right now and people are pulling money out of their retirement plans. That means less revenue for my company, although it is offset some by the fees we charge for loans and distributions. I am concerned how current economic conditions will affect the future of our business.
     
  14. yobod

    yobod Member

    Joined:
    Jun 23, 2002
    Messages:
    2,569
    Likes Received:
    40
    Anybody under the age of 50 really shouldn't be worried at this point. In the long term, there is no way the American economy is going to feel ramifications that would cause someone who has 10+ years of working ahead of them any real problems. In fact, for those of us who are under the age of 30 (especially if you are single, or without children, therefore able to take more risks), this could be viewed as the perfect opportunity to really acquire some long-term stocks that were otherwise out of your price range. You might feel the pinch in the short-term, but things will shake themselves out eventually.
     
  15. bejezuz

    bejezuz Member

    Joined:
    Jun 26, 2002
    Messages:
    2,772
    Likes Received:
    69
    I know how you feel. I graduated in May, and I just found a job last week. It's a government job, so I'll be making bupkis. My gross salary pre-law school was higher, not even counting my loan payments. It's going to be tight for me for a couple of years.

    Could be worse. I've heard people in my class who got big firm jobs bought luxury cars using their offer letters, BEFORE the bar. If it keeps getting worse, a lot of those people's six figure jobs are going to be at risk.
     
    #15 bejezuz, Sep 29, 2008
    Last edited: Sep 29, 2008
  16. mazyar

    mazyar Member

    Joined:
    Jun 10, 2008
    Messages:
    1,447
    Likes Received:
    17
    Right now I'm more worried about getting layed off.
     
  17. ima_drummer2k

    ima_drummer2k Member

    Joined:
    Oct 18, 2002
    Messages:
    36,425
    Likes Received:
    9,373
    You've got 40 years before you retire. What exactly are you concerned about?

    Hell, if you just graduated from college and are already contributing to your retirement, you are already WAY ahead of the game.

    Sometimes I wonder if all these cable news channels telling everyone the sky is falling are part of the problem.
     
  18. Festeral Otto

    Festeral Otto Member

    Joined:
    Aug 13, 2001
    Messages:
    183
    Likes Received:
    2

    This is real concern we should all have. When companies can't borrow money, they must cut expenses. In the short term the easiest thing for a company (in Texas) to cut is Labor.

    This is just the tip of the iceberg
     
  19. weslinder

    weslinder Member

    Joined:
    Jun 27, 2006
    Messages:
    12,983
    Likes Received:
    291
    I've been out of the market since March. I did well early this year, and bailed. I'm excited about the prospect of getting some bargains in the next couple of months.
     
  20. droxford

    droxford Member

    Joined:
    Oct 26, 2001
    Messages:
    10,598
    Likes Received:
    2,131
    The way we're going, the U.S. will end up being very much like Mexico.
     

Share This Page