It's January 10th and my 401k has already lost 4.6% of its value this year. Yes, I chose a moderately aggressive mixture of investments, but still it makes me ponder the notion that some people want to do away with Social Security and let the rest of us schmucks gamble our golden years on the market.
uh...what is the value of the "social security" market??
Quote from: C91 on January 10, 2008, 01:06:07 PM
It's January 10th and my 401k has already lost 4.6% of its value this year. Yes, I chose a moderately aggressive mixture of investments, but still it makes me ponder the notion that some people want to do away with Social Security and let the rest of us schmucks gamble our golden years on the market.
Indeed. My own has lost more due to my aggressive investment mix. I've decided to roll the funds over into an IRA to allow me greater input and freedom in selecting my investments. . . We'll see how that works out for me. . . :rolleyes:
Quote from: Henry Hawk on January 10, 2008, 01:10:49 PM
uh...what is the value of the "social security" market??
Well, unlike my 401k, Social Security is backed by the full faith and credit of the U.S. Government. Of course, the Bush Crime Family sees that as money wasted on old folks that could be better used to kill brown people.
So, by all means Henry, let's eliminate Social Security and return this country to those halcyon days of 1929. At least I picked the right state to move to so I can stockpile apples to sell on the street corner. Anyone have a tin cup?
Quote from: C91 on January 10, 2008, 02:25:58 PM
Well, unlike my 401k, Social Security is backed by the full faith and credit of the U.S. Government. Of course, the Bush Crime Family sees that as money wasted on old folks that could be better used to kill brown people.
So, by all means Henry, let's eliminate Social Security and return this country to those halcyon days of 1929. At least I picked the right state to move to so I can stockpile apples to sell on the street corner. Anyone have a tin cup?
i didn't say eliminate it..................but, there has got to be a better solution than the current one.............and btw, it was in trouble LONG before President Bush was around..........
i don't trust gov to do ANYTHING for me personaly.....especially my retirement......in case you have read the news lately...........SS is broke....
Quote from: Henry Hawk on January 10, 2008, 02:31:24 PM
i don't trust gov to do ANYTHING for me personaly.....especially my retirement......in case you have read the news lately...........SS is broke....
Broke? I guess I'll tell my dad to stop depositing those checks.
Quote from: C91 on January 10, 2008, 03:18:20 PM
Broke? I guess I'll tell my dad to stop depositing those checks.
you dad's money is not the money HE put in it.........and the money your putting into it....will NOT be there for you when it's your turn for it........it IS going bankrupt and it IS NOT a good system...........to much dipping into it for people who it was NOT intended for....
Quote from: Henry Hawk on January 10, 2008, 03:30:40 PM
you dad's money is not the money HE put in it.........and the money your putting into it....will NOT be there for you when it's your turn for it........it IS going bankrupt and it IS NOT a good system...........to much dipping into it for people who it was NOT intended for....
Despite what the GOP talking points say, the SS system is NOT going bankrupt. But you're right about it being deteriorated by people who it was not intended for getting into it. If Congress would only lock the SS away from the general fund, the problem would be well on its way to correcting. Instead, we get to take money out of the SS fund to fund wars of folly and tax cuts for the wealthy.
Quote from: C91 on January 10, 2008, 04:15:45 PM
Despite what the GOP talking points say, the SS system is NOT going bankrupt. But you're right about it being deteriorated by people who it was not intended for getting into it. If Congress would only lock the SS away from the general fund, the problem would be well on its way to correcting. Instead, we get to take money out of the SS fund to fund wars of folly and tax cuts for the wealthy.
exactly.........it is hard to imagine it NOT going bankrupt............especially with the baby boomer generation starting to retire.......that and along with the mis-appropriated spending..........seems very possible ...
The funds brought in by Social Security exceed what goes out in benefits, now, and always have.
That will change in about four years. This is when the slow motion catastrophe begins. Increasingly, benefits will be paid out of general revenue, other taxes.
The way I understand it the plan (nonplan, really) is to just continue to pay the current and projected benefits until the theoretical "surplus" is gone, then cut everyones benefits about 25%.
Everybody knows it won't work but nobody has the guts to fix it because there is no painless way to do that. Bush tried to make things better but we know how that turned out. Democrats in Congress demagogued the issue, taking advantage of the ignorance of their rank and file and others (C91 comes to mind as an example) to kill the measure but the issue remains.
People like C91 who know nothing about SS, or much else apparently, but have strong partisan feelings make it nearly to impossible, politically, to deal with the problem until there is no choice. Meanwhile C91 can blame Bush for a problem which has been developing for over 65 years.
On a personal note, my 401k made about 4 or 5% last year I think, went up and down, it was crazy. Upon retirement..... I can hardly wait.
I did well last year as a whole, but other circumstances had mandated I do something else with the funds. This was the best option open to me at this time. . .
Quote from: Monroe on January 10, 2008, 08:45:20 PM
Meanwhile C91 can blame Bush for a problem which has been developing for over 65 years.
I'm not blaming Bush for the problem, but he hasn't done much to help it. You blame Democrats for demagoguing the issue, but didn't El Presidente float this grand scheme when Republicans controlled both chambers? Seems like if the Republicans believed this would really work to benefit the people, they would have steamrolled it into place like everything else.
Meanwhile, I'm up to -3.9% on the year. (Someone bring out the champagne.)
Quote from: C91 on January 11, 2008, 01:45:07 PM
I'm not blaming Bush for the problem, but he hasn't done much to help it. You blame Democrats for demagoguing the issue, but didn't El Presidente float this grand scheme when Republicans controlled both chambers? Seems like if the Republicans believed this would really work to benefit the people, they would have steamrolled it into place like everything else.
I agree. But the Democrates were able to scare too many people , making it politically impossible for politicians to implement Bush's voluntary plan. Bush tried to start the process of change to some form of permanent viable financial security for us masses. He was thwarted.
It was just a first shot across the bow of public awareness. The issue will be back so we might all just as well educate ourselves about SS so we can make good decisions on what to support.
-10.0% as of Friday, January 18. Good thing company match time is coming up, I guess.
-9.7% as of Feb. 29. Can you feel the progress?
Quote from: C91 on March 03, 2008, 06:25:04 PM
-9.7% as of Feb. 29. Can you feel the progress?
you mean the vast progress by the democratic congress and senate?.... :razz:
-9.2% at the end of March. Progress?
Quote from: Monroe on January 11, 2008, 09:05:44 PM
I agree. But the Democrates were able to scare too many people , making it politically impossible for politicians to implement Bush's voluntary plan. Bush tried to start the process of change to some form of permanent viable financial security for us masses. He was thwarted.
It was just a first shot across the bow of public awareness. The issue will be back so we might all just as well educate ourselves about SS so we can make good decisions on what to support.
Oh puleeze, Mun-ro. The problem is, and has been, not that SS monies should be allowed into the stock market where it can be bled off by Big Business/Wall Street and the vagaries of the market, but that SS monies have been placed in the General Fund to be raided by both Congresses and Presidents instead of being kept separate and drawing interest.
You want to straighten it out? Do a lil' accounting to figure out what the balance with interest less expenses would be had SS monies been separate and drawing interest and then seize the assets of all the living and deceased Presidents and Congress members and their direct inheritors and replace the SS monies they spent and interest they, in essence, stole.
best thing to do is take out a loan from your 401k and pay off other higher intrest debts you have. the intrest you pay goes to yourself then, and at least that portion of your 401k will be making money.
Quote from: awol on May 23, 2008, 07:56:47 PM
best thing to do is take out a loan from your 401k and pay off other higher intrest debts you have. the intrest you pay goes to yourself then, and at least that portion of your 401k will be making money.
The highest interest I'm currently paying on any outstanding debts is 0%.
"the Bush Crime Family sees that as money wasted on old folks that could be better used to kill brown people."
:yes:
-11.9% as of Friday. Thank you Mr. Bush for this strong economy.
-15.5% at close of business Monday.
(But, the economy is strong.)
http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709 (http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709)..
maybe you should take a closer look at the Clinton crime family...THEY have blood on their fingers....
Quote from: Henry Hawk on September 17, 2008, 12:59:00 PM
http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709 (http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709)..
maybe you should take a closer look at the Clinton crime family...THEY have blood on their fingers....
The blood is EVERYWHERE, Hank! Another opinion.....
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/16/AR2008091603732.html (http://www.washingtonpost.com/wp-dyn/content/article/2008/09/16/AR2008091603732.html)
"A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that "the potential for government interference with market forces is not limited to federal regulation." Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country's financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.
That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments."
AIG is part of American General Finanace Company. You know who I mean, those legalized loan sharks that charge 20 -30% interest, and get away with it. If AIG bites the dust (which they won't witht he gov. money) they F'ing deserve it. :rant:
Quote from: Mr442 on September 17, 2008, 02:10:25 PM
AIG is part of American General Finanace Company. You know who I mean, those legalized loan sharks that charge 20 -30% interest, and get away with it. If AIG bites the dust (which they won't witht he gov. money) they F'ing deserve it. :rant:
:yes:
-18.2%. I'm at the point where if I check it each morning, I know the rest of my day can only get better.
DOW UP 40 POINTS IN PAST MONTH... UP 18% PAST 5 YEARS... UP 44% PAST 10 YEARS...
-35.1%. Good thing I've got 30 years before I retire*.
*barring a lotto win.
I have not checked my 401K for a few weeks, and have no intention of doing so for a while longer. For your sanity, I would suggest doing the same. :wink: