My 401k

[C91]

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.

[Henry Hawk]

uh...what is the value of the "social security" market??

[Palehorse]

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. . .

[C91]

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?

[Henry Hawk]

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....

[C91]

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.

[Henry Hawk]

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....

[C91]

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.

[Henry Hawk]

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 ...

[Monroe]

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.

[Palehorse]

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. . .

[C91]

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.)

[Monroe]

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.

[C91]

-10.0% as of Friday, January 18.  Good thing company match time is coming up, I guess.

[C91]

-9.7% as of Feb. 29.  Can you feel the progress?