$2 TRILLION Lost

[Johan]

Retirement accounts have lost two trillion in value in the past 15 months. (http://www.breitbart.com/article.php?id=D93LQUFO0&show_article=1)

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.

So, the value of their holdings has dropped substantially. Couple that with:

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.

Putting less in means having less later, as well! Couple that with:

The worst real estate crisis since the Great Depression! (http://www.webwire.com/ViewPressRel.asp?aId=50032)

More than 250 cities housing markets in all 50 U.S. states are tracked by Housing Predictor and the overwhelming majority are seeing home prices fall, many at the fastest rate of deflation they have seen since the 1930’s.

We have a perfect storm a'brewin! Anyone near retirement? Anyone laid off? Pay cuts?

[pseudopseudo]

I thought this thread was going to be about the $2-3 trillion that went missing from the Pentagon a few years ago. (It's been brought up quite a few times lately with all the uproar about the bailout.)

[Midrael]

My dad is right at retirement age. Couple that with the fact that he just put his house on the market and is trying to sell it so that he can move down closer to his dad. I don't envy him at the moment.

[TheEpicOfTyler]

I thought this thread was going to be about the $2-3 trillion that went missing from the Pentagon a few years ago. (It's been brought up quite a few times lately with all the uproar about the bailout.)

Wasn't there some story about billions of dollars lost in Iraq somewhere? (Not a jab at the war, but actual paper US dollars in transit somewhere in Iraq)

[Johan]

Wasn't there some story about billions of dollars lost in Iraq somewhere? (Not a jab at the war, but actual paper US dollars in transit somewhere in Iraq)

Those dollars weren't lost; they were strategically placed in the pockets of KBR executives, for national security reasons. ;)

[Scaryfaced]

Those dollars weren't lost; they were strategically placed in the pockets of KBR executives, for national security reasons. ;)

Actually, If I'm thinking of the same event, they gave something like 13 billion in cash to the then newly established Iraqi government's financial advisor, I forget the exact title. They air lifted in pallets of american currency...litterally tons of cash with absolutely no oversight and just gave it to the guy. He promptly stole it and fled to Jordan, where he lives like a king. He's outside of any jurisdition the US has and basically got off scott free.

I pretty sure that's what he's refering to. Though, honestly, is anyone suprised by these big announcement anymore? Failures are just par for the course.
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[dotbomb]

My 401k has lost 40% in the recent weeks. Yay for government sponsored economic stimulus packages that saddle me with even more tax debt.

[Johan]

They air lifted in pallets of american currency...litterally tons of cash with absolutely no oversight and just gave it to the guy. He promptly stole it and fled to Jordan, where he lives like a king.

After my initial negative reaction to seeing this (which doesn't surprise me...we're wasting money? Sadly, not a shock), I found myself thinking, "we'll just print more!"

Is that sad, or what? :(

My 401k has lost 40% in the recent weeks. Yay for government sponsored economic stimulus packages that saddle me with even more tax debt.

But...it's necessary for you to take on more debt, as a part of your patriotic duty as a taxpayer, and in order for the CEOs of the companies in your 401k to actually be able to cash in their stock options and parachute out of town!

Or, something...

[cppcrusader]

This makes me glad I still have yet to contribute anything to my 401k.

[Norse]

In times like this I'm pretty happy to live where I live.

[Midrael]

This makes me glad I still have yet to contribute anything to my 401k.

Yeah, for the first time, I'm glad that I've been a little lazy in terms of figuring out how to invest my savings. Hooray procrastination! And they always said it would get me into trouble. :D

[Commissar Rob]

Yeah, between declines in the 401(k) and the just stellar performance of the kids' 529's...ugh. My stomach isn't doing too hot.

So where else to you put money? Debt's pretty much crap. So that leaves...gold? Commodities? Plasma rifles?

[Scaryfaced]

Invest in the military industrial complex. It's never going out of buisness.
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[cppcrusader]

Yeah, for the first time, I'm glad that I've been a little lazy in terms of figuring out how to invest my savings. Hooray procrastination! And they always said it would get me into trouble. :D

No kidding, my uncle's been calling me an idiot because of it for the last three years. I'd be lying if I said I won't get some small amount of satisfaction when I point this out to him come Thanksgiving.

[dotbomb]

So where else to you put money? Debt's pretty much crap. So that leaves...gold? Commodities? Plasma rifles?

Actually the debt I secured last year is probably my best investment right now given inflation.

I have 1/3 "cash" in my 401k and 2/3 cash in bank accounts. So I'm losing money on both of those (market crash and inflation).

You can buy gold if you think it will take a while to climb out of this mess. Otherwise you are buying gold at an inflated price. Historically you could argue now is the time to put cash into stocks. But who wants to tie up their cash that they may need to buy seed, rifles, ammo, and camping gear?

[Slack3r78]

A7MvXUDrZ0Q

[Scaryfaced]

A7MvXUDrZ0Q

Wow. Just...wow. I feel depressed all of a sudden. Weren't we 3 trillion in the hole a few weeks ago?

Just for some icing on the cake, here's a little article on the spending habits of AIG after recieving their 85 billion handout. $442,000 for a week long retreat? (http://www.nytimes.com/2008/10/08/business/economy/08insure.html?_r=1&hp&oref=slogin) Thanks for the money, sucker!
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Buddy Vaporizer (http://vaporizer.org)

[Harv]

Considering I won't be using that 401k money for about 30 years I just consider that I'm getting a really good price on the shares I'm buying right now.

[sparkfizt]

Considering I won't be using that 401k money for about 30 years I just consider that I'm getting a really good price on the shares I'm buying right now.

Hell yeah, just think of it as the stocks being on sale right now! =D

[Johan]

Invest in the military industrial complex. It's never going out of buisness.

Hahaha! :cries: Too true!

Oh, and did I say two trillion? I meant to say FIFTY THREE TRILLION. (http://www.cnn.com/2008/POLITICS/10/06/walker.bailout/index.html)

The nation's real tab, on the other hand, amounted to $53 trillion as of the end of the last fiscal year. That was the sum of our public debt; accrued civilian and military retirement benefits; unfunded, promised Social Security and Medicare benefits; and other financial obligations -- all according to the government's most recent financial statement of September 30, 2007.

Hahahahaha...ad infinitum. :( Pretty soon, it won't just be China's banks that won't loan to us. We'll be using dollars for toilet paper. It'll be cheaper than the real thing. It WILL BE the real thing.

[Church42]

20% decline? That's pretty conservative...I've lost maybe 25-30% (rough estimation).

Fortunately I was kinda stupid when I started my 401 and didn't know I had to actually pick funds, so for about 18 months I was contributing to a money market which makes up 1/2 of my 401k now...yay me! So really, I've lost maybe 25% of the value I've contributed to the other 1/2 of my 401....in a few months I think I'll probably move that liquid cash into funds and cash in while the stocks are cheap.

[Xerxes]

Actually, If I'm thinking of the same event, they gave something like 13 billion in cash to the then newly established Iraqi government's financial advisor, I forget the exact title. They air lifted in pallets of american currency...litterally tons of cash with absolutely no oversight and just gave it to the guy. He promptly stole it and fled to Jordan, where he lives like a king. He's outside of any jurisdition the US has and basically got off scott free.

I pretty sure that's what he's refering to. Though, honestly, is anyone suprised by these big announcement anymore? Failures are just par for the course.

That's it, I'm creating my own personal Third Echelon operation. :rolleyes:

Hmm, or maybe it should be an A-Team.

[Karmakin]

I don't make enough to put anything into retirement. *shrug*

Edit:Maybe it's just jealousy, but I don't see how the markets are sustainable in the first place. I don't see where the liquidity is in place to deal with a situation where a large portion of individuals are looking to take their money out of the markets.

The fact that I'm predicting such a situation (when the boomer generation starts to retire and goes to pull out their retirement funds), means that I'm not too keen on the markets at all.

[Kagger]

I put some of my money in a mutual fund a few months ago. My dad says to ride it out.

We are a small amount of a money in the big picture...but a lot for someone my age heh.

[VerseD]

I haven't started saving for retirement, although I was on the verge of starting an IRA before this whole apocalypse thing. Right now all my money's safe in a high interest account. Well, as safe as it can be outside of my mattress.

I do have a lot of relatives who were on the cusp of retirement, and this has hit them hard. My parents lost a lot of money, but hopefully they can regain in when the market comes back.

[Midrael]

Yeah, I've been on the verge of doing some investing for quite a while. Right now, my money's just all in a high interest savings account. I guess that's about as good as anywhere about now! :)

[BlackPete]

I'd argue that money never existed in the first place :) The market was wayyyy overvalued to insane levels, and it was due for a massive correction.

Or you could look at it this way: It's not a loss unless you sell. :)

[Khrymsyn]

Oh, it's definitely a loss. When you've got less money in your 401k now than you did at the start of the year, you've lost. We're not talking a situation where you arne't making gains, we're talking to where you look at your account and the xxxx$ you've put so far this year have just "dissapeared"

[Johan]

I haven't started saving for retirement

Don't worry about it. By the time you retire, the word/concept of retirement will be extinct, and every person over 80 will be a greeter at Wal-Mart.

True story. I've seen the future, and it is bleak. Party on!

[Rock Bandit]

So would now be a good time for us all to pool our money together and buy our own island? Forget this whole website thing, we need to start colonizing 4 realz.

[Bad Buddha]

Can we move this to the P&R forum?

[Johan]

Can we move this to the P&R forum?

You are such a bad, bad Buddha! :)

[VerseD]

Don't worry about it. By the time you retire, the word/concept of retirement will be extinct, and every person over 80 will be a greeter at Wal-Mart.

True story. I've seen the future, and it is bleak. Party on!

I'm moving to Canada/France!