by DJK 22 Replies latest jw friends
Several years ago I considered starting one. Didn't understand it at all. The HR dept where I work had closed and to start a 401K I had to do it online. It was so hard I gave up and never did it.
Yesterday I learned from someone at work that the 401K plan tanked and everyone lost their money. $30K to $40K in just two weeks for most was gone.
Is that really possible? If it is, my ignorance has been my savior.
What is that?
401K is an investment plan for your retirement.
witney thought they had upped the numbers for the anointed....."yeah ..I met one of the 401k"
he he
LOL ninja.
My wife has lost half of her money. I say do something about it. She tries to explain to me it isn't that easy. I just don't understand. I spend 2 dollars a week on the lottery for the last 10 years, break even and she call's me a gambler.
did you put the money you would have saved in a 401K somewhere else?
lisa
did you put the money you would have saved in a 401K somewhere else?
Just a savings account. Over the years the interest rate has dropped to half of a percent. That isn't earning much. I'm still in the company retirement plan that will always grow. Money put in by my employer and I can't contribute to it, that's why the 401 plan is available. If I live and stay employed where I am 12 more years, I could retire with 1 million dollars. After taxes that isn't a lot.
There is no money lost until money from the plan is taken out. If people cash in their 401K's, then that is money lost. That is a mistake right now. The market will eventually recover over time. The time to have made changes/reallocations would have been back in July 08 or so. Also, if you stay contributing to the plan, you are buying at a much lower share price. (Buy low sell high)
Our only retirement is in 401ks from work. We will receive no pensions. It was hard to watch them go down 30-40%. They say to ride it out though and it will balance out.
I sure hope they are right?
