My 401K statement today was a big disappointment

[Erika]

As a bonus in early 2001, my employer had contributed $3,007 to a non matching 401 for my retirement. It took a big hit after 9/11 understandably but it started to slowly build itself back up.

It took a hit last quarter as shown on my earnings statement. I now have $3,479.00 in the 401 after four years.

Bush thinks this is the way to go as a replacement for SS? I don't think so, and there is no guarantee that another 9/11 will not hit it again. We need to get rid of Bush's insane idea of replacing SS with private accounts.

[LittleClarkie]

1. Mine took a hit too

I hadn't realized the market did that badly.

Yeah, that's where I want my Social Security to go. Oh yeah.

[eridani]

2. I just called my 401k broker today

Took everything out of the stock fund and put it in a money market fund. Transferred a buttload of company stock into a stable value fund. Kept an income fund and bond fund the way they were.

I swear I've gotten better returns overall on certificates of deposit at my credit union that with the stock accounts over the last 6 years.

[Erika]

3. We're locked into the 401, handled by Mellon

It was a company bonus that we can't move. I imagine much like Bush's plan. I have bonds drawing a decent percentage and an annuity drawing a 4.6% return not handled by the employer.

[eridani]

5. That sucks

Is there an age-related out? With my plan you are locked into the company stock until you are 55 years old and fully vested. Then you can move it into other accounts if you like.

[Carolab]

4. I could do better in a regular savings account.

In one year my mutual funds account "earned" $65 bucks, net.

Pinch me.

[Erika]

6. Then, when you consider the rate of inflation,

we've been had. I feel fortunate that I have a few bucks to save and then I think of the millions of Americans who earn so little they have nothing to save. That thought is why I contacted my DC GOP rep and said SS was social security (taking care of your brother), not just your self. His response didn't touch on that at all.

[Carolab]

7. I only put mine in for a tax deduction initially.

Then I started to think of it as part of my "retirement plan".

Now I just think of it as a scam.

[Erika]

8. with the bankers winning

Sad, isn't it?

[Melynn]

11. I have kept my 401K in a stable value fund too.

and I have beaten the market the last five years.

[enid602]

9. IRA

Don't kid yourselves. I worked for the same company for 22 years, and now have enough to retire. I continue to work, but only at a job that strikes my fancy. You can't watch your 401K/IRA every single day. Give it time to grow. At fifty, the people I know who aren't fixed for the future are those who did not set aside 401K/IRA money. I hope our government is able/willing to continue the SS benefit we've come to expect, but don't bank on that.

[Erika]

12. I wonder the accuracy of your statement

I know of many who were hurt so badly by 9/11, Enron, etc. that they put off their retirement plans and are still working today. Their investments of many years were wiped out.

[LaPera]

10. Privatize, yes, the answer the republicans who have always ...

wanted to destroy and who have always despised Social Security since its inception, is to convince us that privatization is the answer...Their answer, to demolish SS.

401k's...are there if one wants to invest in the market, (ones choice) However, it obviously speaks for itself...SS is an insurance policy. Unless one wants to see food lines for the working poor, seniors, the disable and loss of a parent, etc.

The facts speak for themselves.

These are cold-hearted conservatives.

[MsTryska]

13. what we need to do is get rid of Bush altogether.

swallowing the bitter pill of a privatized social security would be much easier, if the administration in office wasn't fiscally insane.


and yes we've all got money tied up in the market - but i sincerely hope the economy just stays in the shitter right up until election day 2008.