Posted on 11/14/2012 11:30:07 AM PST by Jean S
NEW YORK (Reuters) - Stocks briefly trimmed losses on Wednesday as President Barack Obama pushed for his proposal to have the wealthy pay more in taxes as a way to tame the federal deficit.
Taking a hard line in his opening bid before he begins fiscal talks with U.S. lawmakers later in the week, the president also said he was encouraged that some Republicans have agreed to raising new revenues.
(Excerpt) Read more at news.yahoo.com ...
Frankly, I think it might be a good idea to watch the public see what type of actions their recent decision caused.
Wake me at the next press conference in 2015, when the market is at 5752.38, and the press doesn’t ask one question about the market.
” Frankly, I think it might be a good idea to watch the public see what type of actions their recent decision caused.”
The public is a jackass (Mark Twain)
I’m really not being a smart-aleck here...but what do I do with my 401K money NOW? I realize that I would lose tax money, but is that better than nothing? I could at least pay off my bills and put some of it in my credit union.
not to worry , our side yet again talks about reaching out, giving in and being cowards instead of fighting what was a rigged election, ignore Col West .
Our side are nothing but cowards who move on after the election was rigged and we talk about reaching out and giving in to the left.
WILL some people wake the hell up for once in their lives and speak out
Now -167.
Damn this hurts, hurts and continues to hurt.
The tax ramifications for withdrawing your 401k funds prior to 59 1/2 (with a few exceptions) is steep. Hopefully, some of your 401k investments are in fixed income funds, although even bonds may get hit but nowhere near as bad as stocks can.
Yes.
my husband has reached that magic age.....I’m wondering if he should take out enough to cover the new shop we just had built....his 401 is not that great to begin with...
Talk to your accountant. He can tell you what you stand to lose on tax (now or in 2013) and penalties compared to the interest you're paying on your bills.
Of course, Obama could eventually eliminate the tax benefits of 401k accounts. He could even reduce your Social Security benefits by the amount you have saved (in the name of fairness). The sky's the limit now that the takers hold a majority.
WILL some people wake the hell up for once in their lives and speak out
Well Pelosi woke up and decided to stick around. She can see how close the dems are to retaking the House with bumbling Boehner at the helm of the GOP.
Thanks...yes...I have the majority in “stable funds” now...maybe I’ll just move some more over there!
Not likely. The two biggest complaints about 401k plans right now are the lack of availability for some employees, and the lack of financial guidance for those who are invested.
They already use the amount withdrawn from 401k plans as income towards determining how much of social security is taxed. They might, as you suggested, reduce the social security benefit for those with high income levels in retirement (investments, dividends, IRA/401k, etc.).
The Democrats have thrown that around already not long ago. I expect they will again, in fact the only thing preventing them right now prob. is they don’t control the House.
“the market”
What “market”?? It’s a Federal Tax Pension and Retirement Fund.
Yes it does, lots. You know, Mr. MOguy and I have been on opposite sides on the following question: Get out now, pay down all debt? (that's me). Or believe in the end, it will all work out, if for the only reason that we are damaged, but damaged less than the rest of the world (that's him).
We are currently discussing this....
MOgirl
I’m not a financial expert, so I wouldn’t want to advise you. I will tell you what my thoughts would be. You can take it from there.
I myself might put some of it in precious metals (perhaps some mutual funds with mining stocks), but I would only do that for a small percentage of the funds.
Metals go up, but they can crash in short order too. You’ll only hear about the folks who made money, and will seldom hear of anyone who lost their posterior with them.
The problem with holding on to cash is that it becomes worth less over time. So if you park your funds in a safe account, you may keep the same amount of dollars, but lose lots of value over time.
A few years back, you could buy silver for $12.00 per ounce. Today it’s $32.00 plus. That’s an indication that in a real sense, your dollar is worth that much less.
IMO, if Romney had been elected, the price of silver would have dropped significantly. That’s just my opinion though. Some folks may disagree, and in fact probably do.
My thinking is that he would have done things that would have increased the strength of the dollar. When that is done, the value of things compared to the dollar decline.
Bonds can be good.
Frankly, just about every investment tool has taken a hit over the last five years.
Study stocks, and try to select funds that do well in bad economic times. Some TSAs allow you to pick from a variety of funds.
These are just some hints. As I said before, I’m not a professional or an expert by any means.
When talking to a professional, these can give you some good questions to ask. And I’d like to add, get plenty of advice, and from a number of professionals. Just because someone is a professional, it doesn’t mean they’re good. Form a consensus from their opinions.
Plenty of people have lost money listening to professionals and doing what they say to do. Be careful. Don’t be bashful about asking questions, or disagreeing if you feel inclined to do so. It’s your money to lose.
Almost everyone agrees, you must diversify. Do not put all your funds in one investment package.
If one investment tool fails, you’ll still have the majority of your funds left, if you diversify properly.
Okay, a lot of hot air there. Hope it helps a little.
Cuts loses????- the Dow was down 120 points right after he got done spinning his hate the rich panacea press conference......
Cuts losses? Oops...down 188 right now at 12,568
Gold & Silver went up...now I can buy more lead. :) Keep yappin’, Mr. _Resident; you’re makin’ me a wealthy woman!
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