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To: LouAvul

Yes, prior to the 2007-8 meltdown, we were able to live off of the interest on the investments in our 401k’s. We actually were increasing our equity in those investments because we did not need all the income that the interest on those investments were providing.
Now, after suffering a 30% loss in our 401k’s thanks to the “investment banks” who got their a$$es saved by the bailout, with current interest rates, we are now consuming our principal. In less than ten years, all of what we put away in the 401k’s will be gone, gone unless they “fvck with the system again” or the government decides to “confiscate” our 401k’s to allow it to continue to pi$$ away more of our money. We are in relatively good shape because we have other assets that we can turn into cash if the need arises, but I am sure we are not the norm for those who are retired and were counting on their 401k investments to carry them to their graves. If Trump actually revives our country, he’s going to need to go on a prison building program so he can house those financial criminals and government employees who are responsible for what has occurred.


20 posted on 10/01/2016 9:57:28 AM PDT by vette6387
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To: vette6387
I've complained about low interest rates many times on this board. Here's my take on the issue. I retired with the expectation that I'd receive a certain amount of interest income on my CD's and elite checking accounts (the ones where you have to maintain a big balance.) Also that I'd receive a Cost of Living Adjustment, as we always have, in my federal retirement check. (I'm not eligible for Social Security because I don't have enough quarters. The majority of my working time was under the Civil Service Retirement System, which gives me a federal retirement check. If I would ever become eligible for Social Security by gaining more quarters from working, then due to the Government Pension Offset, 60% of my Social Security check would revert to the government.)

So you can see, a little interest income would have been very helpful to me. I don't fully understand why the government is doing this to savers like me, that Obama has denied us interest income and Obama has denied us a COLA in three of the eight years of his presidency, but the Lord God Almighty hears the cries of his people for help as we cry out to him for fairness and justice.

30 posted on 10/01/2016 11:50:25 AM PDT by Ciexyz (After eight years of Obama, I can't afford to buy nothin'.)
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