Your 401k could take ten years to recover, top economist says

The Christian Science Monitor ^ | 2009-03-05 | Dave Cook

[GOPJ]

With the FDIC comments yesterday, and articles like this one, you get the impression someone is trying to destroy our economy.

I think tanking the economy was the October surprise... but it got out of hand. Dems almost always over play their hands.

[boxerblues]

I cant afford the penalties, I dumped all I had into a income fund till my 401K cut me off for 60 days for excessive trading

[DoughtyOne]

I agree with that. I’m not sure what the plan was, when those negative comments continued on into the Obama term in office though. The guy’s team is destroying his ability to turn things around. And he is devising policies that will ensure it doesn’t turn around.

It’s amazing 92% of the working class is still employed at this point.

[Chickensoup]

i went to lincoln financial today to move my 401k into a interest bearing fund. they told me if i did they would possibly only let me move it back into stock funds at a rate of 20% per year.

[glide625]

That’s an interesting take.

[the_devils_advocate_666]

well that’s kind of good news, i got at least 20 years for it to recover

[CottonBall]

I have been put on notice from my 401K that I have made excessive trades trying to dump it all into the income fund and now I can not trade or swap accounts for 60 days, but at least I got to the funds that had the most money in them first

You're kidding! It's YOUR money and your investment company restricts what you can do with it? Geez...

[CottonBall]

i went to lincoln financial today to move my 401k into a interest bearing fund. they told me if i did they would possibly only let me move it back into stock funds at a rate of 20% per year.

Another example of people not getting control over their own money! Can you roll over your 401K to another institution while you're still actively contributing to it? Perhaps you can roll over part of it, at least. I'd check. I've had a rollover for years now with no limits whatsoever on what I can do with it. Certain funds have blocked me from buying them again because of large sells, but Charles Schwab itself has no such limitations.

[bmwcyle]

There is not recover until all liberals are out of control. Don’t forget Congress. They control the money.

[Neidermeyer]

Stable funds invest heavily in bonds ,, bonds will crater when inflation comes, YOU WILL NOT HAVE TIME TO GET OUT ... It would be wise to get into a variety of short funds ,, look at Proshares Ultrashort ETF’s ..

[Chickensoup]

this is an active account.

[1010RD]

And that was with massive government regulation of the economy.

Hi. I’m from the government and I am here to help...

...myself.

[CottonBall]

So you cannot roll it over then?

I don’t know the rules on it. Sounds like he investment companies you have are pretty ruthless. What would be the advantage to them of all their restrictions on you, I wonder...

[Chickensoup]

no i still work there

[Carpentonto]

Book for yas:

The Great 401k Hoax
by William Wolman and Anne Colamosca

Book has an obvious Liberal lean toward the end, BUT...

What you cannot argue with is the math. I couldn’t anyway.

Came out in 2001-2002, obviously wasn’t very popular at the time. :P

Anybody out there still in a 401k... please... Look at a historic chart of the DOW, going back 100 years plus...

Then come back here and tell me 401k was ever a good idea.

Also, nice documentary by Frontline, viewable at their website for free, explains how and why 401k came to be.

The entire program was never meant to be a retirement program for the masses.

And here we are... 29 years later...

[GreyMountainReagan]

“He cites a positive rate of return. I would be happy to stop the negative rate of return at this point.”

---

I would be happy not losing EVERYTHING and in the next 4 years. Forget positive or even ‘0’ (ha, ha) growth.

[Carpentonto]

I went looking for exactly how much of the stock market is, right now, 401k money.

I found in 2006 it was 3.3 trillion.

Somebody more skilled than I can go to www.federalreserve.gov for their 2008 report and extrapolate more up to date data from the 94 mile long report there.

Cuz I am reasonably sure that it ain’t 3.3 trillion anymore...

[boxerblues]

Another example of people not getting control over their own money! Can you roll over your 401K to another institution while you're still actively contributing to it?

I dont think I can roll it over unless I leave the company. Fidelity gave me such a hard time getting access to my late husbands 401K I ended up getting a lawyer. Fidelity rolled his into mine without my knowledge or permission, as my investment choices were different from his I lost my socks with there choice of investments. It took almost a year to straighten it out and yes they had to give me everything that was in his account on the date of his death with no losses. Given a choice I would not do business with Fidelity.

[CottonBall]

I dont think I can roll it over unless I leave the company.

That's what I thought. I'm so glad, though, that you won against them w/r your late husband's 401K.