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1. Anonymous
   Member Profile

   http://www.carolinajournal.com/articles/display_story.html?id=5081

   Anyone with a 401k concerned? Thoughts?

   Posted 3 years ago #         

2. Julie
   Member Profile

   

   No.

   Posted 3 years ago #         

3. Anonymous
   Member Profile

   Julie - Thanks for responding so quickly! You're obviously a very fast reader.

   I'm thinking that if you are NOT concerned, you either don't have a 401k, or don't understand what a 401k is. Sorry to make such an assumption, but you really didn't give me much to go on.

   401k's are one of the greatest benefits a company can provide for its employees. I am concerned, because I do have a 401k, and have contributed to it greatly in the 15 years that I have been with my company. I do realize that this would only effect the money contributed going forward, but that hugely affects calculations a person has made when considering retirement.

   I really don't think this would ever pass (hopefully), but I'm curious how others with 401ks feel.

   Posted 3 years ago #         

4. MrJT
   Member Profile

   

   could someone please find a link to the "sky is falling" ?

   Posted 3 years ago #         

5. Julie
   Member Profile

   

   I'm not concerned because the testimony of one professor of economic policy hardly constitutes "Democrats targeting 401ks".

   As you say yourself, you don't really think this would ever pass.

   Posted 3 years ago #         

6. datamuse
   Member Profile

   

   No sky is falling links, but here's the website for the House Committee on Education and Labor, which includes information about the hearings mentioned in that article.

   Including, specifically, Ghilarducci's October 7 testimony. I mention this one because if you look at the transcript of her testimony (link leads to a PDF), you'll note that she describes GRAs as voluntary. Nobody's proposing confiscating anything. That one inconsistency makes me suspicious of the rest of the Carolina Journal article.

   Also, that 3% rate of return mentioned in the CJ link? The testimony transcript states it's 3% adjusted for inflation, which is an important difference.

   Now I'm not sure that I like this GRA proposal, I'd need to read a lot more on it, but I've never been crazy about 401(k)s either. The ones that I've had at various times in my life (including the one through my currently employer) typically aren't especially diverse. I prefer to invest independently, though I recognize that that's not a viable option for everyone.

   Conclusion: CJ's reporting is biased at best, inaccurate at worst, and a bunch of committee hearings that don't even pertain to an active bill is a long, long way from revision to tax law.

   Posted 3 years ago #         

7. JoB
   Member Profile

   I don't know about anyone else's 401K.. but hubby's now has less in it than he put into it.

   any alternative would have done better since inflation means that we now have less than he put into it.. significantly less...

   anybody worried about that?

   George Bush would have put our social security accounts in the stock market.

   a mattress would have been safer..

   or a simple interest bearing account.. at any rate.

   anybody worried about that..

   chicken little.. the sky is falling. .the sky is falling... and it's all their fault...

   oh wait.. it already did that.

   nice to see you true to form New Resident.

   stage direction..

   Jo walks slowly away from the computer lowering her head in resignation...

   night all.

   Posted 3 years ago #         

8. Anonymous
   Member Profile

   The title of that story is very misleading and inaccurate. The House Committee on Education and Labor is conducting hearings on the cause and effects of the recent downturn in the economy. The hearing referenced is titled "The Impact of the Financial Crisis on Workers' Retirement Security".

   http://edlabor.house.gov/hearings/fc-2008-10-07.shtml

   Ghilarducci's testimony is being used in that article to imply her opinion and ideas are the democrat's plans. She is but one of 5 witnesses. The scare tactic twist of *the government is holding hearings about confiscating your money*, is only being employed on far right blogs.

   I would think one mainstream news organization, even FOX, would have something if this were even remotely true. Instead, you can only find this one singular author's story repeated in places such as The Survivalist, freerepublic, and hannityforums.

   Bottom line, I wouldn't worry about your investments being taken away by the government. I think wall street is managing that task well enough on it's own.

   Posted 3 years ago #         

9. Anonymous
   Member Profile

   I'm glad that it was blown out of proportion.

   Thanks to those of you kind enough to set me straight!

   Posted 3 years ago #         

10. JanS
    Member Profile

    

    besides, if you had a 401K, by now it's a 101K...

    Inauguration day is Jan20, 2009, not tomorrow. No one is gonna do you in between now and then unless it's the current gov't. And then...well, wait and see. Patience is a virtue, I've been told...

    Posted 3 years ago #         

11. Gina
    Member Profile

    

    I think the market will calm down soon. Please.

    Posted 3 years ago #         

12. JoB
    Member Profile

    i sincerely hope so.

    Posted 3 years ago #         

13. HunterG
    Member Profile

    

    I had the option to start a 401k and declined due to stormy weather (about a year back). My folks have lost 30K, hopefully they can get some of it back in the next 10 yrs before they retire.

    Take your $$ out and buy gold! That's my strategy. It will always be worth something...unlike our $ as of lately.

    Posted 3 years ago #         

14. RainyDay1235
    Member Profile

    

    I'm putting just as much savings into my (credit union) money market account as my company-matching 401K. I'm only 34 so not too concerned about my 401K. But my money market is doing great.

    Posted 3 years ago #         

15. JoB
    Member Profile

    Rainyday1235..

    i wish we had been so sensible as to invest equally in a money market account as in our 401K.

    instead we invested in the real estate market and since we moved when circumstances dictated.. not when opportunity beckoned.. it didn't go so well.

    we still have time.

    and maybe now we will have opportunity.

    Posted 3 years ago #         

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