My IRA and other mutual fund investments have lost 40% this year, also. I made plans in August to start my IRA withdrawls in October, but they sure won't last as long as I'd hoped for. My old Corvette and my artwork are appreciating in value, while my houses and mutual funds are depreciating. But, two good notes...the gas prices are dropping and we military retirees are getting a 5.8% increase in our pensions. On some other dismal points, over 900,000 jobs have been lost so far in 2008, and the only thing I've got to look forward to is receiving my social security payments in March 2010.
I remember way back in 1953. When I was 9 years old. I listened to My Father and Grand father Talking about how shameful that the goverment was going to borrow money from the Social security Fund and use it where ever they wanted too. They also said they would pay it back when the social security needed it.because it was like a loan?. I guess some body forgot to sign the loan agreement???.Any way that is why the goverment wants to get out of the social security Business. because they borrowed so much from the social security that they can not pay it back!!!.So they came up with the stock market Idea. Stocks put your money in Stocks. I wonmder just how many Stock Brokers were wringing their hands with glee trying to figure out just how much they could steal,or hide, so as the people would not catch on???. I do know that micheal Milken got catch about 15 or 20 years ago. I wonder just who he would not share his wealth with that he ****ed them off enough to turn him in???. Hummmmmm???.I am sure glad I retired and got my Little bit out of the stock market and put where it does me some good. And no I'm not running drugs,. But you know thats not a bad Idea?. The way I understand it the cops only catch ever forth or fifth trip?.But no I don't want human misery on my conscience!!!.
Remember everyone. This is a 401k equivelant. You are in it long time. Keep putting in while it is low. It is called cost averaging. When the market rebounds all the low buys will be worth more and help to boost what has been bought high. When you get back to where you are making money on the buy highs, you'll be rich. But believe me, I'm 66 have a rollover IRA and I've lost a lot. A whole lot. I don't need this money now so I can wait the storm out. The sun will shine again.
I was wondering when somebody was going to report this story, it is true cause I lost money. I was not going to check, cause I didn't want to know, but you can't run from the truth nor can you fool yourself.
Given the people that have 20 to 40 years before they begin to pull money out of the TSP, it should recover.
That and Warren Buffet is telling people today to 'Be Greedy: Buy American Stocks'.
For those with the near term issue, unfortunately it will probably take 3-10 years to recover from this financial fiasco brought to us by the Community Reinvestment Act caused financial crisis. (don't forget our friends from Fannie/Freddie/ACORN and REP Frank and SEN Dodds)
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