How much did retirement accounts lose today?

Not too worried about losses, but I will probably have to buy a new red printer cartridge soon!

I'm looking pretty smug right now, because I sold funds and transferred them into federal MM funds, then bought back 25% those funds today that I sold when the market was over 1,400.

I love your humour. LOL

All I can say is that I am glad that I don't need my retirement funds anytime
soon.

CJ, It really isn't too bad for some of us even with the losses from the past 16 months or so, because we must deduct an amount required by the IRS after reaching 70. The impact on our retirement funds isn't all that great compared to the losses, so we just take it in stride. We can't expect every year or several years to be boom years, and look at the long-term benefit of retirement savings. Even with all of our past spending from our retirement funds which included almost $100K for major remodeling this year, a new car for me last year, and a new car for my wife the previous year, we're still ahead by about 400%, so losing another 100% will be quite manageable.

Always think "long-term."

FREE ADVISE: If you have money in a 401k or IRA, don't take your money out now! You will be taxed on what you withdraw with penalties and fees tacked onto the taxes at a much higher income level.

Stay calm and collected; this too will pass. It's a paper loss until you sell.

Not looking good, is it? The DOW is now down 35%, Nasdaq and the S&P are both down 38%. OUCH! Double OUCH!

Well, my wife's funds are now down 12.2%, and mine are down 19.9%. It's going to open lower tomorrow morning, but don't panic.

Here's why: The feds are now working to provide liquidity to the markets, but it will take a month or two before that beings to stabalize jobs and sales.
But, we must not lose sight of the simple fact that the sub-prime mortgage problem does not affect the majority of mortgages - yet. In order to make sure this doesn't become a real problem, we must continue to have faith in our economic system, and keep our money invested in the banks, financial institutions and stock market. This is the only way liquidity works. Without liquidity, businesses that need loans to make payroll and buy their raw materials disappear. Consumers who have the income and can afford to buy a new car or refrigerator can't buy for lack of credit. This fear of losing everything is a self-perpetuating problem when we stop having faith in the strengths of our economy.

Please.

my losses? zero.

haha cash money baby

cash is king

show me the money!

If we had kept our savings under our mattress, we would now be flat broke, and we'll be owing money instead of having savings.

That was never an option for us; we still have assets, because we invested in the market.

Well all my pension funds for Verizon Telephone are in Wacovia which was just bought out by Wells Fargo. I don't know where they invest their funds? Anybody know?

I thought Wells Fargo and Citi both bought Wachovia, but it might just be my imagination.

Most investments through banks are not insured, and are not part of FDIC. I invested in citi Bank's "broker's" account, and lost about 5% before I transferred it to a money market account. This was after I told the broker I wanted a "conservative" investment for one year. I kept track of that investment, and it lost more than 22% before the one year of my contract was over.

I will never gain trust any bank's investment department.

Needless to say, we no longer bank with citi.

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/11/AR2008101100177.html?hpid=topnews

What's the psychological term for this?

Sit tight...It'll soon be over.

For many stocks that may be true.

You not only lose to inflation, but there's no chance for growth with cash "only."

I could show you the "money," but it's still invested in the market and bonds. Since it's a bad time to sell, it'll stay invested until the market shows enough uptick to lessen any loss.

CI, I noticed on my bank's website that accounts will be insured up to $250,000 until 12/31/09. So what happens after that?

In Massachusetts we have another insurance program that picks up funds after the $250,000 limit, but what about the rest of the USA?

They're hoping nobody will notice that deadline; a another stupid move. They want to give confidence with their first move, then take it away with their second all within one week. Dumb and Dumber.

Phoenix, Thank you for your info; I did a quick web search on "time limits on $250,000 FDIC insurance" and could find nothing.

Grrrrr. I seem to recall several important deals presented as done deals, only to have the facts change a day later. I'm speaking of usually reliable sources, too.

This is the result from Friday's closing for Month to Date: DOW -22.1%, Nasdaq -20.7%, S&P -22.8%. Our funds are down 10.9%. YTD DOW -36.3%, Nasdaq -37.8%, S&P -38.8%. Our funds are down 16.8%. For the week: DOW -18.2%, Nasdaq -15.3%, S&P -18.2%. Our funds are down 9.2%.
That's the long and short of the closing last Friday.