This isn’t a bit. If a ongoing constitutional crisis or aligning with Russia aren’t enough to spur action, maybe getting your retirement savings scorched will do it
What can we do? i put most in cash, I fear even cash is not safe, if trump finds fort knox empty the US dollar will collapse globally. i think I will buy a farm grow food in stead
Our currency isn’t tied to gold that is correct. And it’s audited annually also correct. But they will find it empty like Geraldo and the al Capone empty safe. Felon wants a crypto based currency. What will that do to cash???
I saw a screenshot of a thread in which posters were discussing how many of their fellow county folk, including their friends’ and their own loved ones, benefitted from welfare…
And that they consider those “loved” ones to be “necessary sacrifices to save the country.”
No different than letting the elderly die from Covid for the economy. There are millions of Americans that suffer from narcissistic personality disorders.
Yeah okay we check it what then how are we going to get it? Cuz there's only one way I know how to get money back from a thief like that and it's pretty bloody
My dad called his financial manager today. He’s going to move all his money to something more stable than stocks. Not sure what that would be cause I am financially illiterate. But I know he’s working on it.
Most Americans do not have any such thing, that requires a good job, not an "at will employment job", which is what most Americans struggle with week by week to make rent. Most Americans have no way to save money, that is a privilage you garnered through education and effort.
That privilege is about to be taken from those of us who have it. I guess the Trump agenda was about equality after all. They want all Americans to be poor.
i have a very tiny amount put aside by the state because of my very part time state job. I am too afraid to look. it was almost 5K, i expect it to be less than half that now.
Unfortunately much of what he said he was going to do had repercussions of tanking the countries GDC. You should check out the Project 2025 manifesto. It’s all there 🙁 he just knew the right words to convince people to bit against their own interest… they’ve been working on this since Reagan.
My IRA is good but my 403b hit an all time high at the beginning of the month and is steadily declining this week. Very nice, very good, will be working until I’m dust
And your body! The longer you stay active and keep your mind sharp, the better. You move it or you lose it as you age. But still give yourself time to rest and enjoy life
Remember that this country once had employer-funded pensions and annuities. The so-called 401k revolution of employee-funded and (sometimes) employer-matched funds instead of secure pensions is one of the biggest legal grifts in America.
employer funded was only ever viable for those working for big employers, so one was lucky or unlucky, even back then, despite putting in the same years of labor. It should be largely *government* funded.
My fav part was how my employers made a commission on every 401(k) opened from the company they were contracted with. My Dad, who had an old-school full pension, mused that all of that profit on retirement accounts has to come from somewhere, at some point. He saw it for the gamble/grift it was.
I don't remember doing anything to see the drop in 2008, so I'm not sure that checking it now will have any affect either.
The markets have always gone up and down, and always eventually up. The only folks that should be concerned right now are people getting ready to retire in the next 12 months.
You can do it online on the experian and trans union websites, but equifax may say you have to contact them to complete it process, but that sounds like a hard sell tactic so I skipped that one. Good luck.
It doesn't affect your card. It stops others from accessing your credit history and anyone who attempts to open a new account, car loan, mortgage... You can't apply for a card either, but if everything is running smooth, I recommend it. ☮️
Equifax stated I needed to contact customer relations to complete my request. I had the feeling it was so they can try to sell me more products I didn't want, so I skipped it. I might try again to cover myself, but I don't want to talk to anyone. If I want something, I'll come to you.
I procrastinated but did it when it was reported that Soc Sec was breeched, then a few days ago I got a letter stating a health care payment provider I have no choice of, had been hacked. So mission accomplished.
Guess what? It’s dropping fast. I don’t have to even check it. I know how it works from the many recessions we’ve been through. If I hadn’t done the SEP years ago and just put it in a CD, I would be rich.
Ha! Artist that worked for nonprofits to pay my bills? I barely have anything in the IRA acct. No way I could wait it out. I barely recovered from the last stock nightmare.
Unless, like RuZZia, you have a madman as president/dictator who will not leave office and destroys your country with chainsaw horror. America is in free fall.
I’ve largely been letting my 401k run wild with an “aggressive” strategy. But I’m within a decade of retirement (hopefully). So today I used the analysis tool on the 401k site to choose a more balanced asset mix. Not cashing out by any means but definitely putting up some deflector shields.
My 401k is up to $0.47, up from 2017 when it was $0.05, and down from 2009 when it was $5.00.
I tried to close it in 2009, but they wouldn't let me.
That's USA pennies, by the way.
Do you think you've adopted any particular strategies over the past few years to deal with these fluctuations, or are there any adjustments you plan to make?
I know, ridiculous, right?!?
Now *they're* trying to get me to close it, so I'm not going to close it. They had their chance. Every year I marvel at how rich I am in that account, LOL.
I also keep recommending that you should freeze your credit. The twerps got into all those files, downloaded them and who knows where they are?
Call all 3 bureaus! (Or go on websites)
Make sure you don't get charged. This is a free service and if they're asking for money or a subscription you did not go to the right place be careful!
I'm one of millions of Americans with no 401k! Millions of us have struggled all our lives and worked our asses off and all we have at the end of our lives are Social Security and Medicare that we PAID FOR! TRUMP AND MAGA ARE MURDERERS! MASS MURDERERS! GET THEM THE HELL OUT! OFF OUR PLANET!
I wouldn’t trust any private enterprise employer unless there are rigid regulations in place but with Trump he’s in the habit of removing regulations & those who oversee them
I mean, it's great to check, I guess, but like every other sh**show going on, what am I supposed to do about it? Toast to the losses? I've worked hard to make my accounts as safe and boring as possible, but aside from taking a withdrawal hit and putting it in my mattress, what do I do?
I’ve already had a bad feeling about real estate. Along the lines of them declaring ‘no one but government can own the land’ type of bad feeling. Nothing is truly safe, honestly. The whole system is built on hopes and dreams.
True. Purchase w/ a 401 and loan a tri plex wait six months move into a unit. Turn it it into a duplex. Rent one or keep 2 as rental. The tenants should cover the loan. You live free, tenant pays cost. You get appreciation tax write-off depreciation and assets you can actually see.
We have one. We adjusted the risk in November when he won so more bonds more safe stocks if there is such a thing. We've had 10 years of gains that we think will be wiped out. The advisor did not think moving the money out of the country was necessary.
I moved all my $$ out of stocks a few weeks ago & put it in an interest bearing fund. My advisor thought I was nuts, but I actually made a few bucks yesterday. 🤷♀️
And do what? Pull it all out and pay 50% taxes for early withdrawal? What does checking it accomplish other than give us another reason to be depressed?
Yeah kinda missed the boat right now and depends on how long you have until retirement. I moved to cash/mutual funds after the election when it was high. Kept some international and small cap. But I don’t have decades to make up huge losses before retirement.
You can sell stocks that aren't performing well, and keep it in cash funds. Once the market crashes and starts going back up, you take those cash funds and reinvest.
My employer uses Fidelity. I put my 401k into a government money market fund that Fidelity offers. It’s pretty much like putting my/my employer’s contributions in the bank, given the low risk rating. Plus, I get a monthly dividend that tends to run $900+/mo.
I keep a 10% cash buffer inside the accounts. You can earn 4-4.5% in various cash vehicles right now (short term treasuries, cds). Depends on how old you are/risk preferences. I'm not interested in optimizing, more concerned about downside risk but still outpacing inflation.
Rolling it over implies into a different 401k account, which accomplishes nothing. If you try to put it into a checking/regular savings account you will pay penalties and taxes nearing half its value.
Not half, 10% penalties,plus taxed as income in the year of withdrawal for people age under 59.5. You can also take a 50,000 loan five years to repay or take a hardship withdrawal.
Most 401ks have a stable value fund option inside them--like a money market, FDIC bank account, or short term treasury bond fund. You don't have to take money out of the account to shift a portion to cash.
Non-stock annuities maybe ? I paid taxes on my accounts each paycheck/contribution. My employer quit matching contribution’s last March with 2-day warning. It worked out for me.
The American retirement strategy basically comes down to hoping that an idiotic president or idiotic financiers don't plunge us into a financial crisis the moment you need to retire. Hopefully, when I need to retire in 15 years, my 401(k) will have clawed back enough of its losses to matter.
Not only that! Please also monitor your bank accounts, your credit card activity, everything you have because they were given all our personal information without our approval or permission 🤬
You have the ability to go into your account and reapportion your funds. Don’t just ignore it. Move 80-90% into stable funds or bonds to minimize losses until the crisis is over. You won’t make money during this time but you won’t lose what you’ve already got either.
I wonder what will happen to bonds the next time there's a debt-ceiling standoff, 'cause that takes 60 votes in the Senate. It's like everyone betting on Democrats & old school GOP (what's left anyway) folding and allowing the national debt to skyrocket.
Call your 401k and see if you can put it in a money market. I did that just before the first drop. Im 61, not willing to lose what I have. For now, its safe.
Yes! Great advice. I also strongly recommend going to the social security website and downloading all your retirement earnings. Even if you’re not retired or close to it. You should know what you have.
Got out when interest rates went up. Who didn’t see this coming? The TYRANTS stealing everything want you to believe this is what you wanted, it’s your fault for voting for it. It’s no secret they’ve been RIGGING elections for over a decade now. The so called POTUS is TOXIC WASTE, FRAUD and ABUSE!
I pulled my Roth right after he won the election. Not old enough to pull my 401k without penalty. Makes me wonder if the penalty would be better than what happens if I leave it.
Well. Social security needs to be refunded. I highly recommend everyone get into that account so you can sue for reimbursement. This will fall under the takings clause. You paid in, this is your property.
I spoke with our financial advisor when trump took office. We went over how it is being invested. Only 50% is in stocks, the rest is conservative. We're retired sobwe need the money to be safe. I froze my credit and got identity theft protection. Talk with someone before doing anything.
I don’t know man. I’m buying real estate. But you do you
Everything is on fire so. I kinda think do what you want and see how that goes. Might as well get the fiddle out. Let the young people have the life boats.
Did we pack life boats? This metaphor is sinking so fast everything is a blur…
Republicans, don’t cower to the traitor Trump. History will judge you not just by what you do, but by what you fail to stand up to. Honor your love and respect for this country—speak out.
I can't bear to look at mine. I may have only started one seven years ago but still, I don't think the market will survive by the time I reach "retirement age". IF I live long enough for that. .
We had one and had to cash out several yrs ago. The new one is minimal so going to try and move it to somewhere or reduce the amount going to it until we can.
Exactly. This post is pointless. We all know the stock market is crashing, our 401ks are crashing, SS and Medicaid crashing, the United States of America is crashing. Whoever doesn’t realize this is a MAGAt or dumb af!
It's a heads up. Check your accounts so you can see how bad it's doing. Now that you know, you can contact investment professionals and/or educate yourself on more stable means to invest your money.
But mainly it's a warning to hurry up and save your money before it's lost entirely.
The way that Musk is operating, I don't have much more confidence in the long-term stability of Treasury bonds or the banking system. They may survive longer than the stock market, but with tech goons tinkering in every agency's computer systems, they might get wrecked too.
They are manipulating the markets so they can buy low. Then, let it settle for a moment, then create more chaos. It’s very intentional. They want the economy to collapse. It’s all there in Project 2025, which they’ve followed verbatim thus far. This is going to get much worse.
Absolutely agree, & that's part of why I don't see what good checking my 401(k) will do. If stocks AND Social Security tank & the entire economy craters, we're in big-picture deep shit & I don't think hiding cash under our mattresses is going to help beyond the very first phase of it.
That doesn't mean I have a better answer bc I absolutely do not, but if it's a most-of-society, long-term wipeout, I think non-cash things like community gardens & bartering will probably be as useful or more than gold bars.
Mine tanked in 08,had 80k in it by 24 from 198k. Rolled into a roth to avoid taxation & slowly pulling from it. Had a mental breakdown from Healthcare & trying to find anything that isn't Healthcare to work in without losing my health in.our country is so backwards now.
Same... It wiped my father out in the housing Market in 05, I Had 3 jobs 2 cars, my own place. 401k health care, Planning my future like a normal person would. All wiped out. Barely been the same since. My fam used it as an opp. to erase me. 20yrs of the twilight zone, Any 1 else wouldn’t be alive.
Depends on your age. (But they are also firing thousands of IRS agents…so who is going to force you to file next year if we can’t/don’t stop him now? 🤷♀️)
Yes, it’s a 10% penalty unless it’s a hardship withdrawal if I remember right. If you weigh paying (10% + income tax) versus losing much more than that in the downturn - it may make sense to some, especially people who don’t have enough time left to recover before retirement.
This is the problem with the lack of Education in this Country. These people are absolute idiots. They probably couldn't find their way out of a paper bag. And the rest of us have to suffer for their stupidity.
Y’all (ok and me) laugh but there was an accountant on Threads yesterday reporting that too many of their clients were asking about their $5k checks.
🤦🏽♀️
Thank you, I am not eligible yet but want to have proof of what I have earned. Saw it posted by someone else once mob got access illegally to our data.
To the SSS site? It was complicated & took me an hour to set access. If you had an account they made changes in 2024 to make it secure. Download an app like DuoLingo ahead of time so u can have a token authentication as extra protection. If u have trouble call them asap while there is staff.
I’m afraid to check it. That and SS, which may also be on the block under the Musk administration, is all I have between having enough to eat and a roof over my head and being destitute.
According to a whistleblower, SSA is already on the block and has been for a few weeks. They are doing it privately. Take it with a grain of salt, as I know there are many "whistleblowers" claiming things these days, but it helps to remain vigilant. Wishing you all the best in the coming months!
I hate seeing stuff like this, with no recourse. Privately? It's all happening privately. Someone has to know, though. Okay, so now what? What are we supposed to do about it? Impeach is all I can think of.
Yeah. And those of us living off our social security and our 401k balances are well and truly fucked if the stock market doesn't recover and he shafts social security.
Cashed out my retirement. I'm not due to retire until post singularity, and the market will only crash from here. Got some buffer to help get through whatever the fuck is coming, and I can reinvest later as I choose.
Pull funds from the market & buy gold. The market is going down, way, way down. It's going to be worse than the 1930's because this time, the world's economies are highly interconnected. Hurt one, you hurt yourself. Something not understood by our runaway government.
Photographer that has worked in wealth management for the past twenty + years. Risk tolerance is not universal and clearly our social security is at risk. Not everyone can afford this free fall and losing 5% and holding is better than losing 30+,and this isn't the end. So stay in YOUR lane.
Thanks for the response. It’s a 5% downturn temporarily and that’s if you weren’t diversified, 5% if that… that’s not really that big of a loss.. even if it goes down 20%, that’s not that bad when it’s been over +20% that last few years… as a photographic financial advisor you would know that…
Again with assumptions about the peoples risk tolerance levels, age levels, retirement expectations, timeframe and funding needs. It's QUITE legitimate for people to be worried about the funds they need to live, and the likely recession about to hit those funds. This is an option for those people.
Nearly half of America doesn’t have $500 in their bank account.
Let alone a 401(k).
This is absolutely not how you build class consciousness. How out of touch are you?
That is a sad, sobering and true statistic about most of America not having savings. But why shouldn’t he suggest people that DO have a 401k check their balance? Maybe his post wasn’t an effort to build class consciousness…
It actually furthers the problem. That much of the electorate doesn’t care about politics until it affects them directly.
We can’t let the oligarchs set the tone of our discourse.
I completely understand why you feel that way. I think your words are true about many that voted for FOTUS, but not necessarily for those that didn’t. Those of us that didn’t vote for him, care about a lot, including you. 1/2
If we didn’t, we would have voted for him. However, we also have to care about our own security. It is not selfish or lack of caring, for others, when we look out for our own finances & obligations. 2/2
Also, the stock market is so that this will all change back-and-forth over and over again that people will get tired of that game as well. It won’t create the kind of sustained momentum that will change the narrative on American politics from “greed is good” to “we should help people in need.”
If he isn’t trying to build class consciousness, then he isn’t helping.
In my opinion, the only way out of this is through the working class rising up against the wealthy. Not old people mad that they can’t afford a second mustang this year.
I don’t think you’re wrong! A way out IS the working class rising up against the wealthy. But the working class checking their 401k balance isn’t an absurd suggestion… which I appreciated & found helpful, even if u didn’t. Not every post needs to be a call to arms or an attempt “build” something.
They aren’t worried about second mustangs, line young people. They are worried about feeding themselves and medical care in old age and dying on the streets in cars board boxes.
After working their whole lives, all they have is a probably a small 401k and SSA to live on. Put yourself in their position. Everyone should be saving what money they have now. We are in deep crap….
That’s the case for a lot of people. I hope not myself, no one but the insanely rich are immune to the current climate. But his post suggesting people check the balance in their 401k didn’t have to have an underlying meaning. Which is all I was saying in my post.
We are certainly in deep crap. I’m wondering what you anticipate will happen when those people check their retirement fund. Will they admit they made a mistake? Or will they eat up more Trump propaganda and blame Canada?
JC, just because people have 401ks don’t make them wealthy. It’s all the money they have to live on for 20 or 30 years of remainder of their lives, to include rising med. bills with old age and housing insecurity due to rising costs of living.I agree we need to fight against those causing this.
JC You are exactly why our system doesn’t work. Criticize people over trying to help others. If it doesnt hurt you why say something. Democracy involves all sorts of people, working for the common good. If older people lose retirement money they can’t re-earn it, unlike younger people.
If older people don’t have their savings (401ks) or SSA, then society also will have to pay to care for them. It doesn’t help our economy. This is why Social Security was created because older people were literally starving on the streets. We all need to work together to stop this oligarchy.
If possible, you could switch your funds out of stocks or ETFs and into some sort of bond ETF. Bonds or a TIPs ETF should hold value and pay you moderate interest - basically maintain the purchasing power of what you have regardless of inflation. My 403b let me do that today.
I've already lost $27K since last week and today's still going. I'm living off this now, so it's scary. My money guy said right after the election, everyone was calling asking him to trump-proof their investments.
I would go one step further… Start printing out your statement so you have it on paper. Nice to have proof when your identity will get stolen because of DOUCHE “leaks”…
My kid has a very small college fund my grams started when he was a baby. He's 16 so we've been looking at it a lot as we talk about schools. It has never finished a month in the red in all those years. Yesterday it lost 2% & ended last month at a total loss of 3%. Debating if I should empty it..
I know that will trigger taxes but fml I don't want my kid to lose the one tiny thing that's been encouraging him to stay in school lol
my grandma worked hard for that money, she'd be telling me to pull it if she was alive, great depression survivor that she was.
So what’s the recommendation? I’m seeing all of the shock at how much our retirement funds are dropping, but so far no solid recommendations of what we should be doing with our money to protect it…we need solutions.
I'm not a finance guy and that might be my point. I know you can incur a ton of penalties for pulling money out of a 401k early, so I'm with you asking what's the recommendation? Or maybe we should just be talking to our financial planners?
Move the funds into a money market for a while. Have your FA help you. I did it yesterday for a large IRA. I feel a little safer today. I was kinda panicking yesterday. The writing is on the wall. I've lived thru too many crashes. Dotcom, 2008, covid, I need this for my future.
We’ve been moving our money out of the country, bit by bit. After all, we have to play it safe. All gains in the stock market since November have been lost. We’re not into gambling with instability.
We shifted our 401k last night to “conservative”. Today’s rally is probably a short lived reaction to show support for big tax cuts ahead, but economic indicators tell us dark times are just around the corner.
I did that to mine before Jan 20. I knew his stupidity would do this. And since I’m old enough I’ve started withdrawing the social security limit every month.
Normal 401k'ers keep investing during ups and downs. I know this seems dire, and it is but buying now is like buying on sale. I'm not interested in investing in trumps bs but I'll always be invested in the US and US companies.
Trying to time the market buying and selling is a recipe for disaster
I've been telling people to call the company that manages their 401k and ask about options outside stocks and bonds (cuz those will crash, too). I moved mine to a retirement trust. Despite vanguard trying to talk me out of it
Comments
Oh shit, I’m never gonna retire. Almost -4%…
I can’t believe this scam artist.
And that they consider those “loved” ones to be “necessary sacrifices to save the country.”
Trump's words.
I thought he would bring the price of groceries down, not people's retirement income.
Ruin this country. Make everyone powerless. Punish the blue. Punish the red for not getting him elected in 2030.
Equal opportunity asshole.
Sometimes u have to read the writing on the wall.
https://bsky.app/profile/jediqueenempath.bsky.social/post/3ljnuf2xsm227
Normal transmission may not resume for some time.
That’s all f-f-folks.
The markets have always gone up and down, and always eventually up. The only folks that should be concerned right now are people getting ready to retire in the next 12 months.
There is a better chance of me winning that, then getting the money that’s owed to me back.
The captioned was going nuts bc the kept cutting off my call.
Try online.
Be aware that the language used on screen is confusing rather than user friendly.
Don’t say “freeze credit” instead say “add freeze”.
Don’t give up!
Cheers
several americas. 🍵
Wait it out. It will recover.
(Once it does recovery rethink whether you’re over invested in stocks vs more conservative things like bonds/cash.)
(Rebalance after recovery)
I’m confident the wealthy class holding most of the stock will not tolerate this for 4 years
(If not we’ll be in a “Mad Max” apocalypse long before then.)
I tried to close it in 2009, but they wouldn't let me.
That's USA pennies, by the way.
Now *they're* trying to get me to close it, so I'm not going to close it. They had their chance. Every year I marvel at how rich I am in that account, LOL.
Call all 3 bureaus! (Or go on websites)
I got out before he got in, knowing he would do this.
what is the possible problem ?
find out how YOU can support the downfall of the King.
#Elvisrollingover
Not checking. I have enough anxiety. I want to pull a chunk from our Roth & husband says dont panic. Too late!!
Everything is on fire so. I kinda think do what you want and see how that goes. Might as well get the fiddle out. Let the young people have the life boats.
Did we pack life boats? This metaphor is sinking so fast everything is a blur…
We checked our accounts, now what?!!
But mainly it's a warning to hurry up and save your money before it's lost entirely.
We've never had a president actively trying to destroy our economy until now... but 100% that is what he's doing.
Maga politicians are trying to destroy us
🤦🏽♀️
I wish they'd all get a fatal virus that only strikes conservatives.
#50501protest
#Resist
Let alone a 401(k).
This is absolutely not how you build class consciousness. How out of touch are you?
We can’t let the oligarchs set the tone of our discourse.
In my opinion, the only way out of this is through the working class rising up against the wealthy. Not old people mad that they can’t afford a second mustang this year.
my grandma worked hard for that money, she'd be telling me to pull it if she was alive, great depression survivor that she was.
I don’t think I could stand the bad news. 🥲
Trying to time the market buying and selling is a recipe for disaster