This must be how they plan on replacing the workers we are losing through mass deportations. Hope everyone still has the strength and stamina to work 12 hours days doing hard physical labor.
Thanks for the clarification. I thought you were speaking hyperbolically and wondered if 89 had some special significance for you like 87 does for Crosby if you are into hockey.
Well the nazis at the Heritage Foundation said they wanted to raise the retirement age.
Now that they've stolen everyone's retirement funds it looks like we'll be working till we die.
Everything and I mean everything they said they would do in project 2025 is being implemented.
They aim to turn us into chattel and we will never be free from their shackles.
They must be defeated and destroyed so they never rule this country again.
But once you get to 67 they will kicked you out and then good luck trying to find a job after that. You better hope social security is there because we will all be homeless and out in the street.
Don't worry, it was never gonna happen either way. The ultra-rich were never planning to just pass up on labour while a peasant is still alive. Now back to the mines :D
At this point, life expectancy has to be dropping with milliseconds shown in real-time. I think I'll take my "retirement" money, but a motorcycle and a small house and just wait... 😫
Wait till this happens after you retire. Not while you're working and have time for the market to stabilize and recoup your losses. Now that I've actually begun withdrawing it, the additional years I could withdraw are now gone. Now add that to the uncertainty whether your SS deposit will be there.
Hate to be the bearer of bad news, but we’ve lost whatever we gained back from the Fat Yam’s first term and the massive drop in 2020 that he blames on Covid while it was actually his lousy policies and kowtowing to his rich buddies.
I pulled everything I could out of mine the day before the inauguration. Put it in savings. I pay myself 9% interest for the next five years, but into another savings account...not stocks.
Don't trust that asshat for a second.
OMFG- just looked at it this morning…. Just lost a shocking amount more. The loss is so big those earlier gains now look small. My rate of return % was always really good- it’s now a significant loss.
Yup- and I have money going in every month from myself and employer- that’s not even keeping it “even”- just lost a significant amount of money. Will have to at least decrease my contributions for now.
Weren't 401K's touted as the thing to supplement our Social Security?? The Long Haul addition to our retirement fund and Golden Years??
We invested.
Still the politicians complain that we just rely on our "Entitlements"
We no longer work at a healthcare supplied job and Medicare is being trashed😵💫
I've been on the "work until you die" retirement plan. I knew better than to plan for social security, and I've never recovered investment wise from 2008 and 2020.
I was alarmed at what 🍊💩 did in his 1st term. So, I pulled all my money out of the 401ks and have them in safe CDs. This move saved me $ esp w what's happening now. I'm now retired. If I lose my social security, I'm screwed and may be forced to work again. Fuck that bastard and all his minions.
I put a bunch of money in CDs last year when my local bank was offering 5% APY. I renewed the CD terms a few months ago even though they annoyingly lowered the rate to 4%. Feeling better about that decision seeing what Trump is doing…
Good move. I use a credit union. Interests rates are lower, but I don't really trust banks. Still, I'm glad I made that decision as overall, it saved me lots of money.
Seriously! The market is being destroyed,again, this morning. The good news is it’s SO oversold, buyers should be stepping in sometime today. Maybe! This is what happens when an idiot runs our country.
They used to remind us that social security shouldn’t be your only recourse, invest in your 401k! Now, looking over the rubble, I realize that that plan doesn’t protect you either.
That's the worse putting your eggs in the stock market they can manipulate. How many downturns have we had in the last 50 years? Who does these downturns benefit?
I’m hurting for you all.
I retired to care for my dying mom then Covid struck. And now this. I feel like I’ve never had a day since then without worry and fear,and I don’t know how we will make it.
Whatever works. But the circumstances are extraordinary. The system is broken. The president is immune. Congress obeys him. Nobody is safe. Especially those who organise protests or other non-violent actions. There is no time to lose.
BUT you can’t get hired anywhere if you are 50+ even if you wanted to/had to continue working until death…Sooooo🤷🏻♀️🤷🏻♀️🤷🏻♀️ Oh wait, this isn’t a bug, it’s a feature?
God bless my late father for insisting I put most of my 401K in utility stocks, which have been hit less hard than anything else.
But this crash should be inciting all of us to action.
40k in 2 days, maybe for muskrat and doge thats piss in a bottle but its worth less than if i had it in a bank, and unfortunately mine is managed so i cant even change investment plans
At what point will Americans put on their big guy/gal/non-binary pal pants on, grab the pitchforks and take to the damn streets? I'm in the mood to bring back tar & feathering at this point.
Yeah my portfolio went down 25%, I'm already retired and only have a couple of thousand in it. I shudder to think what it has done to so many that have in vested for years from work!!
Only going to get worse. I’ve been telling Cdns to get ALL their monies out of US market for months now. You all are going to lose those 401(k) monies - likely to an offshore account of Trump or one of his oligarch monkeys.
yep same and Im to old to cover the losses and to young to take early retirement :( having it managed where I cant change what its invested in is draconian - I was gonna do OF to cover losses but nobody will have money to watch my saggies bounce either :( 😡
They want us old and homeless while they sit back sipping brandy and smoking fat cat cigars in their 300 room mansions that were built where our homes once stood!
I hope Americans mercilessly take all of their money back from Republicans and rich guys like Elon Musk when this is all over. Sue them into the ground and give it all back to the people they took it from.
I worked with Citizen Action & Greenpeace. No insurance. No retirement. Just activism to help stop the stupid from destroying kids future. Capitalism doesn't give a damn if we perish paupers.
I know... I don't have a 401k, it have a little bit in the market. The only thing that kind of saved me is my Costco stocks. It's hurting but not dead yet.
Each time it looked like the market was getting wonky, I moved my 401k into a government bond fund. Moved back into the market after things settled down. I retired during tRump's first term. Moved my 401k into an IRA, put it in an insurance annuity. The principal is guaranteed and I'm making 4.75%.
I took mine out after his first administration. Had to stop the bleeding. At the credit union, I have a 3 year annuity at 5%. I had lost $8,000. I'm older and have no way to make that back in the violatol market.
Do you remember the movie “Logan’s Run”?? I feel like we’re in a slightly modified version of that. Kill off the old, sick, incapacitated….
Weird thing is I remember DC (!!) as the sanctuary city the runners were trying to get to to stay alive.
Short answer, it’s the main way most Americans save for retirement (via a work place) since pensions are no longer widely offered.
Long answer: https://en.wikipedia.org/wiki/401(k)
The 401k is linked to the markets and individuals have direct control over how they are invested. Those who have a true pension from an organization (like a government) have a guaranteed return based upon their time worked for that entity. The employee doesn’t have a say in how those pension (1/ )
Organization. Dollars are invested by the pension group on behalf of the employees. So 401k is self managed and you are putting most of the money in if your employers offers a plan and some have a small match. Pension is a much better benefit for employees since it’s based on tenure with the (2/ )
Company and provides defined dollar amount not necessarily tied to market fluctuations; the pension offerer has to make sure the pension stays viable for what they’ve promised to payout. I’m not sure I’m explaining this well.
I’m lucky because I have both so my pension will always provide (3/ )
some of us have already left the workplace and have been counting on those 401ks and social security checks (after watching a huge chunk of our retirement savings WIPED OUT at an advanced age during the GREAT RECESSION. We made it out of the work force, but won't have a modestly ok life for long.
It is market manipulation. Trump lets a few choice buddies know when to place bets on the market. The next morning he gooses it or tanks it right on schedule and they make hundreds of millions in a day. Remember, with short options you make money when the market tanks.
I feel ya. Had thoughts of retirement this year but postponed the plan knowing Trump would fuck the economy if elected. The speed he is accomplishing the ruin is somewhat startling, though.
My question is why didn't you cash out in November. The last time he was in the economy cratered. He's bankrupted all his so called businesses. Nows he's off golfing with Saudis again on our dime not giving a crap while Rome is burning.
Cashing out is only a good strategy if :
You do not have other streams of income such as a pension, property, a good side hustle, or at least for now social security.
If you are diversified, you may have enough to do better in the long run to sit this out.
I have the utmost respect for publicly sponsored and run Social Security. It was our only source of support in the early years after my father died when I was nine. My early experiences with a safety net have shaped my perspective and actions for my entire adolescent and adult life.
I changed my 401K investments to almost entirely bonds right after he "won" in November. I didn't do that in 2020 when the covidiot destroyed us the last time because of his callousness, ignorance and stupidity. NOT HAPPENING AGAIN.
It’s weird to like a post with someone’s sadness. I told a friend it’s like the disturbance in the force when Alderaan was obliterated, except this is real.👿💜
The stock market made me nervous for my small amount of savings. A year ago, I went “safe” with putting it all in a CD. I feared this coming. I also knew his tariffs were coming so I shelled out money to replace my old phone and 15yr old computer with brand new latest models to last me longer. 🤷♂️
It's the dawn of a new day and what fresh financial hell will we be forced to suffer on this Friday and he didn't order the markets to stay open over the weekend, did he?
If Trump causes a world recession, there should be an international arrest warrant issued for him and everyone who enabled him to inflict economic terrorism on massive scale.
Pleasure to help. Have to laugh in these times friend. Have a great day and hope you can make it to a mach on Sat with all of us around America. 🥳🤘🇺🇸💙🌸
That's pretty much mine. Except I recently quit my retail job, now I have to wait to withdraw it for another two weeks or so like a dummy. I should have waived in when I had the chance. Oh well. I hope it stays where it's at.
I just retired, Dec 2024. I accumulated the low end of $$ needed to “retire comfortably” over my 45 year career in healthcare. I cannot bring myself to check my accounts. I don’t have decades to make this $$ back. So depressed.
I keep screaming at ppl to look. The "Don't look at it until markets bounce back" Ppl can blow goat. Look at it. LOOK AT IT! SEE WHAT HE'S DONE. GET ANGRY. GET OUT THERE. PROTEST. DRAG THEM OUT INTO THE STREETS. DECLARE OUR OWN MARTIAL LAW.
Comments
Thought we had saved. Thought we had done everything right.
How many millions are in our shoes?
We have gone through the ups and downs of the stock market...
It always seemed like a ponzi scheme to me...
The very wealthy pump and dump then buy again low...
We dont have 15 years to wait.
Just think of what he actually could accomplish if he turned it on his buddies in the Kremlin?
I follow three teams.
The Penguins, the Sharks and the Kraken.
All three losing in a big way.
If u have a properly diversified investment portfolio & don’t have all u eggs in one basket so to speak, u will be ok
The worst thing a’one can do is make snap decisions right now which I appreciate is tough
But if u don’t need to access your money now, u should be ok
Now that they've stolen everyone's retirement funds it looks like we'll be working till we die.
They aim to turn us into chattel and we will never be free from their shackles.
They must be defeated and destroyed so they never rule this country again.
If you're buying this big account, let me get easy followers with stupidity, BS, really thinking you have no influence over your 401(k),
I say it's time you stop following & start learning.
Don't trust that asshat for a second.
We invested.
Still the politicians complain that we just rely on our "Entitlements"
We no longer work at a healthcare supplied job and Medicare is being trashed😵💫
The image of sheep in a pen at shearing time comes to mind, and who can the ‘Murikan public thank?
I retired to care for my dying mom then Covid struck. And now this. I feel like I’ve never had a day since then without worry and fear,and I don’t know how we will make it.
FUCK REPUGNICANS
Before my 401(k) was peaking. Now it is is, weeping...
Nonviolent is usually more successful, and I live here. Helene caused enough damage to my area.
Republicans get quite irate at the idea someone would retire and not work until death.
You can plan for this
But this crash should be inciting all of us to action.
At what point will Americans put on their big guy/gal/non-binary pal pants on, grab the pitchforks and take to the damn streets? I'm in the mood to bring back tar & feathering at this point.
Right?
401K's will be gone
They want us old and homeless while they sit back sipping brandy and smoking fat cat cigars in their 300 room mansions that were built where our homes once stood!
I am sorry but everyone needs to move your retirement to BONDS, as soon as possible call HR! 💙
Weird thing is I remember DC (!!) as the sanctuary city the runners were trying to get to to stay alive.
Asking for Britain. 🇬🇧 🙏
Long answer:
https://en.wikipedia.org/wiki/401(k)
We have a similar-ish scheme called Stakeholder Pensions. Employer contributions, tax exempt but it’s a guaranteed return.
Is the anxiety because your pensions are linked to markets? (I can see why if so!)
I’m lucky because I have both so my pension will always provide (3/ )
My kids have already updated the timing of when they push me off on an ice floe…
So that they can have more.
I’m sorry for your pain!
Keep us dumb
Keep us sick
Work us till we die. The End.
You do not have other streams of income such as a pension, property, a good side hustle, or at least for now social security.
If you are diversified, you may have enough to do better in the long run to sit this out.
🇨🇦✌️🕯️✌️🇨🇦
He won again, and we all lose.
Don’t look at your 401k
Don’t look at your 401k
Made you look at your 401k
Sponsored by Blackrock Statestreet and Vanguard
(Do that one, not the other one)
Need a hug or a sympathy pat on the head?
🤬🤬🤬🤬