The stock market has lost almost 25% of its value in the last three months. That means everyone's 401K has lost 25%. The last time the market crashed in 2007 most everyone lost everything, and it looks like the fat cats are stealing your retirement yet again. The fat cat republicans have stolen over $3 trillion from the social security fund since 1980, to fund their wars and millionaire tax cuts. This stupid country has given the 1%ers the keys to your bank accounts. That's what you get for letting the cons in the government. Welcome to the new banana republic. Hope you like being a peasant.
I lost a good bit of money when the recession first hit, I had an inheritance from my grandmother and basically lost all of it within a couple of days while I was still trying to decide if I should cash it out. haven't checked my 401k lately, I have a bad habit of cashing out 401ks when I leave a job anyways
Actually a lot of their money is off shore... So no, they don't have the majority of their money in the same kind of accounts.
i don't have a 401k, we have a different retirement system where i work that isn't tied to the stock market or anything like that.
Wait a year or so, youll see As an american dont think you have much to worry about, your super will probably still pull 10% European, Chinese, Russian though, youd be screwed
The 401K is the last gasp of what used to be blanket employee benefits. There was a time when companies were better to their employees. Even unions are losing ground fast. The concept of employment is also shifting fast. Staffing companies are turning the working world into an array of contractors who are one illness or broken toe from bankruptcy. The whole time the economy is an expanding house of cards where lots of people get free stuff. Even rich people!!
