October 10, 200817 yr I wouldn't be worried about a 401K if you are 10+ years away from retirement. You have plenty of time to make up this money. Keep contributing at your normal pace. You are just buying more for less right now and will reap the benefits down the road. I think its just a matter of time before the big money starting getting thrown back into the market. They are going to start buying up these stocks while they are low and drive the prices back up and they will make a killing. The drop to most banks stocks is way over blown IMO.
October 10, 200817 yr Good advice HT. The one thing I would add to that is to make sure you're retirement funds are invested in solid investments. And don't rely on bond and income funds to save you. They're having their own troubles. Same goes for foreign markets. Invest smart and don't speculate with money that you can't afford to lose.
October 10, 200817 yr I wouldn't be worried about a 401K if you are 10+ years away from retirement. You have plenty of time to make up this money. Keep contributing at your normal pace. You are just buying more for less right now and will reap the benefits down the road. I think its just a matter of time before the big money starting getting thrown back into the market. They are going to start buying up this stocks while they are low and drive the prices back up and they will make a killing. The drop to most banks stocks is way over blown IMO. Yup, that is the best advice you can give someone in their 20's, 30's or 40's but if you are in your early or late 50's and you had a plan to retire in the next 5-8 yrs I sure hope you can get this back. They say 5 yrs prior to retiring you put them in bonds but what about the guy who is 7 or 8 yrs away?
October 10, 200817 yr I wouldn't be worried about a 401K if you are 10+ years away from retirement. You have plenty of time to make up this money. Keep contributing at your normal pace. You are just buying more for less right now and will reap the benefits down the road. I think its just a matter of time before the big money starting getting thrown back into the market. They are going to start buying up this stocks while they are low and drive the prices back up and they will make a killing. The drop to most banks stocks is way over blown IMO. The Rich will definitely get Richer !!!
October 10, 200817 yr Good advice HT. The one thing I would add to that is to make sure you're retirement funds are invested in solid investments. And don't rely on bond and income funds to save you. They're having their own troubles. Same goes for foreign markets. Invest smart and don't speculate with money that you can't afford to lose. I have some in both of those types and they are down about 10% this month. Nothing is safe right now.
October 10, 200817 yr Yup, that is the best advice you can give someone in their 20's, 30's or 40's but if you are in your early or late 50's and you had a plan to retire in the next 5-8 yrs I sure hope you can get this back. They say 5 yrs prior to retiring you put them in bonds but what about the guy who is 7 or 8 yrs away? I'll be shocked if it takes near that long for the market to recover.
October 10, 200817 yr 2-3 years tops IMO.... If we want to rely on history as many on here do, it took 19 years for the market to recover after the 29 crash. I think 10 years is a very optimistic forecast. 2-3 is outlandish
October 10, 200817 yr I just get sick looking at my 401k plan. I'm not one to check it every day either. I don't need it soon though. Hang in there. If you pull or move funds now, you will change paper loss to actual loss.
October 10, 200817 yr Oil service stock prices are starting to look good to me. I might have to buy some National Oilwell Varco and/or Halliburton.
October 10, 200817 yr I'm looking myself for some real deals. I'm tempted to take a chance on GM. They were warned today that their credit rating might be reduced to junk status. GM stock was off 31%. GM corporate bonds may be an even better buy. They're selling at a substantial discount, plus you get priority over the common stock holders should the company go bankrupt. GMAC bonds are selling for about 14 cents on the dollar. I was talking with some others this morning about GM and Ford. Both are down substantially right now. The consensus though was to by Ford, and not GM yet. GM seems to have more issues in order for it to rebound. I've been sitting here contemplating buying some Ford stock today.
October 10, 200817 yr If we want to rely on history as many on here do, it took 19 years for the market to recover after the 29 crash. I think 10 years is a very optimistic forecast. 2-3 is outlandish Well, yeah, but that's assuming this is as bad as the Depression, and it most definitely is not...2-3 years.
October 10, 200817 yr Oil service stock prices are starting to look good to me. I might have to buy some National Oilwell Varco and/or Halliburton. Frontier Oil is a steal right now too
October 10, 200817 yr If we want to rely on history as many on here do, it took 19 years for the market to recover after the 29 crash. I think 10 years is a very optimistic forecast. 2-3 is outlandish It took 26 years to reach the peak set in 1929, but the market recovered from the Black Monday (1987) in two years.
Archived
This topic is now archived and is closed to further replies.