Dem Underground - Well, I think I just lost the rest of my retirement in the Stock Ma

[red states rule]

I wonder if the poster (and others) now regret voting for Obama and change

Or will most Obama supporters blame Pres Bush for the drop in the Dow, and continued negative reaction to Obama's policies?


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5024247#5024258

Well, I think I just lost the rest of my retirement in the Stock Market today.

Down almost 5%. What do these people want?

[Yurt]

obama wants it down so low that you are willing to forego freedoms in return for the government making you economically safe...

obama makes bush's warnings of attacks look a sunny day compared to obama's constant doom and gloom

[DannyR]

Well, I'm just glad I've got 25-30 more years of work ahead of me before I retire. Looking at my retirement account, I've now got less money invested (blue line) than the sum of all my actual payments to the account (yellow).

[crin63]

The government has a plan for your retirement money so of course they need the stock market to continue dropping. They were planning to offer you what your 401k was worth back in August if you give it to the government and in return they will give you a guaranteed 3% on your money.

[red states rule]

The government has a plan for your retirement money so of course they need the stock market to continue dropping. They were planning to offer you what your 401k was worth back in August if you give it to the government and in return they will give you a guaranteed 3% on your money.

They call them "Government Savings Accounts"

Yes the same people who tooks care of your Social Security money, now want to look after your 401K

[red states rule]

The $750 billion bankster bailout and the various "stimulus" bills passed last year have done nothing positive.

Lemmie guess......We merely haven't thrown enough money at the problem yet...Right??

[crin63]

They call them "Government Savings Accounts"

Yes the same people who tooks care of your Social Security money, now want to look after your 401K

Isn't that just a comforting thought.

[red states rule]

Isn't that just a comforting thought.

Here are the details

House Democrat George Miller is calling for a soup-to-nuts re-examination of 401(k) plans in light of dramatic investment losses this year that could lead to a radical overhaul of the popular defined contribution plans.

One proposal under consideration would eliminate the tax-favored treatment of contributions to 401(k) plans and individual retirement accounts; instead, workers would receive a $600 tax credit that would offset contributions to a new mandatory guaranteed plan that would be managed and administered by the federal government. Another proposal would extend 401(k) plans to all workers.

“Maybe we are at a time where fiddling at the margins is not going to serve the American people,” Mr. Miller, D-Calif., said at a House Education and Labor Committee hearing in San Francisco on Oct. 22.

Meanwhile, in a little-noticed policy plank, Democratic presidential candidate Barack Obama is calling for much greater disclosure of defined benefit investments to plan participants — including revealing “probable future investments” by these plans (See related story).

While retirement income policy has been largely ignored during the election campaign — except for calls by Sen. Obama, D-Ill., and Sen. John McCain, R-Ariz., to loosen access to 401(k) accounts and expand coverage of workers without plans — these new proposals could lead to sweeping changes for U.S. corporate retirement policy.

http://www.pionline.com/apps/pbcs.dll/article?AID=/20081027/PRINTSUB/310279971/1005

[DannyR]

One proposal under consideration would eliminate the tax-favored treatment of contributions to 401(k) plans and individual retirement accounts; instead, workers would receive a $600 tax credit that would offset contributions to a new mandatory guaranteed plan that would be managed and administered by the federal government.

Hands off!

My expected (probably won't be realized) returns on my Social Security are a pittance compared to my expected returns from my 403b (similar to 401k) fund, even with the losses this year!

I don't mind extending 401s to others, but forcing me to use something else entirely is ridiculous.

[red states rule]

Hands off!

My expected (probably won't be realized) returns on my Social Security are a pittance compared to my expected returns from my 403b (similar to 401k) fund, even with the losses this year!

Dems run things now, and can do whatever they want. They won - remember?

The fact they are talking about it and holding hearings should tell you alot