Thursday, October 09, 2008

Serious Insights: Retirementless Edition

As a result of the stock market continuing to tumble, my 401(k) is now only about a 200.5(f).

4 comments:

Blevins said...

sorry to hear about your loss. @ the beginning of the year I had abt. $4,000 in my 401k, when I left Verizon in August, it was $1,500. I hate the stock market; and what sucks is I still have to pay tax on what was left when I quit.

nancy said...

I can't even look. I'm scared.

Gish said...

You only had to pay tax if you pulled your money out of the 401K which is the worst thing to do and should only be done if you absolutely had to use that money for a necessity.

Unless you need to retire now and don't have a bit of time to wait like 10 or 20 years then past history says don't sweat it. If you pull out money now you lock in losses while if you wait and the market rises like it always has then you regain any of the 'losses' you were currently experiencing.

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