Market plunges by 1236.44 points..

[ironglow]

   
  There goes more of your 401K and IRA...all because of the Demonrat's, "inflation reduction" bill.  ..Which they had
  the unmitigated gall to celebrate on the capitol lawn.  ....Cracking corks..celebrating what they did to us !

     https://thehill.com/homenews/administration/3641375-democrats-celebrate-inflation-reduction-bill-as-stocks-tumble-on-latest-data/

[TrumpWon]

The worst since June 2020

[NWBear]

And still the Dow is higher than at ANY time during the previous administration... H'mmm

[ironglow]

    What is inflation?  ..It is too many dollars, chasing far to few products..

  Keep in mind..each dollar is worth far less than it was 2 years ago...and we can all see how much more costly food, gas and utilities are.
  If your dollar is now worth only 91 cents, compared to 2 years ago..and a loaf of bread costs a 50% more than it did 2 years ago, that looks like a 59% spread to me..

  All theory aside, it is what we experience at the pump and checkout that really speaks loudest to us.

[ironglow]

  I believe there are very few here, who would doubt that there is an active war against America. However, there
   are others like myself, they don't conflate the war on Ukraine with the war upon America.

  Two major events CAN be going on at once, and not be predicated by each other.  The primary connection I see,
  is the modern Russian Czar perceived our president & congress as weaklings, so decided  to venture into his expansion plans.

   ..But Putin has trouble of his own.  Fact is, the Russian commanders are making big money at the Kremlin's expense;

  https://www.youtube.com/watch?v=obCKTS5pfTs

 
 

[Lloyd Smale]

recession?? What recession

[Land_Owner]

I apologize fellows.  The market drop is directly proportional to my 401k balance viewing.  Immediately after I look, the market falls.  Happens every time. 

I think I need my doppelganger to view my financial records for me for a while...if I could find my doppelganger...if that would even work...or to maybe rob a bank.

[Lloyd Smale]

still remember when we were first introduced to 401ks a work. company offered to match the first 3 percent of our wages and pay the admin fees. Guy there had a bunch of charts and projections. He showed at the level i contributed that in 20 years id have near a half million dollars. I had to retire early 15 years later and had less then a 100k in it. Took it in the pants with penalties and took it all out because i needed it till social security kicked in. Bottom line is if i would have let it ride i still would have lost dammed near what the penalty was. I probably got back what i put in it and lost due to cost of living. My wife has one at the hospital she works at for her only retirement and anymore she is just to disgusted to even look at it. Shes been contributing for about 15 years herself and i doubt theres enough in it to buy a new truck.

I apologize fellows.  The market drop is directly proportional to my 401k balance viewing.  Immediately after I look, the market falls.  Happens every time. 

I think I need my doppelganger to view my financial records for me for a while...if I could find my doppelganger...if that would even work...or to maybe rob a bank.

[O-mega]

IIRCC....the IRS state that 401, 403, and 457 coded retirement funds are actually under ownership of employer, not yours until annuitized by retiree and taxes paid. What do you think that could mean?

,.....,.....................

IG said
"  I believe there are very few here, who would doubt that there is an active war against America. However, there
   are others like myself, they don't conflate the war on Ukraine with the war upon America."

I don't see how anybody could possibly separate the two.  It's one global WEF reset war.
.

Don't know about the other two but no, the company doesn't own the funds once vested, the program yes, but not the funds.  The company can do certain administrative things with the 401K, like get  different 401K management, add and remove funds from the program, but they can't buy and sell with your vested money.  At my job, when I started, the matched money vested immediately, yours is always yours, now, it is tiered I believe, certain % will vest in one year, and the rest in three.

[O-mega]

Omega... I know I am correct in 457 high hat programs. But I still think at bankruptcy creditors can put claims on 401- 403 accounts as corp assets, and corps can draw on these accounts for cash flow. But I will have to check.
. IRAs are different.

Ok, did some reading, it seems that you are somewhat correct, but not in the way you meant it.  Apparently the 401K is protected from YOUR creditors by the Employee Retirement Income Security Act (ERISA), which states the money is the companies, until you withdraw it, and they can only release it to you.  But it also protects it from the company's creditors, so once deposited into your account, it can't be used for company expenditures and not subject to claims by creditors.  The only money potentially at risk, is those funds that were not deposited into your account prior to the company filing for bankruptcy, be it your paycheck or the matching funds.

[Lloyd Smale]

Yup when i cashed my 401k out the company had nothing to do with it. I didnt even contact them. Sure didnt have to get there permission. Working for a utility our retirement was protected by the government and the company had to put out a statement every year showing that money was there and could not use it for any reason. Even if they went bankrupt i get my retirement.

IIRCC....the IRS state that 401, 403, and 457 coded retirement funds are actually under ownership of employer, not yours until annuitized by retiree and taxes paid. What do you think that could mean?

,.....,.....................

IG said
"  I believe there are very few here, who would doubt that there is an active war against America. However, there
   are others like myself, they don't conflate the war on Ukraine with the war upon America."

I don't see how anybody could possibly separate the two.  It's one global WEF reset war.
.

Don't know about the other two but no, the company doesn't own the funds once vested, the program yes, but not the funds.  The company can do certain administrative things with the 401K, like get  different 401K management, add and remove funds from the program, but they can't buy and sell with your vested money.  At my job, when I started, the matched money vested immediately, yours is always yours, now, it is tiered I believe, certain % will vest in one year, and the rest in three.

[Ranger99]

That's good if folks were able to
keep their retirement.
The better part of mine went away
during all the dot com mess.
There were a lot of unhappy long
faces at the job after that.
A few of the bigwigs sort of disappeared
after all that mess. About half of
the assorted employees left for
greener pastures also. The place
sold not long after and the managers
that had stayed and tried to pick up
the pieces and hold everything together
got the boot out the door. Not many of
the old reliable places left anymore.
The investment groups that own the
places still don't realize that you can't
buy trust and loyalty with slick advertising
and hokey television commercials

[ironglow]

IIRCC....the IRS state that 401, 403, and 457 coded retirement funds are actually under ownership of employer, not yours until annuitized by retiree and taxes paid. What do you think that could mean?

,.....,.....................

IG said
"  I believe there are very few here, who would doubt that there is an active war against America. However, there
   are others like myself, they don't conflate the war on Ukraine with the war upon America."

I don't see how anybody could possibly separate the two.  It's one global WEF reset war.
.

  Yes, an Biden killing our world petroleum dominance, while removing Sanctions ON Russia's Nordstream
  pipeline, came in awfully handy, for Russia to finance their war on the Ukraine.
   Not only that, but because the Biden Bunch cut our petroleum supply to the world, Russia is in an excellent position to put the dark & cold squeeze on Europe this winter.

  Sounds pretty fishy, doesn't it !

[Land_Owner]

still remember when we were first introduced to 401ks a work. company offered to match the first 3 percent of our wages and pay the admin fees. Guy there had a bunch of charts and projections. He showed at the level i contributed that in 20 years id have near a half million dollars. I had to retire early 15 years later and had less then a 100k in it.

Ditto. Lies. More lies. And damn lies. Lack of 401k growth got to a discouraging point for me that 3 years in a row, when asked if we had any questions, I asked the representative if she would take my $1,000 contribution at the beginning of the year and return $100,000 at the end of the year as was done for Hillary Clinton? Reasonable expectation, right? The Company CFO asked me not to do that anymore. Guess he knew the 401K was lies, more lies, and damn lies, too.

[kinslayer1965]

still remember when we were first introduced to 401ks a work. company offered to match the first 3 percent of our wages and pay the admin fees. Guy there had a bunch of charts and projections. He showed at the level i contributed that in 20 years id have near a half million dollars. I had to retire early 15 years later and had less then a 100k in it.

Ditto. Lies. More lies. And damn lies. Lack of 401k growth got to a discouraging point for me that 3 years in a row, when asked if we had any questions, I asked the representative if she would take my $1,000 contribution at the beginning of the year and return $100,000 at the end of the year as was done for Hillary Clinton? Reasonable expectation, right? The Company CFO asked me not to do that anymore. Guess he knew the 401K was lies, more lies, and damn lies, too.

Richard,

I took my money out and invested in single malt scotch and a second wife. 

CR

[TrumpWon]

I think that most retirement fund agents are useless. I’ve been through about five of them until I found one that will actually review my distribution choices and make suggestions. Have an awesome one now who I had to ask not to call me every two weeks because it stresses me out.
Some are just insurance salesmen in disguise. I stay away from annuities. This last year has been a bad one with about a 17% drop but I expect it will go back up. If I were to plug a company it would be Edward Jones, if I were to recommend who to stay away from it would be Northwest Mutual and a bunch of no names. I change employers regularly so I typically run with the company plan until I leave then transfer the money to my personal fund.
Surprised to hear the number of bad stories here as I think mine have done fairly well overall. I try not to look at it very very often so I may be disillusioned.

[billy_56081]

Fedex stock dropped 20 percent today. The CEO says we are on a worldwide recession. 

[Land_Owner]

If FedEx workers did what we pay them to do, get signatures, ring doorbells, deliver to the right address, etc., perhaps they would not be more than 8.5% affected, like the rest of us.

My current fund manager is constantly posting the fun he and his family are having on vacations in Las Vegas, Greenbay, Disney, offshore fishing in the Keys, etc., while my account in the market takes a dump on his watch. He gets paid, up front.

I have my deceased Hunting Partner and his wife to thank for their gift of Inheritance. After tending to them over a 25+year period, at their end-of-life they gifted me their estate.  My assets had previously been reduced by half on ex-wife #2.  I am still working to convert and claim disputed real estate and the State's  "Lost Treasure" in his and his mom's  names. Probate Attorney fees add up and my time is spent in deep diving research into County ordinances and police records for evidence of ownership and easements while annually correcting an eager Property Appraiser's over estimation of land-locked property value.