Posted by Crash burn on January 14, 2009 at 21:13:52 from (69.20.162.151):
In Reply to: Denial? posted by Spook on January 14, 2009 at 16:48:11:
I'm 53...retirement is only 10-13 years away. I didn't get to start my 401K plan till I was almost 40. Wife (ex wife) took half of it in '99 in the divorce. Right after that the dot.com bust took away 1/2 again, but my advisor told me to hang in there. I did, so I only had essentially 1/4 of what I had before '99. Since then, I've recovered and been socking away a good chunk of my income. I get a good match from my employer, 50%. From December 2007 to September 2008 I lost 25% again. That was enough for me. I read the news regularly, and saw this crash coming long ago. I wish I had acted sooner, but my investment man told me to "hold tight, stick it out", whatever. Well, Bull$$it!! In early Sept. I moved everything into a money market account. None too soon... I bet alot of people out there have lost upwards of 40-50%. As for me, I'll wait until the general smell of the marketplace at large seems to be more positive, and then I will move my cash back into some somewhat agressive mutual funds and hope for the best. At my age I can't stand too many more 25-50% discounts. Even if I end up with less than I hoped for, I will listen to my intuition and common sense and only consider the experts advice. Not only that, there's so much vice & corruption in the investment world right now it's incredible that so many crooks have gotten away with it for so long. I feel very sorry for all the people that have been duped out of their life savings by smooth talkers and robber baron CEO's that take millions, let the companies go bankrupt and leave the little guys hanging. Count me out of this merry-go-round ride.
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