Retirement Savings Dwindling

Discussion in 'Politics' started by Flopper, Aug 20, 2010.

  1. Flopper
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    Flopper Gold Member

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    In the second quarter, 11.1% of 401(k) savers who actively participate in their plan took out loans, the highest level in 10 years, according to Fidelity's study of 11 million participants in 17,000 workplace plans.

    As people dip into their savings, it we be harder for many to retire. They will have to continue to work well past normal retirement age or settle for a more austere retirement. Do you think this will have a beneficial effect on Social Security?

    More 401(k) savers take loans, withdrawals - MarketWatch
     
  2. uscitizen
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    uscitizen Senior Member

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    On the other hand my Gold eagles seem to be appreciating in value...
    Up over 100% since I got them a few years ago.
     
  3. Flopper
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    Flopper Gold Member

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    Yep, and when gold rises, it usually a bad sign for the economy.
     
  4. uscitizen
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    uscitizen Senior Member

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    Yep I knew what was coming and got out of the market while it was still high and bought gold eagles.
     
  5. rdean
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    rdean Guest

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    Obviously, there are only two things we can do.

    Cut taxes for rich people.

    Cut taxes on corporations.

    Republicans claim it always works.
     
  6. uscitizen
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    uscitizen Senior Member

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    A flat tax. No exceptions no deductions.
     
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  7. uscitizen
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    uscitizen Senior Member

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    Think of me money we could save on the IRS?
    Our taxes would no longer have to support parasitic tax prep industries like HR Block for personal income taxes.
     
  8. asterism
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    asterism Congress != Progress

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    A loan on a 401(k) does not decrease the value of the 401(k) therefore your title is incorrect. Taking out a loan on a 401(k) does not cause retirement savings to "dwindle."
     
    Last edited: Aug 20, 2010
  9. martybegan
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    martybegan Platinum Member

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    Withdrawls are more indicative of people "dipping" into thier savings.

    I'm on my second 401k loan, and while if the market improves while it is out you may lose out on some gain, you can actually win in the end if you withdraw high and pay back low, especially when you are younger.

    I'm 35 years old. my concern isnt the value of my 401k its the share count.
     
  10. asterism
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    asterism Congress != Progress

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    Cut tax rates, not total tax paid.

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