(no subject)

[ksmith]

I realize that compared to many folks, I have no problems. I have a good job...for now, at least. I can pay my bills and save for retirement.

But boy, I can't wait to see the hit the old 401(k) takes tomorrow when the fallout from Lehmann Bros hits the financial fan.

As late as six months ago, I was seriously considering retiring from the day job. I would still have had to work, but was hoping that the writing income would bridge the gap.

Not gonna happen.

Comments

[pbray.livejournal.com]

It's best not to look. I'm increasingly in favor of the "money in sock" school of investment.

[kristine-smith.livejournal.com]

If I think of it as "401(k)" instead of "life's savings," it doesn't hurt as much. Doesn't mean I still wouldn't want to get those financial whizkids in a room and break out the bat with the nail in it.

[lmarley.livejournal.com]

Yeh. I'm worried, too.

[kristine-smith.livejournal.com]

I was optimistic until late afternoon, when the roof caved in.

I need to write that smutty bestseller!

[michaeldthomas.livejournal.com]

What you need is a wealthy patron. Where have all of the Medicis gone? :)

I can't look at our 401K and IRA statements anymore. It's way too depressing.

[kristine-smith.livejournal.com]

Lehmann canned them today.

[(Anonymous)]

::shudder:: I hadn't even thought of that. We took a major loss to our kids college funds this weekend. This thing hit the insurance industry too. And I have to wonder about the timing of the collapse. It happens the day a hurricane submerges half of Texas...

Adrianne

[kristine-smith.livejournal.com]

It was a rough weekend.

[sci-o-biscuits.livejournal.com]

I try not to think about the 401K. The situation is extremely worrisome.

The way things work in this country is that the govt forces us to put all of our savings into weird investment tools and retirement plans - else, they tax us to death and steal everything we have.

Let me try to puzzle through the logic:

With all of our savings in 401Ks/etc, as long as we're less than 85 years old, we're always broke.

And now, with the financial institutions collapsing, we're probably all going to be broke tomorrow.

Wait a minute! I was broke yesterday, and I'll be broke tomorrow, just for different reasons.

It's as if we never saved anything at all!

[kristine-smith.livejournal.com]

I just hope that, as has happened so far, things eventually recover.