But it’s so worth it when you remember that he ended all that DEI stuff and stopped those two trans kids from playing women’s sports.
Over two trillion has been wiped out. That’s one trillion dollars per trans kid.
Is America great again yet?
Since inauguration it’s $11 trillion.
For a trillion dollars I’ll stop playing any sport you want.
Lol, I rolled my 401k to an IRA as part of a actively managed fidelity fund right after Trump got inaugurated. If I hadn’t I would be down about 150k, instead I’m up 35k already, and that was after cashing out just below all time high.
That said,I decided to ride it out in my fuck around E-Trade account. I went from being up 25k on jan 1st to being down 9k today.
Trump’s ‘plan’ is to crash the market so that people with large reserves of cash can buy at all time low. Then he’ll back pedal his bullshit and things will go up, so they’ll sell. It’s not going to go back up to what it was before his watch, at least not with him around. People who don’t have the cash reserves/appetite to buy in a recession will get fucked, and that’s most people in the country
People at or near retirement age should have a 401k invested in more safe funds with a higher mix of bonds. Why would they have such a high proportion of stocks that a drop in the stock market would impact their spending habits?
Yeah, exactly my thoughts. At retirement age, most or all your investments should be low risk.
That’s the best part. The baby boomers created this shit and now they can’t retire. Good for them!
Good, it’s what my parents deserve.
My mom retired last year. She also voted for Trump. She made her bed …
It’s almost like this is exactly what we warned them would happen.
If a retiree is holding significant stocks that they will need to liquidate soon, then they fucked up. It’s their own fault at this point.
Blame the victim.
my FIL recently admitted to voting for Trump to ensure his retirement investments gained. he’s heavily invested in Nat defense.
when we found out, the family was disappointed. though, I hope not nearly as disappointed as he is right now.
“Victor Fettes, 54, of Georgia, who retired last week”
Fucking hell, you guys can retire at FIFTY FOUR?
you guys can retire at FIFTY FOUR?
My cousin retired 2 years ago at 48.
Stock market whiz? Nah: union.
He started working at a local mechanic in high-school, as engines were interesting; just sweeping up. He asked questions. He applied for his apprenticeship and the school district moved him to the ‘trade’ oriented school where the rough kids seemed to end up completely randomly when catchment overlapped. Did metal shop in his final year and found a funding programme to get through his first courses. Displayed a natural talent for adequate work and straightforward math that was apparently everything people needed when paired with his indomitable spirit and happier-than-sadder mood profile. In short: he hustled, he did his fucking work and he was a net-positive to work with.
Now we fast-forward. The union was good to him, and he moved into jobs where his 5’8 size, nimble fingers and “yeah, I’ll crawl in the slushy muck” attitude got him as many opportunities as his quick wit got him out of shitty politics. He went to a place we call Fort McMoney and was able to exercise his options when bosses were dinks; and he did so very quickly and openly, explaining what’s happening on the way out – “We agreed on this vacation time, but you broke that agreement. I’m still getting on the plane tonight. I got a job with the guy down the road, so that’s why I’m clearing out. I’m sorry it went this way, but we both get to learn from this. Good luck, and have a great weekend.”
At 48 he’d done his 25-plus years at one career and many shops, and the half-pay-for-life union retirement kicked in.
He now rides his donorcycle with his adorable wife or they take the little car on trips to climb mountains or see a lake or something. He got a shitty place in a nice place, made some friends and some of them knew how to fix up his place and needed his own skills, and his easygoing attitude provided the glue to get everything fixed everywhere, and he’s kinda set.
He touches grass and trees a lot, and the pics he posts on his cell phone show some great locations and his beaming face in the dawn light. He’s fucking winning so hard and I’m half jealous and intensely proud of him because he is actually an absolute sweetie and a great and caring guy.
Guys, build better unions or build better labour code. Focus on getting into a work arrangement with a group that pretends to like you better than at-will dot-com fat-cat “we’re a family” pizza-party dickheads think they’re pretending.
I’m really happy for this guy and just absolutely despairing over how weak labor generally is. People don’t even imagine a better world, it feels like.
Don’t worry, he won’t stop working. He’ll spend the next 15 years as a ‘consultant’ in his old position and make 100 times more than he did as an employee.
It probably means that he retired from a job and receives that retirement pay, but he still won’t qualify for social security or other benefits until he hits whatever age they’ve raised it to. Some companies let you retire after 20 years, some even less.
receives that retirement pay
Lol actual pensions are rare in the US these days. Most companies/institutions just do a 401k - the decline of which is exactly what will kill your early retirement plans.
He was senior director of risk management, so I assume more than 100k+ salary a year.
I’m surprised he kept his job so long, seeing how poorly he managed his own risks…
ZING!
This comment here is excellent - I love it! Thank you for sharing!
Very very few can. Or do. But yes.
He can’t access that 401k without some pretty significant restrictions or penalties, though.
Clearly they just need to take their own advice:
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No more avocado toast
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Stop buying so much coffee out. Make it at home.
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???
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Profit.
Simple as.
Boot straps. Don’t forget about the boot straps.
They could eat the bootstraps.
Also they could just get an easy job at McDonald’s???
They just arent qualified for that job.
Trumps plan is to fix obesity by making everyone too poor to eat… Or something
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“I don’t want to have to worry that everyone is constantly changing my financial reality,” said Alison Carey, 64, of Oregon, a freelancer in the theater industry. “Let the economy do its machinations, but don’t put me in the gears.”
Sorry you had to learn it this way, Alison, but “the economy” has always been grinding people up in its gears. The main difference is, that it is now reaching you, personally.
“I don’t want to have to worry that everyone is constantly changing my financial reality,”
Welcome to my entire adult life, Alison
I gotta assume a theater freelancer in Oregon probably didn’t vote for him
It’s ok everyone they will all be a lot better off once manufacturing comes back to the US, they can make up the difference by working in a local sweatshop.
Yeah, just hold on and wait for those low paying, low skilled manufacturing jobs that no one really wants to work, and that we don’t have logistics in place to support.
Then you can make minimum wage working 12 hour shifts with no pension and a 401k that will flatline right before you can retire.
When you die next to the assembly line they’ll cover your face with a red MAGA hat right before they wheel you to the Soylent green processing facility
Didn’t you hear? Vance is saying that manufacturing is never coming back to the US.
So even working in a sweatshop won’t be an option. Well, I guess until we’re colonized.
Suppose it does come back, who is going to buy it ?
Once wages undercut China, they can sell stuff to the Chinese.
They don’t want that crap though, nobody does. Who are they going to sell crap to, nobody wants it.
But we don’t have any manufacturing capabilities
Let’s go vote republican !
Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it
“But… but… but at least we stuck it to the libs didn’t we? Right?.. Right!!!”
But the next Republican will for sure fix it!
Aw dang it
Gosh darn it!
Going to brag a little bit. I’ve been very suspicious of tech and the US stock market for a long time. When I finally got the job I have now and got to choose 401k contributions I went heavy with international stocks and specifically avoided anything involved in too much tech. My 401k has gone down in the last week but we’re talking barely 3%. The paranoia sometimes works in my favor
I’m not very tech or stock savvy but tech industry always seemed unstable to me
I live in Canada and have a locked-in retirement fund, from a former employer, which I have zero control over. It’s lost 10% since the Dumpster was elected.
That mf’er is killing us too.
Pardon my ignorance but is there leverage in 401k ? Would it be able to get liquidated if stocks crash too hard ?
You can cash out a 401k but you’ll pay a 20% penalty and then have to pay taxes on the remaining amount - since the money put into a 401k is untaxed until it’s drawn upon. Liquidating your 401k is a desperation catastrophe.
No. It’s a pretty secure savings engine. Even if you had a loan out against the account, they reserve a portion of the account as collateral, as I view it. Let me go research that right quick.
I think the biggest risk would be if your holding institution went tits up and you had more than is covered in FDIC, you would only recover the FDIC limit. I think. Anyone confirm that?
Now, a fun question there is, if there was a crash out of the holding institution, would 47’s FDIC manager pay out.
Another fun question is, if this isn’t protected by FDIC because you own the investments which are external to the holding company:: are you really holding the investments you selected? During the fervor of the GME due diligence, it was surfaced that when you buy a stock on the open markets, it is but a right to a stock, not the actual thing. So, your access to those rights could get rug pulled too, if things get too crazy and system risk becomes too high. I think that the chances of this rug pull are super low for msot investments in a 401k. Generally retirement savings plans are slow moving investment engines, so for instance, if I schedule a change in my 401k investments, it trades, not at the time of request, but at the end of day. There are also high frequency trading limits in some of them.
In case you want to learn what the GME due diligence found: https://fliphtml5.com/bookcase/kosyg
House of Cards is a good starting point to understand how the current stock trading machine functions.
I’m starting to wonder if I should be switching my savings to Euros or Chinese Yuan or something.
If the FDIC fails or is shut down, a bank run is almost inevitable.
When you get a 401k loan, it is treated as a loan, it looks like, from yourself. Only risk there is if you default, it then switches to a disbursement and has a 10% penalty and probably some sort of tax implication.
